Rapid growth of African payment companies by double in half a decade
In the fifth year of its publication, "The 2023 Cross-Border Payments 100" list has recognised the key players in the global cross-border payments industry. This year, a significant development is the increase in African companies on the list, with six companies from the continent making their debut.
The list separates the top 100 players into seven groups: VC/growth equity backed, independently owned, banks, private equity backed, crypto, and public companies. Among these, six African companies have secured a place, a 100% increase from the three African companies that made the list in 2019.
These African companies are either founded or headquartered in Cote d'Ivoire or Kenya. They include Orange Money, MPesa, Flutterwave, MFS Africa, Mukuru, and MTN Mobile.
The geographical spread of companies in the top 100 is more dispersed, with Africa being a significant hot spot. This growth is particularly noticeable in sub-Saharan and North Africa, where demand for remittances has been increasing due to the rising cost of living and the need for financial services.
One of the key drivers of this growth is the boom in the development of compelling cross-border payment solutions designed for the needs and infrastructure of the African continent. For example, Eversend, founded in 2017 in Uganda, operates across Africa and Nigeria, providing multi-currency wallets, cross-border transfers, virtual dollar cards, and bill payments.
Another trend is the consolidation of the industry, with acquisitions and integrations targeting Small and Medium Enterprises (SMEs). Brass, a Nigerian digital bank tailored for SMEs, was acquired by Paystack in 2024. This reflects the industry's focus on expanding service offerings for small businesses.
A notable contributor to this growth is Nigeria. The country's new government policies are helping to stimulate the development of digital payment solutions and the wider digital economy.
One of the most significant African companies on the list, Moniepoint Inc., founded in 2015, has seen rapid growth and gained significant global fintech recognition. It was included in CNBC's list of the world's top fintech companies and TIME100 Most Influential Companies in 2025. Moniepoint has expanded services to Africans in the diaspora via MonieWorld, allowing seamless cross-border remittances and digital financial access in markets such as the UK.
The implementation of pan-African payment infrastructures is another key development. A pilot program launched in Ghana by Onafriq and the Pan-African Payment and Settlement System (PAPSS) in 2025 aims to connect informal sector users across borders. This initiative, focused initially on Ghana-to-Nigeria transfers via mobile wallets, leverages PAPSS's multilateral net settlement system to enable payments in local currencies, reducing reliance on external currencies like the US dollar.
Together, these trends demonstrate a marked increase in African fintech companies focused on cross-border payments since 2019, supported by government and institutional initiatives to formalize regional trade, technological innovation in multi-currency wallets and virtual banking, and expanding global footprint of African fintech players.
In summary, the cross-border payments ecosystem in Africa is rapidly evolving, with more companies offering innovative, accessible, and localized services, and increasing integration across the continent and with diaspora markets as of 2025.
- The geographical spread of the top 100 companies in the global cross-border payments industry, as outlined in "The 2023 Cross-Border Payments 100" list, shows a significant increase in African companies, many of which are technology-driven and based in Cote d'Ivoire or Kenya.
- Remarkable growth in African fintech companies focusing on cross-border payments is evident, with trends such as increased technological innovation, consolidation of the industry, government support, and expansion into diaspora markets, making a strong impact on the business landscape of finance and technology in Africa by 2025.
