One of Africa’s fastest-growing financial technology companies, Paga Group, with its headquarters in the UK, announced Monday that it is entering the US market with digital banking for the African diaspora.
Paga’s new service, developed in collaboration with a US-regulated bank, gives African Americans in the US unparalleled access to international banking customised to meet their specific requirements. Thanks to the introduction of a new US-domiciled account, customers can now open and manage a fully regulated US bank account and conduct banking transactions in the US with just a legitimate form of identification and a US residential address.
Nigerians to benefit from Paga’s first phase of rollout
The rollout is the first phase of Paga’s broader international expansion strategy, which starts with Nigerians in the US.
In addition to providing inclusive, contemporary banking solutions to Africans worldwide, the initiative seeks to eliminate obstacles to cross-border finance.
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Millions of Africans abroad face unnecessary barriers to basic financial services. Opening a bank account, saving in a stable currency, or sending money home is often expensive, complicated, or out of reach. In the United States alone, over 4.5 million African immigrants navigate a system that was never designed for them. We are breaking down those barriers,” said Tayo Oviosu, Founder and Group CEO of Paga.
As of 2023, an estimated 760,000 Nigerians live in the United States, including roughly 476,000 immigrants who were born in Nigeria. Given that the community grew from about 25,000 in 1980 at an average annual growth rate of about 4.8 per cent, this number is generally regarded as understated.
Remittances to Nigeria climbed from roughly US$19.5 billion in 2023 to around US$21 billion in 2024. These inflows show the importance of diaspora communities in sustaining families and promoting domestic economic development.
Benefits of opening Paga account
In addition to providing both virtual and physical Visa debit cards, the account integrates easily with Plaid, Apple Pay, and Google Pay, enabling Paga US account holders to link third-party apps like Robinhood and Venmo, among others. Customers can also transfer funds to bank accounts in the US or Nigeria, with plans to expand to other nations soon.
Paga is primarily designed for banking and payments, enabling Africans to freely engage in international trade instead of relying on remittance products. People in different countries, especially those in the Nigerian diaspora, are the target of the first rollout, which allows them to use a single wallet.
The launch further solidifies Paga Group’s position as a driving force behind the development of Africa’s financial infrastructure for the future and advances its goal of making it easy for one billion people to access and use money.
Paga’s US dollar account gives users access to an FDIC-insured current account, connected to the financial tools they use every day. It is simple, inclusive, and built for real-life needs. We are putting control back in the hands of the diaspora and laying the foundation for borderless banking for Africans everywhere,” added Mr Oviosu.