Paga Group, a UK-headquartered financial technology company, has announced its entry into the United States with the launch of digital banking services designed for Africans living abroad. The initiative, developed in collaboration with a U.S.-regulated bank, seeks to remove long-standing barriers faced by African immigrants in accessing modern financial services. The move marks the first phase of Paga’s broader global expansion strategy.
Addressing Diaspora Banking Challenges
For many Africans living in the U.S., basic financial services such as opening a bank account or sending money home are often costly and inaccessible. Paga’s new platform allows diaspora users to open and manage U.S. bank accounts using only valid identification and a U.S. residential address. The rollout begins with the Nigerian community in the U.S., which has grown significantly over the last four decades.
A Growing Nigerian Diaspora
The Nigerian population in the United States is estimated at around 760,000, with nearly 476,000 being Nigerian-born immigrants. This represents dramatic growth from just 25,000 in 1980, with remittances from this community playing an increasingly important role in Nigeria’s economy. In 2024, remittance inflows to Nigeria reached approximately $21 billion, highlighting the financial significance of diaspora contributions.
Features of the New U.S. Account
Paga’s U.S.-based digital accounts come with physical and virtual Visa debit cards that integrate with Apple Pay, Google Pay, and Plaid. This allows customers to link popular third-party apps such as Robinhood and Venmo, as well as conduct transfers to both U.S. and Nigerian bank accounts. Expansion to additional African countries is planned in the coming phases of the rollout.
Differentiating From Remittance Services
Unlike traditional remittance services, Paga positions its offering as a full banking and payments platform. The system is designed to enable Africans abroad to participate in global commerce while maintaining strong financial ties to their home countries. This “one wallet” approach specifically targets people who operate across two worlds, providing a streamlined solution for their financial needs.
Strategic Vision and Mission
Founder and Group CEO Tayo Oviosu emphasized that the service is about more than convenience. He noted that millions of Africans in the U.S. face unnecessary obstacles when trying to save, transact, or send money home. By providing an FDIC-insured account linked to everyday financial tools, Paga aims to empower the diaspora with greater financial control and flexibility.
Paga’s Broader Growth and Impact
Founded in 2009, Paga has grown into one of Africa’s leading fintech firms, processing over $1 billion in monthly transactions across its businesses. Its consumer wallet, Paga, B2B platform Paga Engine, and SME management tool Doroki are all built on the same infrastructure. In 2024, the company processed 124 million transactions worth ₦8.7 trillion (about $5.6 billion), underscoring its scale and reach.
With its U.S. expansion, Paga is taking a significant step toward its mission of enabling one billion people to access and use money with ease. By targeting diaspora communities, starting with Nigerians in the United States, the company is positioning itself as a key player in bridging global financial gaps. This launch highlights Paga’s ambition to build a truly borderless banking ecosystem for Africans worldwide.