Onome Amuge
Paga Group, a UK-headquartered financial technology company and one of Africa’s fastest-growing companies, is making an entry into the United States, positioning itself at the intersection of diaspora banking and cross-border finance. The move underscores a growing trend among African fintechs to extend their reach beyond the continent, as remittances and diaspora-driven commerce continue to power African economies.
The UK-headquartered company announced on Monday that it had partnered with a US-regulated bank to launch digital banking services for Africans living in America, beginning with the Nigerian diaspora. Through the rollout, users can now open fully regulated US bank accounts using only a valid identification and US residential address.
Tayo Oviosu, founder and Group CEO of Paga, said the initiative is designed to remove structural barriers to finance for Africans abroad.
“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,” Oviosu noted.
The Nigerian diaspora is a natural starting point for the service. With nearly half a million Nigerian-born residents in the US, and a remittance pipeline worth about $21 billion in 2024 alone, Paga is tapping into one of the largest and most financially active African communities abroad.
Remittance inflows have consistently acted as a buffer for Nigeria’s fragile economy, often surpassing foreign direct investment and portfolio inflows. But unlike traditional remittance-focused products, Paga is approaching the problem from a banking-first angle. Its offering includes both physical and virtual Visa debit cards, Apple Pay and Google Pay integration, as well as Plaid connectivity that allows customers to link accounts to everyday platforms like Venmo or Robinhood. Beyond sending money home, the wallet allows Africans abroad to live and transact seamlessly across borders.
The expansion also signals intensifying competition in diaspora finance. African-focused fintechs like Flutterwave, Chipper Cash, and Sendwave have already taken positions in the remittance space, while traditional players such as Western Union remain dominant. Paga’s differentiator lies in its emphasis on regulated banking, rather than just transfers, giving customers tools to save, spend, and invest in dollars.
Oviosu frames the strategy as part of a long-term vision, stating: “Our mission is to make it simple for one billion people to access and use money. This is a milestone not just for Paga, but for Africa’s role in shaping the future of global finance.”
