Paga Group, a leading African financial technology company, has officially expanded into the United States, marking a strategic move to serve the growing and economically influential African diaspora. The company is initially focusing on the Nigerian-American community, which numbers over 3 million people, aiming to tap into the estimated $21 billion in remittances expected to flow to Nigeria this year.
Unlike traditional remittance services, Paga is introducing a “banking-first” approach, offering diaspora users a comprehensive financial platform rather than just money transfer capabilities. Through a partnership with a U.S.-regulated bank, Paga now enables users to open FDIC-insured U.S. bank accounts using a valid ID and U.S. address.
These accounts come equipped with both physical and virtual Visa debit cards, compatible with popular payment platforms such as Apple Pay and Google Pay. Users can also integrate their accounts with financial apps like Robinhood and Venmo, allowing them to save, spend, invest, and send money across borders, all from a single platform.
This expansion places Paga in direct competition with a growing number of fintechs targeting the diaspora finance market. However, the company is confident that its holistic banking model will set it apart. By offering a single digital wallet that bridges financial needs across two continents, Paga aims to empower Africans abroad to participate more fully in global commerce.
The company stated.
Our mission is to simplify how people access and use money, with a vision to serve a billion people and build Africa’s future financial infrastructure. This U.S. launch is a major step toward that goal.
Paga’s move into the U.S. signals its ambition to become a global financial hub for Africans living abroad, and industry observers will be watching closely to see whether its full-service model can win over the diaspora’s trust, and wallets.
