Paga Group Expands to U.S. Market With Digital Banking for Africa’s Diaspora

Paga Group, a UK-headquartered financial technology company and one of Africa’s fastest-growing startups, has announced its entry into the U.S. market with a new digital banking service designed specifically for Africans living in America.

Developed in partnership with a U.S.-regulated bank, the new platform allows Africans in the U.S. to open and manage a fully regulated U.S. bank account with just a valid form of identification and a U.S. residential address. The service offers unprecedented access to international banking tailored to the needs of Africa’s diaspora community.

The rollout begins with Nigerians in the U.S., marking the first step in Paga’s broader international expansion strategy. The company says the initiative is aimed at removing barriers to cross-border finance while delivering inclusive, modern banking solutions to Africans worldwide.

“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.

The Nigerian-born immigrant population in the U.S. has more than doubled in the last two decades, growing at an average annual rate of 4.8% and reaching 476,000 in 2023. At the same time, remittances to Nigeria hit approximately US$21 billion in 2024, up from about US$19.5 billion the previous year. These inflows underscore the critical role diaspora communities play in supporting families and driving economic growth back home.

Paga’s U.S. account includes both physical and virtual Visa debit cards that integrate seamlessly with Apple Pay, Google Pay, and Plaid. This allows account holders to link to third-party apps such as Robinhood and Venmo. Customers can send money to both U.S. and Nigerian bank accounts, with plans to expand transfers to additional countries in the near future.

Unlike traditional remittance services, Paga is built primarily as a digital bank and payments solution, giving Africans the ability to fully participate in global commerce. The first phase of the rollout is targeting people who live across two worlds, particularly Nigerians in the diaspora who maintain close ties at home by enabling them to manage their finances in one wallet.

The launch marks a significant milestone in Paga Group’s mission to make it simple for one billion people to access and use money, further solidifying its reputation as a leading force in Africa’s financial technology ecosystem.

“Paga’s U.S. 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.