Paga launches Visa-branded cards

The decision to launch with a virtual naira card first is deliberate. Nigeria is a large market for Paga, and there has been a demand for virtual cards that work effectively. As a digital financial services company, launching a digital product that meets the needs of its market in Nigeria quickly is in line with Paga's customer-first approach. The cards will be available first in naira, soon to be followed by US dollar-denominated cards.

Benefits of the new Paga cards:

• They can be funded from any financial institution in real time. Each card has its unique NUBAN number that enables interoperability with all financial institutions for real-time funding by bank transfers, deposits at bank branches or agents (not just Paga agents), and from any fintech app;

• Each card has its unique JustPaga.me payment page, enabling Paga customers to send payment links to their friends or family and have the money deposited directly into their Paga card in real-time;

• Customers get real-time notifications of transactions on their card, and can freeze or unfreeze the card if needed right from the Paga app.

Augmenting the digital payments ecosystem with access to Visa’s network

Paga is building an ecosystem with deep digital payments infrastructure to serve consumers. Paga currently has over 20 million customers and over 140,000 agent points across Nigeria. With its Visa cards, Paga will reach even more consumers, introducing some of them to new financial experiences.

Company officials stated that they are happy about the launch of their Visa-branded cards. This is a significant step because it aligns with their goal of making it simple for people to access and use money. Customers now have access to Visa’s global network through Paga cards.

The Paga Group-Visa partnership is not new. Both companies have been executing on a range of areas of collaboration for merchant acceptance and issuance. On merchant acceptance, both companies collaborated on the launch of Doroki, a commerce offering for retailers launched in November 2021.