UK-based African fintech Paga Group has expanded in the US market with digital banking for Africa’s diaspora.
Greeted in collaboration with a US-regulated bank, Paga’s new solution offers Africans in the US access to international banking tailored to their needs and demands. Introducing a new US-domiciled account, users can open and manage a fully regulated US bank account and conduct banking transactions in the US by only utilising a valid form of identification and a US residential address.
Supporting Africans in the US
The launch will begin with Nigerians in the US as the first step in Paga’s wider mission to grow its business. The move will remove barriers to cross-border finance and offer inclusive and modern banking solutions to Africans around the world. In the US, millions of Africans face unnecessary barriers, including high costs, complexity, and inaccessibility to basic financial products such as opening a bank account, savings in a stable currency, or sending money home.
Paga Group aims to tackle these challenges and offer an account with both physical and virtual Visa debit cards, with the possibility of integrating it into Apple Pay, Google Pay, and Plaid. This allows Paga US account holders to link third-party apps, such as Robinhood and Venmo, and send money to US or Nigerian bank accounts. This will expand to additional countries in the near future.
The solution is built for banking and payments, unlike other remittance products, helping Africans participate fully in global commerce. The initial rollout will focus particularly on the Nigerian diaspora, enabling them to use one wallet for all their needs. The rollout is a key step in the company’s mission to support billions of individuals to access and use funds.
The USD account offers users access to FDIC-insured current accounts, connected to the financial tools they need on a daily basis. This aims to be a simple, secure, and inclusive solution built for real-world needs.
