Johannesburg: AfricUpdate – News Desk
Paga Group, a UK-headquartered financial technology company and one of Africa’s fastest-growing companies, today announced its expansion into the US market with digital banking for Africa’s diaspora in the US1. Created in partnership with a US-regulated bank, Paga’s new service provides Africans in the US with unprecedented access to international banking tailored to their unique needs.
Through the introduction of a new US-domiciled account, customers can now open and manage a fully regulated US bank account, and conduct banking transactions, in the US, using only a valid form of identification and a US residential address. The rollout begins with Nigerians in the US, representing the first step in Paga’s wider international growth strategy. The initiative aims to remove barriers to cross-border finance and deliver inclusive, modern banking solutions to Africans around the world.
The Nigerian population in the U.S. is estimated at around 760,000 people as of 2023, including approximately 476,000 Nigerian-born immigrants. This figure is widely considered understated, given the community’s rapid growth from about 25,000 in 1980 at an average annual growth rate of approximately 4.8%2. In 2024, remittances to Nigeria reached approximately US$21 billion, up from about US$19.5 billion in 20233.
These inflows demonstrate the critical role diaspora communities play in supporting families and driving economic growth at home. The account offers both physical and virtual Visa debit cards, integrating seamlessly with Apple Pay, Google Pay, and Plaid, which allows Paga US account holders to link third-party apps, such as Robinhood and Venmo, among others. Customers can also send money to US or Nigerian bank accounts, with plans to expand to additional countries soon.
Unlike remittance products, Paga is built first and foremost for banking and payments, helping Africans participate freely in global commerce. The initial rollout focuses on people who live across two worlds, particularly the Nigerian diaspora who still have ties at home, enabling them to use one wallet. The launch is another milestone in Paga Group’s mission to make it simple for one billion people to access and use money, reinforcing its role as a leading force in building Africa’s financial infrastructure for the future.
