Paga
Paga is a CBN-licensed mobile money operator and full-stack financial services platform serving consumers (Paga app), SMEs (Doroki), and enterprises (Paga Engine) across Nigeria, the US, and the UK, processing approximately $1.5 billion in monthly payments and ₦21 trillion cumulatively since 2009.
- Company typePrivate
- Founded2009
- HeadquartersLondon, United Kingdom
- Headcount251–500
- GTM typeB2B and B2C
- OfferingSoftware
What Paga does
Paga is a multi-jurisdictional mobile payments and financial services platform founded in 2009 by Tayo Oviosu, operating under the parent holding company Paga Group LTD UK with two wholly-owned operating subsidiaries: Pagatech Limited (licensed by the Central Bank of Nigeria as a mobile money operator with NDIC-insured NGN accounts) and Apposit LLC (Delaware-based US technology subsidiary acquired in 2021). The platform is structured in three tiers — Paga Engine (enterprise REST APIs for direct debit, multi-channel transactions, automated workflows, and merchant services with 99.99% uptime), Doroki (SME merchant platform with POS, checkout, inventory, and embedded insurance), and the Paga consumer app (multi-currency wallets, debit cards, bill payments, and remittances) — and serves 14M+ consumers, 150+ enterprises, and a Nigeria-wide agent network, processing approximately $1.5 billion in monthly payments and ₦21 trillion cumulatively since inception.
Paga's business model is primarily transaction-fee driven: per-transaction fees on money transfers, merchant payments, airtime/data, bill payments, and agent cash-out commissions; supplemented by enterprise infrastructure-as-a-service revenue from Paga Engine, affiliate revenue from embedded insurance (Leadway Assurance) and lending distribution, and emerging stablecoin and tokenized-asset service fees via the May 2026 Sui partnership. Distribution combines a developer-first API portal (Paga Engine with SDKs in Java, PHP, Node.js, and Python), direct-to-consumer mobile apps, a physical agent network in Nigeria, and strategic channel partnerships (Visa since 2020, PayPal since January 2026, Regent Bank for FDIC-insured US banking since 2025). Go-to-market is hybrid — sales-led enterprise motion for Paga Engine, direct-to-consumer for the Paga and Doroki apps, and channel-partner led for cross-border corridors.
Recent strategic posture (2025–2026) is defined by aggressive expansion: US launch targeting the African diaspora (October 2025), PayPal integration opening global commerce to Nigerian users (January 2026), Sui blockchain partnership adding stablecoin and tokenized real-world-asset rails (May 2026), and a leadership restructuring (April 2026) positioning the company to expand into other African markets and AI-enabled financial services.
Paga firmographics
Firmographics- Name
- Paga
- Legal name
- Paga Group LTD UK
- Website
- https://paga.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Paga is a CBN-licensed mobile money operator and full-stack financial services platform serving consumers (Paga app), SMEs (Doroki), and enterprises (Paga Engine) across Nigeria, the US, and the UK, processing approximately $1.5 billion in monthly payments and ₦21 trillion cumulatively since 2009.
- Ownership category
- akta.pro rank
Paga industry classification
Industry- Product category
- Mobile Payments and Financial Services
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Integrated POS Payments (ISVs & Vertical POS Platforms) (FSAMADAD)
Keywords
Where Paga is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Paga business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Transaction Fees: Paga charges per-transaction fees across money transfers, deposits to bank, airtime/data purchases, merchant payments, and bill payments. Examples include fees of 0.03–150 NGN per money transfer and 50 NGN per airtime/data purchase, with structured responses returning fee amounts per operation.
- Merchant Service Commissions: Commissions earned on merchant payment processing, with commissionEarned values returned per transaction. Includes payment integration, billing, and reconciliation services for billers via the Merchant Notification Reverse API.
- Agent Cash Dispensing Commissions: Agent commissions paid per dispense cash transaction (e.g., 50 NGN per dispense), with Paga retaining a share as part of the cash-out agent network in Nigeria.
- Enterprise Infrastructure-as-a-Service: Paga Engine provides white-label and embedded payment infrastructure to enterprises (serving 150+ businesses by 2025), including APIs, direct debit, multi-channel payments, and compliance. Generates revenue from business onboarding, transaction processing, and value-added services.
- Embedded Insurance & Lending Distribution: Revenue from distributing third-party financial products through the Doroki merchant network, including credit life insurance via Leadway Assurance and merchant cash-handling/fire/burglary coverage; supports lending built on alternative transactional data.
- Stablecoin and Tokenized Asset Services: Emerging revenue stream via Sui partnership: USD-denominated accounts backed by USDsui stablecoin yields, plus tokenized real-world assets (real estate, bonds, solar projects) with $100 minimum investments. Launched in May 2026.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Paga Engine — Quote-based enterprise pricing via [email protected] |
| Transaction based/ take rate | Pay-as-you-go | Paga Personal App — Free consumer wallet with per-transaction fees |
| Transaction based/ take rate | Pay-as-you-go | Doroki — Free merchant POS/business management app |
Go-to-market motion5 records
Distribution channels8 records
Marketing channels8 records
Paga product offering
Product offeringCore offering
Paga operates a multi-tenant payments and financial services platform that delivers money transfers, merchant payments, airtime/data purchases, bill payments, and direct bank deposits through RESTful APIs and consumer/SME mobile apps. Its Paga Engine serves enterprises with embedded payment infrastructure (direct debit, multi-channel transactions, recurring e-mandates), while Doroki provides SMEs with order, inventory, and POS management, and the Paga consumer app offers multi-currency wallets with NGN and FDIC-insured USD accounts.
Product overview
Paga operates as a platform-plus-modules financial services architecture rather than a single product. At the core sits Paga Group, a global financial services infrastructure for Africans, which exposes three categories of services: Paga Engine (enterprise-grade REST APIs and infrastructure for businesses to build payment/financial workflows, serving 150+ businesses with multi-channel transactions, direct-debit/recurring payments, and merchant/biller integrations); Doroki (an SME merchant platform with POS, checkout and inventory tooling, plus tailored insurance via Leadway); and the consumer Paga app (multi-currency personal finance with NGN accounts NDIC-insured and USD accounts FDIC-insured via Regent Bank/Apposit LLC). Cross-cutting offerings include Paga Remit (cross-border remittances), the Paga x PayPal integration (which opens PayPal's global ecosystem to Nigerian users via Paga's locally regulated platform), and the newly added USDsui-backed USD accounts plus tokenized real-world assets enabled through Paga's strategic partnership with the Sui blockchain (Mysten Labs). Developer-facing products (Business REST API, Merchant Service API, Collect API, Paga Connect) layer on top with SDKs in Java, Python, PHP and Node.js, sandbox and live environments, and SHA-512 HMAC-secured endpoints.
Differentiator
Problem solved
Functional benefit
Brands
- Paga Engine: Enterprise payments and financial services infrastructure platform for third-party businesses; powers multi-channel transactions, direct debit, recurring payments, and merchant APIs.
- Doroki
- Paga Remit
- Paga x PayPal
Products and services
- Paga Consumer App Personal finance application that lets individuals make peer-to-peer money transfers, pay bills, purchase airtime/data, shop, spend with Paga cards, and access multi-currency accounts (NGN accounts NDIC-insured; USD accounts FDIC-insured up to $250,000 via Regent Bank).
- Paga Engine Enterprise payment and financial-services engine that lets businesses build, launch, and scale payment solutions with multi-channel transactions, recurring payments via open-banking direct debit, optimised financial operations, REST APIs, 99.99% uptime, and integration with banks, merchants, mobile operators, and billers. Served 150+ businesses by 2025.
- Doroki Multi-functional merchant solution for SMEs that consolidates orders, inventory, transactions, checkout, and POS terminal management in one place. Merchants receive tailored insurance (cash handling, fire/burglary, POS terminal, credit life) via the Leadway partnership.
- Paga Remit Cross-border remittance and global money transfer offering, supporting inbound/outbound payments globally across Nigeria-to-US and US-to-Nigeria corridors via PayPal and Sui-powered rails.
- Paga x PayPal Integration with PayPal enabling Nigerian users to link PayPal accounts to Paga wallets for cross-border payments, international shopping, business receipts, and Naira withdrawals; helps resolve historically unresolved PayPal issues for Nigerians.
- USDsui Stablecoin & Tokenized Assets High-yield USD accounts backed by the USDsui stablecoin (issued on the Sui blockchain by Mysten Labs), plus tokenized real-world assets (real estate, bonds, solar projects) with $100 minimum investment. Designed to help African users hedge against local currency volatility and reduce remittance costs.
- Paga Business REST API REST API for third-party businesses to make and collect payments: customer registration/KYC, money transfers (including bulk), airtime/data purchase, merchant payments, bill payments, deposit to bank, account validation, balance checks, transaction history, sub-merchant onboarding, and agent cash dispensing.
- Paga Merchant Service API REST API for merchants to retrieve transaction details (by reference, invoice, or merchant reference), process details, reconciliation reports, foreign exchange rates, and bill-pay refunds (full or partial).
- Paga Collect API Payment collection API supporting Checkout JS, Checkout Link, Checkout Inline, Dynamic and Persistent Payment Identifiers (virtual/persistent accounts), Bank USSD, Direct Debit API, Paga Wallet, and Hosted Accounts.
- Paga US (Diaspora Digital Banking) Digital banking service for the African diaspora in the US, providing FDIC-insured USD accounts (up to $250,000 via Regent Bank), with cross-border transfer capability to Nigeria.
Quantifiable outcome
- 96% YoY growth in transaction value in 2025, reaching ₦17.1T
- +5 more outcomes
Companies that use Paga
Customer profileNamed customers4 records
Segments6 records
Ideal customer profiles4 records
Paga technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
AI capability4 records
Feature8 records
Paga partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, flagship and minor.
- Central Bank of Nigeria (CBN)corePaga operates as a licensed mobile money operator in Nigeria through Pagatech Limited, regulated by the Central Bank of Nigeria. NGN accounts are NDIC-insured (Nigeria Deposit Insurance Corporation) and backed by the full faith and credit of the Nigerian Government. Regulatory framework compliance is central to Paga's ability to operate at scale.
- Sui (Mysten Labs)flagshipPaga and Sui (built by Mysten Labs) announced a strategic partnership at Sui Live in Miami to build next-generation financial infrastructure across Africa, starting in Nigeria. Plans include high-yield USD accounts backed by Sui's USDsui stablecoin, on/off-ramp infrastructure, tokenized real-world assets (real estate, bonds, solar projects) with a $100 minimum investment, and blockchain-powered cross-border transaction rails. Aims to leverage Paga's scale ($1.5B monthly payments, $42B historical volume) to accelerate crypto adoption in Africa.
- Leadway AssuranceminorPaga partnered with Leadway Assurance Company Limited to offer tailored insurance solutions for Doroki merchants across Nigeria. Coverage includes cash handling, fire and burglary, POS terminals, and credit life insurance for loan obligations, combining Leadway's insurance expertise with Doroki's merchant network to strengthen risk resilience among Nigerian retail merchants.
- PayPalflagshipPayPal returned to Nigeria through Paga via a strategic partnership enabling Nigerian users to link PayPal accounts to Paga wallets for cross-border payments and local naira withdrawals. Partnership went live in January 2026 and targets freelancers, gig workers, businesses, and families participating in global digital trade. Paga–PayPal integration is described as the first time the world's largest payments ecosystem has been fully opened to Nigerians through a locally regulated platform.
- Apposit LLCcoreApposit LLC, a Delaware-based company and Paga's technical partner since inception, was acquired by Paga Group in 2021. Now a subsidiary, Apposit powers the US digital banking launch (2025) and is the technical engine behind Paga's platform expansion. Apposit is a financial technology company, not a bank.
- VisacoreStrategic partnership announced in 2020 to enable global money transfers and new payment options via the Visa network. Extends Paga's reach for cross-border remittances and global card payments to Nigerian users.
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
Paga competitors and assessment
Company assessmentDirect peers
- Flutterwave: Flutterwave is a Nigerian-founded pan-African payment infrastructure platform serving businesses with APIs for payments, payouts, and remittances across 30+ African countries. It directly competes with Paga Engine on enterprise payment infrastructure and with the consumer app on cross-border flows, targeting many of the same 150+ enterprise customers and merchants.
- Paystack: Paystack (acquired by Stripe) is a Nigerian payment gateway providing APIs for businesses to accept payments online and via POS. It directly competes with Paga's merchant service API and Doroki on payment processing and POS, and operates in the same Lagos-rooted enterprise segment as Paga Engine.
- Moniepoint: Moniepoint is one of the largest Nigerian POS and merchant payment processors, serving SMEs and agents with payments, banking, and credit. It is a direct competitor to Doroki on SME merchant acquiring and POS, and competes with Paga's agent network for cash-in/cash-out in Nigeria.
- Interswitch: Interswitch is a Nigerian-founded digital payments and commerce company operating Verve cards, Quickteller, and payment infrastructure across Africa. It is a direct competitor to Paga Engine on enterprise payment processing, card issuing, and bill pay, with overlapping Nigerian bank and merchant relationships.
- dLocal: dLocal is a Nasdaq-listed payments platform enabling global merchants to accept and disburse payments across emerging markets, with deep Africa coverage. It competes with Paga Engine on enterprise payment infrastructure for cross-border merchants targeting African consumers and SMEs.
- Chipper Cash: Chipper Cash is an African cross-border payments platform enabling individuals and businesses to send and receive money across African countries and globally. It directly competes with Paga Remit and the Paga x PayPal integration on cross-border flows and with the Paga consumer app on the African diaspora use case.
- Wave: Wave is a mobile money operator serving Senegal, Côte d'Ivoire, Mali, Burkina Faso, The Gambia, and Uganda with low-fee peer-to-peer transfers, deposits, and bill pay. It is a direct competitor to Paga's consumer app on West African mobile money and a peer in the regional mobile money category.
- Nomba: Nomba is a Nigerian fintech providing payment APIs, POS terminals, and banking tools for businesses and developers. It is a direct competitor to Paga Engine on enterprise payment infrastructure and to Doroki on SME merchant services, and is named alongside Paga in the top 8 African payment companies by TPV.
- Remitly: Remitly is a Nasdaq-listed cross-border remittance platform serving the African, Asian, and LatAm diaspora with mobile transfers to emerging markets. It competes with Paga Remit and the Paga x PayPal integration on diaspora-to-Africa remittance corridors, and overlaps with the 2025 Paga US diaspora launch.
Broad incumbents
- M-Pesa (Safaricom): M-Pesa, operated by Safaricom (Vodafone-backed), is the dominant mobile money platform across East and parts of West Africa, with tens of millions of active users. It competes with Paga's consumer app and agent network on mobile money transfers, deposits, and bill pay, and dwarfs Paga's scale in East Africa.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Paga social profiles
Digital presencePaga compliance and trust
Trust signalCompliance2 records
Paga financial estimates
Financial estimateRevenue estimate
Valuation estimate
Paga leadership team
Management profileNumber of profiles
Profiles4 records
Paga subsidiaries and ownership
Company hierarchySubsidiaries2 records
Paga funding detail
Funding detailFunding overview
Funding rounds6 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Paga M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Paga
What does Paga do?
Paga operates a multi-tenant payments and financial services platform that delivers money transfers, merchant payments, airtime/data purchases, bill payments, and direct bank deposits through RESTful APIs and consumer/SME mobile apps. Its Paga Engine serves enterprises with embedded payment infrastructure (direct debit, multi-channel transactions, recurring e-mandates), while Doroki provides SMEs with order, inventory, and POS management, and the Paga consumer app offers multi-currency wallets with NGN and FDIC-insured USD accounts.
Is Paga a public or private company?
Paga is a private company. It is classified as venture growth investor backed and is currently operating.
When was Paga founded?
Paga was founded in 2009. It employs 251 to 500 people.
Where is Paga based?
Paga is headquartered in London, United Kingdom, in the Europe region.
How does Paga make money?
Six revenue lines are on record. Transaction Fees are the primary driver. The others are merchant Service Commissions, agent Cash Dispensing Commissions, enterprise Infrastructure-as-a-Service, embedded Insurance & Lending Distribution and stablecoin and Tokenized Asset Services.
Who are Paga's main competitors?
Direct peers on record are Flutterwave, Paystack, Moniepoint, Interswitch, dLocal, Chipper Cash, Wave, Nomba and Remitly. M-Pesa (Safaricom) is listed as a broad incumbent.
Does Paga have an API?
Yes. Paga offers multiple RESTful APIs: (1) Business API for money transfers, merchant payments, airtime/data purchases, bill payments, deposit to bank, account balance, transaction history, customer registration/KYC, and bulk operations; (2) Merchant Service API for transaction status, reconciliation reports, foreign exchange rates, and bill-pay refunds; (3) Collect API for payment collection (Checkout JS, Checkout Link, Checkout Inline, Virtual Accounts, Persistent Wallet Accounts, Bank USSD, Direct Debit); (4) Paga Connect for embedded payment flows. APIs support JSON and XML formats, use SHA-512 HMAC authentication (principal/credentials/hash headers), require IP whitelisting, and offer both sandbox (test) and live environments. SDK/client libraries are available in Java, Python, PHP, and Node.js. Public developer documentation is hosted at developer-docs.paga.com. Developer documentation is at developer-docs.paga.com.
What industry is Paga in?
Paga's product category is Mobile Payments and Financial Services. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAMAFAB, A2A Payment Initiation Service Providers (PISPs). Its NAICS code is 5231 and its SIC code is 6211.