PAGATECH

What PAGATECH does

Paga (Pagatech Limited) is a multi-currency digital payments and financial services platform founded in 2009 by Tayo Oviosu, operating across Nigeria and the United States under the UK-incorporated parent Paga Group LTD UK. The platform serves individual consumers, enterprises (via PagaEngine), and SMEs (via Doroki), with a primary user base of self-reported millions of users concentrated among Africans, the Nigerian diaspora, and US residents. The core product is a mobile-first multi-currency wallet that holds and manages NGN and USD balances in a single account, paired with Visa-branded virtual and physical debit cards, automated bill payments, and international money transfer capabilities.

The technology stack is anchored on a multi-currency payments ecosystem with real-time currency conversion, biometric KYC via third-party Smile Identity facial recognition, and card-network integrations with Visa (including Visa Direct for instant transfers) and Mastercard (MoneySend for push-to-card transactions). US banking services are delivered through a partnership with Regent Bank (Member FDIC), while Nigerian operations are directly licensed by the Central Bank of Nigeria and insured by the NDIC. The platform exposes its financial infrastructure externally via a Developer Portal (developer.paga.com), enabling API-first integrations for enterprise clients. Paga holds ISO/IEC 27001:2022 (Information Security), 20000:2018 (Service Management), and 22301:2019 (Business Continuity) certifications across its Integrated Management System.

The business model is primarily transaction-fee-based with secondary recurring subscription components. Documented USD account revenue streams include a $2 monthly account maintenance fee, $10–$15 annual card issuance fees, $1–$2 per instant push-to-card transaction, $15 outgoing wire fees, 2% + $0.50 foreign transaction fees, and account-closure disbursement fees. NGN-side pricing is not fully disclosed. A 2024 partnership with PayPal, operated through the CBN-licensed subsidiary Paga Remit Limited, extends the revenue surface into cross-border remittance between PayPal and Nigerian bank/wallet accounts. Distribution is product-led via mobile app (Apple App Store and Google Play, with 4.2 and 4.3 star ratings and 900k+ / 1M+ downloads respectively), supplemented by a Nigerian agent network for offline cash-in/out and a growing enterprise API channel.

Name

PAGATECH

Legal name

Pagatech Limited

Website

https://mypaga.com

Company type

Private

Founded year

2009

Operating status

Operating

Short description

Paga (Pagatech Limited) is a Nigeria and US-licensed fintech founded in 2009 offering a multi-currency NGN/USD digital wallet, Visa debit cards, international transfers, and PayPal integration for individual consumers, diaspora users, enterprises (PagaEngine), and SMEs (Doroki).

Ownership category

akta.pro rank

Product category

Digital Payments / Mobile Money

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

P2P Transfers & Remittances Platforms (BPAMAFAE), Digital Wallet Infrastructure (Tokenization, Wallet-as-a-Service) (FSAMAEAI)

Keywords

• Digital wallet services
• Mobile money payments
• Multi-currency accounts
• Payment infrastructure APIs
• Remittance services

Headquarters

HQ city

Burlington

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Transaction Fees: Fees charged on money transfers, bill payments, and international transactions. Includes $2 for Instant Push to Card and $1 for Instant Account Funding transactions.
2. Card Issuance Fees: Annual fees for physical debit cards ($15/year) and virtual cards ($10/year)
3. Account Maintenance Fees: $2 monthly account maintenance fee for USD checking accounts
4. Wire Transfer Fees: $15 fee for outgoing domestic wire transfers, plus potential fees from receiving institutions
5. Foreign Transaction Fees: 2% + $0.50 foreign transaction fee for international card purchases
6. Disbursement Fees: $20 check disbursement or $3 ACH transfer fee upon account closure

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels9 records

Core offering

Paga provides a multi-currency digital wallet and payments ecosystem that lets consumers hold NGN and USD accounts in a single app, send and receive money globally (including via PayPal and wire transfers), pay and automate recurring bills, and spend with Visa virtual or physical debit cards. It extends the same infrastructure to enterprises via PagaEngine APIs and to SMEs via Doroki, operating under a CBN mobile money license in Nigeria and FDIC-insured USD accounts through Regent Bank in the US.

Product overview

Paga is a multi-currency financial services ecosystem provided by Paga Group Ltd (UK), with subsidiaries including Pagatech Limited (Nigeria, CBN-licensed) and Apposit LLC (US, banking services via Regent Bank, Member FDIC). The core product is the Paga Consumer App — a multi-currency mobile wallet supporting NGN and USD accounts, bill payments, international fund transfers, and a Visa debit card (virtual and physical). The portfolio extends to enterprise (PagaEngine), SMEs (Doroki), and international remittances (Paga Remit, via PayPal integration).

Differentiator

Problem solved

Functional benefit

Brands

• Paga x PayPal: Integration partnership enabling Nigerians to send and receive PayPal payments through Paga accounts
• Paga Enterprise
• Doroki

Products and services

• Paga Consumer App

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability1 record

Feature8 records

Partnerships

Seven partnerships are on record, tiered core.

• PayPalcoreStrategic or Co-development PartnerPaga x PayPal partnership enables Nigerian users to withdraw PayPal funds directly to Paga accounts in naira, receive international payments, and fund PayPal wallets from Paga. Paga Remit Limited (subsidiary) operates as PayPal Partner providing licensed international money transfer services.
• Regent BankcoreStrategic or Co-development PartnerUS banking partner providing FDIC-insured USD checking accounts. Regent Bank (Member FDIC) issues Visa debit cards and provides banking infrastructure for US operations. FDIC insurance covers up to $250,000 per depositor.
• VisacoreTechnology or IntegrationVisa provides debit card network infrastructure. Paga issues Visa-branded physical and virtual debit cards accepted globally wherever Visa is accepted. Uses Visa Direct for instant transfers.
• Mastercard (MoneySend)coreTechnology or IntegrationUses Mastercard MoneySend network for instant push-to-card transactions enabling fund transfers to eligible debit cards.
• Smile IdentitycoreTechnology or IntegrationThird-party biometric identity verification provider. Collects facial recognition data and analyzes identity documents for KYC onboarding. Paga uses Smile ID for identity verification and authentication.
• Central Bank of Nigeria (CBN)coreOthersRegulatory licensing body. Paga Group subsidiary Pagatech Limited is licensed by CBN to provide mobile money services. Paga Remit Limited licensed as international money transfer operator.
• Nigeria Deposit Insurance Corporation (NDIC)coreOthersNDIC insures Nigerian NGN accounts - deposits backed by full faith and credit of Nigerian Government.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Chipper Cash: African cross-border payments app offering P2P money transfers, mobile wallets, and multi-currency accounts across African markets and diaspora corridors. Direct competitor in the cross-border remittance and multi-currency wallet category.
• Paystack: Nigeria-founded (now Stripe-owned) payment gateway enabling businesses to accept payments online and via mobile. Competes with Paga in the Nigerian digital payments space, particularly for merchant and developer-facing payment infrastructure.
• Remitly: US-headquartered digital remittance company serving diaspora corridors including Africa. Direct competitor in the cross-border remittance space, particularly for diaspora-to-Nigeria flows.
• Flutterwave: Pan-African payments infrastructure company serving businesses with payment processing, cross-border transactions, and API-driven financial services across Nigeria and other African markets. Most directly comparable African payments peer with overlapping enterprise and consumer focus.
• OPay: Nigeria-based mobile payment platform and super-app offering wallet, transfers, bill payments, and merchant services. Direct competitor in the Nigerian consumer mobile money space with significant scale and funding.
• Wave (Sendwave): Mobile-first cross-border money transfer service for African markets with low-fee remittances. Direct competitor in the diaspora-to-Africa remittance category that Paga targets.
• Kuda Bank: Nigerian digital-only bank offering mobile-first banking, payments, and savings accounts. Competes with Paga in Nigerian consumer digital financial services and digital wallet adoption.

Emerging players

• Carbon (formerly Paylater): Nigerian digital lending and payments platform offering consumer financial services. Adjacent competitor in the Nigerian consumer fintech category with overlapping user base.

Broad incumbents

• Interswitch: Established Nigerian payments and electronic commerce company operating Verve card network, payment gateway, and switching infrastructure. Broader incumbent competitor in the Nigerian payments ecosystem with overlapping capabilities.
• Wise (TransferWise): Global multi-currency account and cross-border payment platform. Comparable multi-currency wallet functionality and serves a similar need for diaspora and international users, though operating at global rather than African-focused scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Xx.com/paga
• YouTubeyoutube.com/@pagahq?si=iEMwCC1h8wxN_3OK
• Facebookfacebook.com/mypaga
• LinkedInlinkedin.com/company/pagatech-limited
• Instagraminstagram.com/my_paga
• TikToktiktok.com/@pagahq?_t=ZS-8zpHtzXY2YT&_r=1

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAGATECH