Paga Group Ltd., whose backers include former Goldman Sachs Asset Management Chairman Jim O’Neill, has teamed up with Oklahoma-based Regent Bank to revolutionize cross-border banking for Nigerians living in America. This groundbreaking partnership enables seamless account linking between Nigeria and the US through a single digital wallet, marking a significant milestone in diaspora banking.
The Numbers Tell a Powerful Story
The Nigerian-American community has experienced remarkable growth, expanding from about 25,000 in 1980 to 476,000 in 2023 at an average annual growth rate of approximately 4.8%. However, the community is estimated at 760,000-strong, suggesting even higher actual numbers. This growing population sent approximately US$21 billion in remittances to Nigeria in 2024, up from about US$19.5 billion in 2023.
What This Means for Nigerian-Americans
Paga’s US expansion addresses critical pain points faced by the diaspora community. The new service offers both physical and virtual Visa debit cards, enabling users to manage finances across both countries effortlessly. Paga processed more than 124 million transactions worth USD 5.6 billion in 2024, demonstrating its robust infrastructure and reliability.
The timing couldn’t be better. Digital wallets are at the forefront of digital transformation in financial services and are rapidly becoming the preferred method for transactions worldwide. For Nigerian-Americans who regularly send money home, maintain business interests in Nigeria, or simply want convenient access to both banking systems, this innovation eliminates the traditional barriers and high fees associated with international transfers.
Beyond Nigeria: A Vision for All of Africa
While initially targeting the Nigerian community, Paga’s ambitions extend to serving the entire African diaspora in America. This strategic move positions the company to capture a significant share of the growing African immigrant financial services market, leveraging its proven track record in digital financial inclusion.
The partnership with Regent Bank provides the regulatory framework and infrastructure needed for US operations, while Paga brings its extensive experience in mobile banking and agent-led distribution networks that have already given millions of Nigerians their first taste of digital finance.
Looking Forward
As fintech drives the transformation of Nigeria’s traditional banking systems at an unprecedented pace, Paga’s US expansion represents more than just a business venture—it’s a bridge connecting two economies and empowering diaspora communities to participate more actively in both markets.
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