“Can a Nigerian mobile money pioneer become the cross-border financial infrastructure layer for Africans at home and abroad?”
Founded in 2009 as a mobile agency banking play (Pagatech), Paga struggled after OPay and Moniepoint entered in 2019. It restructured under UK holdco Paga Group Ltd in 2019 and reoriented around three pillars: consumer app (Paga), SME suite (Doroki), and Paga Engine (BaaS infrastructure powering third parties like LemFi and Verto with naira wallets and payouts). Most recently it has expanded into multi-currency USD/NGN wallets backed by Regent Bank (US FDIC) and Visa debit cards, positioning itself as cross-border infrastructure for Africans.
Paga Group Ltd discloses Pagatech Limited (in-house) and Regent Bank as its banking providers, according to the Embedded Finance Index 2026.
Paga Group Ltd does not disclose a bank charter of its own; its banking services are provided through Pagatech Limited (in-house) and Regent Bank.
Paga Group Ltd processes payments through Paga Engine (self-operated) and Paga Payment Gateway (self-operated).
Paga Group Ltd's cards run on Visa.
Paga Group Ltd uses Paga Remit (in-house) and PayPal for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 5 layers in Paga Group Ltd's stack: Payments / PSP (Paga Engine (self-operated) and Paga Payment Gateway (self-operated)); Banking / BaaS (Pagatech Limited (in-house) and Regent Bank); Card network (Visa); Sponsor bank (Regent Bank); FX & payouts (Paga Remit (in-house) and PayPal).
Paga Group Ltd is founded in 2009 and headquartered in London, UK (Paga Group Ltd) / Lagos, Nigeria (Pagatech Limited).
Paga Group Ltd's acquisitions include Apposit LLC.
Get a read on where your own stack stands against Paga Group Ltd and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.