Paga Group Ltd
“Can a Nigerian mobile money pioneer become the cross-border financial infrastructure layer for Africans at home and abroad?”
Founded2009
HQLondon, UK (Paga Group Ltd) / Lagos, Nigeria (Pagatech Limited)
IndustryFintech / Neobank
The story
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.
Last 12 months
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Product timeline
0
Paga x PayPal partnership enabling Nigerians to link PayPal to Paga wallets· banking
0
Introduced multi-currency USD/NGN wallets with Regent Bank USD accounts and Visa cards· card
2009
Paga founded in Nigeria to leverage mobile phones for financial inclusion· banking
2019
Paga Group Ltd holding company incorporated in the UK· pivot
2020
Launch of Doroki (SME business suite) and Paga Engine (BaaS)· banking
Acquisitions
Regulated entities
3
regulatory licences held by Paga Group Ltd
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Paga Group Ltd’s embedded-finance stack
Payments / PSP
Paga Engine (self-operated)Paga Payment Gateway (self-operated)
Banking / BaaS
in the full report
Card network
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: significant
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.