Paga Expands Financial Services with Sui Blockchain Partnership

Nigerian fintech company Paga has announced its latest move into the blockchain space by partnering with Sui, a cutting-edge blockchain platform. This partnership marks a significant expansion for Paga, which aims to provide high-yield accounts, crypto rails, and tokenized assets to its vast user base.

The integration of cryptocurrency infrastructure will enable Paga's users to hold interest-earning dollar balances, convert between local currency and crypto with minimal friction, invest in previously inaccessible assets, and send money across borders at a lower cost. This move is expected to have a significant impact on the lives of millions of people in Africa who do not have access to traditional financial services.

Paga's partnership with Sui is part of a growing trend among African fintech companies to explore blockchain technology for settlement, treasury, and global payments. The company currently processes $1.5 billion in monthly payments and has handled over $42 billion in total payment volume since its founding in 2009.