Paga Group approved by Ethiopia as “African Paypal” expands further

Rick Steves

The payment gateway’s first market was Nigeria, where it now has over 18 million unique users.

Paga Group has partnered with the Bank of Abyssinia amid regulatory approval from the National Bank of Ethiopia to launch its online payment gateway in Ethiopia.

The mobile payments and financial services company has thus entered the Ethiopian market in a time when the FX industry looks to expand brokerage solutions across the African continent.

The partnership with the Bank of Abyssinia is both a milestone and a core, strategic development in Paga’s growth strategy, the firm announced, given its close to 700 branches and over five million customers.

First Nigeria, now Ethiopia

Paga will help drive the digital economy in Ethiopia as its online payment gateway enables merchants to pay and get paid online.

Adam Abate, CEO of Paga Ethiopia, commented: “Ethiopia is on the cusp of a digital transformation. Paga has a long history working in Ethiopia, and we are very excited for this next phase of our involvement in Ethiopia, where we can provide innovative payment and financial services to the market. We are equally excited to be partnering with the Bank of Abyssinia, which has demonstrated its commitment to and capabilities in driving Ethiopia’s digital economy forward. Combined with Paga’s innovation and technology, we believe our offering will be very exciting for Ethiopian consumers and businesses.”

Sosina Mengesha, Chief Digital Banking Officer of Bank of Abyssinia, said: “As one of the leading banks in Ethiopia, we always seek to work with best-in-class partners, and we have chosen such a partner in Paga. Their product innovation and commitment to financial inclusion stands out, and we are delighted to come together to empower their delivery of online payment gateway services to Ethiopian consumers.”

Paga partnered with Untapped Global for POS financing

The payments gateway has recently partnered with Untapped Global, an investment company focused on emerging markets. The program finances point-of-sale devices (POS) for merchants in Nigeria, the largest country in Africa, but still underserved when it comes to financial services.

Paga’s POS devices enable merchants to accept cards, mobile payments, and other forms of digital payments, and offer other value-add financial services to customers.

Lowering the cost of entry for using mobile payments is key to delivering the benefits of Africa’s growing fintech revolution to even the smallest businesses.

Paga is a payments and financial services ecosystem for Africa. Working similarly to Square and PayPal, Paga focuses on helping both consumers and sellers pay, get paid, and access financial services.

Read this next

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

Crypto Insider

Shining the Light in Crypto’s Dark Places

Something changed in regulators’ minds after the November crash of the FTX crypto exchange.

Executive Moves

Financial Commission Adds Sam Low to Dispute Resolution Committee

The Financial Commission (FinaCom PLC), a dispute resolution service that caters to the financial services industry, has appointed Sam Low as the newest member of its Dispute Resolution Committee (DRC).

Digital Assets, Uncategorized

De-facto owner of Bithumb exchange arrested in South Korea

South Korean prosecutors have arrested Kang Jong-Hyun, the anonymous chairman and owner of the country’s largest cryptocurrency exchange, Bithumb, on charges of embezzlement and stock manipulation.

Retail FX

Interactive Brokers volumes snap three-month losing streak

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes rose in January, an indication that investor confidence in the financial markets is rebounding after having been fairly mixed over the past few months.

Digital Assets

VVF invests $5 million in Everscale, a potential Layer 2 solution for Venom blockchain

“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Institutional FX

FXSpotStream volume ends string of declines on January rebound

Trading volumes on institutional FX platforms surged in January as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are both losing momentum.

Industry News

DeFi firm Aurox launches SEC-compliant crowdfunding campaign on tZERO

“This is a great opportunity for us to raise capital from our community and the broader public on a leading fully regulated platform. We are confident that the tZERO Markets platform will provide us with the exposure and reach we need to attract a diverse investors to support our business growth.”

<