The changes mark the close of a transformative first chapter and the formal launch of Act 2: an ambitious phase defined by deepening Paga’s infrastructure to connect Africans to global financial rails and commerce, new technology frontiers, and geographic expansion across the African continent.

The Paga of today is fundamentally different from the company that launched in 2009. What began as a consumer payments business built on a nationwide agent network has evolved into a full-stack financial services infrastructure provider, offering its platform to enterprises through Paga Engine, while continuing to serve consumers through the Paga app and merchants through Doroki.

Act 1 closed with a formidable track record:

• Total value processed grew 17x between 2021 and 2025, reaching $11 billion across 169 million transactions in 2025 alone, equivalent to over $1.5 billion processed monthly.

• Net revenues grew 5x over the same period, demonstrating the durability and scalability of the business model.

• Over 265 active blue-chip enterprise clients now build on Paga Engine, including PayPal, Meta, Amazon, LemFi, Tencent, Pesa, and Verto.

• Recognised by the Financial Times and Statista as one of Africa’s Fastest Growing Companies for three consecutive years: 2023, 2024, and 2025.

Act 2 is built on three strategic imperatives: deepening Paga’s financial infrastructure offering to connect Africans to both local and global financial rails; launching and scaling emerging technologies from Paga Labs, including stablecoins, cryptocurrency, and artificial intelligence; and entering new African markets where Paga’s infrastructure will deliver the greatest impact.

Paga Labs serves as the company’s dedicated engine for frontier innovation, identifying emerging technologies, bringing them to market-readiness, and integrating them into Paga’s core offering at the right moment.

It reflects Paga’s conviction that the next decade of African finance will be shaped by new forms of money movement, and that the company is uniquely positioned to lead that shift.

In order to execute Act 2 with the speed and focus it demands, Paga Group is fully operationalising its Group structure and announcing the following leadership appointments:

Tayo Oviosu, group chief executive officer & chairman of the Group Board and the Paga Nigeria Board

Paga’s founder will focus exclusively on the group’s expansion priorities: leading Paga Labs – its work on stablecoins, AI, and cryptocurrency; spearheading new market entry across Africa; and driving fundraising. Oviosu retains his roles as Group CEO and Chairman of both the Group Board and the Paga Nigeria Board.

Jay Alabraba, group director of Special Projects

Co-founder Jay Alabraba takes on a new mandate as Group Director of Special Projects, initially leading the company’s expansion into lending and collaborating with Oviosu on new market entry.

The role reflects Paga’s intent to pursue select high-impact opportunities with dedicated senior focus.

Ope Oyinloye, group chief operating officer & CEO, Paga Nigeria

With seven years at Paga, Oyinloye steps into the newly created role of Group COO with responsibility for all of Paga’s established businesses.

He also assumes the role of CEO of Paga Nigeria in an acting capacity, pending CBN No-Objection. His appointment reflects Paga’s confidence in the leadership depth it has built over the past decade.

“Seventeen years ago, we set out to make it simple for a billion people to access and use money. That mission has never changed, but what we are building to fulfil it keeps evolving. Act 1 proved that we could build a profitable, high-growth infrastructure business that the world’s leading companies trust. Act 2 is about taking that infrastructure to its full potential: connecting Africans to global financial rails, moving into new markets, and leading the next wave of financial technology. These leadership changes give us the structure and focus to move faster and execute at the level this moment demands,” said Tayo Oviosu, group chief executive officer & chairman, Paga Group.

“Paga has spent seventeen years becoming the kind of company that makes things work quietly and at scale. That is exactly the competency Act 2 requires. I am honoured to step into the Group Chief Operating Officer role at such a pivotal moment, and committed to maintaining the operational excellence and client trust that define Paga, while helping the business grow into its next chapter.” said Ope Oyinloye, the incoming group COO &  CEO, Paga Nigeria.

• Over 4.5 million African immigrants in the U.S. face barriers to basic banking.
• Remittances to Nigeria alone hit US$21 billion in 2024 – but sending money home remains expensive and complex.
• Paga is breaking down those barriers with simple, inclusive, digital banking built for the diaspora.

Paga Group, a UK-headquartered financial technology company and one of Africa’s fastest-growing companies, has expanded into the US market with digital banking for Africa’s diaspora in the U.S.

Created in partnership with a US-regulated bank, Paga’s new service provides Africans in the US with unprecedented access to international banking tailored to their unique needs.

Through the introduction of a new US-domiciled account, customers can now open and manage a fully regulated US bank account, and conduct banking transactions, in the US, using only a valid form of identification and a US residential address.

The rollout begins with Nigerians in the US, representing the first step in Paga’s wider international growth strategy.

The initiative aims to remove barriers to cross-border finance and deliver inclusive, modern banking solutions to Africans around the world.

“Millions of Africans abroad face unnecessary barriers to basic financial services. Opening a bank account, saving in a stable currency, or sending money home is often expensive, complicated, or out of reach. In the United States alone, over 4.5 million African immigrants navigate a system that was never designed for them. We are breaking down those barriers,” said Tayo Oviosu, founder and group CEO of Paga.

The Nigerian-born immigrant population in the US has more than doubled over the past two decades, growing at an average rate of about 4.8% per year and reaching 476,000 in 2023 . In 2024, remittances to Nigeria reached approximately US$21 billion, up from about US$19.5 billion in 2023.

These inflows demonstrate the critical role diaspora communities play in supporting families and driving economic growth at home.

The account offers both physical and virtual Visa debit cards, integrating seamlessly with Apple Pay, Google Pay, and Plaid, which allows Paga US account holders to link third-party apps, such as Robinhood and Venmo, among others.

Customers can also send money to US or Nigerian bank accounts, with plans to expand to additional countries soon.

Unlike remittance products, Paga is built first and foremost for banking and payments – helping Africans participate freely in global commerce. The initial rollout focuses on people who live across two worlds – particularly the Nigerian diaspora who still have ties at home – enabling them to use one wallet.

The launch is another milestone in Paga Group’s mission to make it simple for one billion people to access and use money, reinforcing its role as a leading force in building Africa’s financial infrastructure for the future.

“Paga’s US dollar account gives users access to an FDIC-insured current account, connected to the financial tools they use every day. It is simple, inclusive, and built for real-life needs. We are putting control back in the hands of the diaspora and laying the foundation for borderless banking for Africans everywhere,” added Mr. Oviosu.

Eligible users can download the Paga app using this link.

However, a growing number of professionals are choosing to stay and invest in local entrepreneurship ventures. They gain experience globally, then come back to build locally.

This change could be said to have been influenced by personal ambition, economic opportunity, and a deep desire to positively impact local communities. 

But why are more Nigerians embracing entrepreneurship over migration, and how is this choice impacting the country’s economic industry?

The Lure of Migration and Its Challenges

Historically, skilled Nigerians migrated to escape limitations in career progression, infrastructure, and standard of living. 

While the allure of developed nations is strong, many discover that living abroad is not without its challenges. Migrants often face cultural adjustment, high living costs, and complex legal systems. 

The struggle to integrate into new environments has caused many to reconsider their decisions, sometimes leading to disillusionment.

Net Migration to UK Fell 10% in 2023 [GRAPH]

The Rise of Local Entrepreneurship

In contrast, local entrepreneurship is becoming a more attractive option for skilled Nigerians, driven by multiple factors:

1. Economic Opportunities: Despite Nigeria’s challenges, its local markets continue to grow, offering lucrative business opportunities. Entrepreneurs are increasingly identifying and capitalizing on untapped niches that address local needs.
2. Social Impact: A strong desire to contribute to Nigeria’s development is another driver. Entrepreneurs see themselves as agents of change, creating jobs and enabling community development in ways that migration cannot achieve.
3. Innovation and Technology: Technological advancements have helped local entrepreneurs to compete on a global scale. The rise of digital platforms and tools has made it easier for businesses to start and grow without needing to leave Nigeria.

Several Nigerian entrepreneurs are examples of this change

Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave

Take Iyinoluwa Aboyeji, the co-founder of Andela and Flutterwave. Aboyeji chose to stay in Nigeria, where he has built platforms empowering African talent and businesses. 

His work with Andela, which focuses on training software developers, and Flutterwave, a payment solutions company, has greatly impacted the African tech space, with his current venture, Future Africa, which funds mission-driven innovators across the continent. 

Aboyeji believed in Nigeria’s ability to solve its own challenges and he remained focused on directly contributing to building the infrastructure and ecosystem necessary for sustainable growth.

Funke Opeke, CEO, MainOne

Similarly, Funke Opeke, who returned from the US to found MainOne, has helped in improving West Africa’s internet infrastructure. 

MainOne is a leading provider of telecom services and network solutions in the region, and under Opeke’s leadership, it has bridged huge gaps in digital access. 

After a successful career in the United States, Opeke returned to Nigeria driven by a desire to address the country’s urgent need for better internet infrastructure. Her vision for reducing the digital divide continues to drive her entrepreneurship goal and focus.

Olugbenga Agboola, co-founder of Flutterwave

Olugbenga Agboola, co-founder of Flutterwave, has simplified payments for businesses across Africa, helping them grow and operate efficiently. 

Flutterwave has become an essential pillar of the African fintech sector. Agboola remains in Africa because of his zeal to create solutions targeting the challenges faced by African businesses. With this, he ensures that Flutterwave continues to meet the dynamic needs of its users.

Temie Giwa-Tubosun, founder of LifeBank

Temie Giwa-Tubosun, founder of LifeBank, uses technology to connect hospitals with essential medical supplies, effectively saving lives. 

Her inspiration for LifeBank came from her personal experiences with the healthcare system in Nigeria, and her mission is to improve healthcare delivery in her home country. Giwa-Tubosun is deeply determined to use her platform to address healthcare challenges in Nigeria.

Shola Akinlade, co-founder of Paystack

Shola Akinlade, co-founder of Paystack, has simplified payments for businesses across Africa, allowing them to scale and thrive. 

Paystack’s acquisition by Stripe accentuated its global impact. Akinlade believes in the prospects of African businesses to compete globally. He has helped in building the infrastructure that supports the growth of businesses.

Odunayo Eweniyi, co-founder of PiggyVest

Odunayo Eweniyi, co-founder of PiggyVest, has made a huge impact in promoting financial inclusion and literacy in Nigeria. 

PiggyVest helps Nigerians to save and invest money, enabling them to adequately control their finances. Eweniyi’s decision to stay in Nigeria is driven by her vision to build people with the right mindset and her belief that local entrepreneurship can drive economic development.

Tayo Oviosu, founder of Paga

Tayo Oviosu, founder of Paga, has made financial services accessible to millions of Nigerians through mobile payments. Paga has become indispensable in the Nigerian fintech sector, bolstering how people handle financial transactions. 

Oviosu’s decision to stay in Nigeria allows him to remain close to his customers and better understand their needs, ensuring that Paga continues to deliver solutions that make financial services accessible to all.

The Patriots Who Build with Blistered Hands: Any Hope in Sight?

There is no gainsaying that the success of businesses in Nigeria has a profound impact on the economy and society. They contribute around 60% to the GDP, which equals approximately $295 billion annually, and are responsible for over 80% of jobs, whilst employing more than 52 million Nigerians (National Bureau of Statistics, 2024).

The  Foreign Direct Investment (FDI) reached $3.8 billion in 2023, with significant investments in telecommunications, oil, and renewable energy (UNCTAD, 2024).

Thus business activities continue to drive infrastructure improvements and urbanization, while the fintech sector has further transformed financial transactions, with digital payments reaching $670 billion in 2023 (Central Bank of Nigeria, 2024). 

Despite substantial CSR investments and economic contributions, challenges such as regional disparities and environmental issues remain prevalent (Nigerian Business Coalition for Sustainable Development, 2024; Environmental Rights Action, 2024).

An alarming statistics from the Nigeria Medical Association (NMA) indicate that over 1,000 doctors leave Nigeria annually for better working conditions and opportunities abroad, with popular destinations including the UK, the US, Canada, and Australia. 

Moreover, the media has been awash with reports of a massive exodus of engineers, technology experts, academics, researchers, and other professionals seeking opportunities in countries with thriving tech and engineering sectors. Despite this, there are still many who believe their contributions could help realize the Nigeria of our dreams.

It is important to state from the outset that the decision to stay in Nigeria or leave the country may be based on personal, professional, economic, social, and political reasons. This choice should not be judged as either good or bad. 

This is because, over the past two years, the Nigerian diaspora has made significant contributions to the economy, primarily through remittances, investments, and the transfer of skills and knowledge.

According to the World Bank and the Central Bank of Nigeria (CBN), remittances from Nigerians living abroad were estimated at around $20 billion in 2022. This substantial increase underscores the growing importance of remittances to Nigeria’s economy. 

For 2024, remittances are projected to be between $22 billion and $24 billion, reflecting a continued rise driven by the growing number of Nigerians abroad and advancements in financial technology.

For entrepreneurs who choose to stay, and build businesses over emigration,  they might have benefited largely from hindsight, insight, and strategic analysis. In Nigeria,  key entrepreneurial opportunities lie in technology and fintech, which attract significant investment and create jobs. 

The same can also be said of  Agriculture which is contributing 25% to GDP and supporting millions, presents other opportunities. 

In Nigeria also, Renewable energy, with projected investments of $2 billion by 2025, aims to address energy deficits and generate jobs. The healthcare sector, valued at over $5 billion, can reduce import dependency and improve health. 

E-commerce and retail can drive consumer spending and modernization, while education and edtech can enhance learning and create employment.

Additionally, Nigeria’s real estate offers opportunities for urban development, and tourism and hospitality support local businesses. The fashion industry generates significant revenue, and entertainment contributes not less than $7 billion annually. 

Each sector drives economic growth and job creation. Drawing parallels with H.W. Brands’ classic “The Men Who Built America,” which explores the lives and legacies of key industrialists like Andrew Carnegie, John D. Rockefeller, J.P. Morgan, Cornelius Vanderbilt, and Henry Ford, who transformed America through their innovations and philanthropy, it is clear that entrepreneurship, despite challenges, has the potential for significant impact.

However, when considering the chains of challenges faced by entrepreneurs in Nigeria, the question arises: is their patriotism worth it? While it can not be jettisoned that entrepreneurs play an important role in building the economy, the prevailing socio-economic and political climate in Nigeria can be said to be harsh, discouraging, and potentially stifling business success. 

According to Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of Economy, over 800 companies folded due to market instability, unfulfilled promises, breaches of contracts, foreign exchange market issues, and general economic instability. 

We opined that many of these challenges are avoidable with people-centred policies and well-thought-out actions, reflecting failures in leadership and governance.

Adding to these challenges are escalating interest rates, security issues, and unplanned subsidy removal, which leave entrepreneurs at a disadvantage. Alhaji Dangote’s refinery dubbed the “6th Wonder of the World,” serves as a reference point for the potential impact of well-managed projects.

In light of the questions posed by one of Jesus Christ’s apostles, “We have left everything to follow you! What then will there be for us?” It is essential to ask what the future holds for entrepreneurs who choose to build businesses amid challenging conditions. 

For us, we are of the opinion that the government needs to enhance entrepreneurship in Nigeria by improving access to funding, addressing the fact that only 8% of startups receive venture capital, and improving infrastructure, as Nigeria’s electricity meets only 45% of demand and internet penetration is at 50%. 

Furthermore, simplifying the business registration process, which currently averages 19 days, and providing tax incentives can also alleviate challenges.

With over 40% youth unemployment, supporting skill development is essential. Expanding market access, given that only 1% of SMEs export, and encouraging innovation with R&D investments (currently 0.5% of GDP) are vital. 

Also of importance is the promotion of public-private partnerships and celebration of entrepreneurship, which can further strengthen the ecosystem, potentially increasing its contribution to GDP, which was approximately 20% in 2022.   

Paga created a payments ecosystem that makes it easy for Nigerians to access and use their money and the extraordinary journey has led to it processing 335 million transactions, worth over N14 trillion or $32 billion, in the past 15 years.

The statistic, Paga said, attests to Nigeria’s growing adoption of mobile money which was even highlighted in a recent report by the Nigeria Inter-Bank Settlement Systems (NIBSS).

Tayo Oviosu, the founder and CEO, Paga, who disclosed this, at an event to mark the company’s 15th anniversary, in Lagos, said, Paga currently has 23 million users.

“At the end of March, 2024, we had processed 335 million transactions since inception, worth over N14 trillion or $32 billion and 80 per cent of that we did in the last five years. This last quarter was our best quarter ever,” Oviosu revealed.

Listing the company’s accomplishments over the previous 15 years, Oviosu stated that creating jobs has enabled the organisation to empower a number of people.

He claimed that the company has employed 1,000 people directly and over 100,000 people indirectly through its network of agents around the nation.

The founder of Paga stated that the company has grown beyond the agent network, servicing 150 enterprises and offering platform-as-a-service to others as a means of infrastructure provision.

On the security measures, Oviosu said:

“We have made sure that every step on the way, we have multiple layers of security to our system, to our customers, to protect their accounts.

“We are Payment Card Industry Data Security Standard (PCI DSS) certified, a widely accepted set of policies and procedures intended to optimise the security certification.”

As efforts to give back to the society, the CEO averred that Paga has partnered with Utiva, a tech training platform, to empower 18 women with scholarships to learn desired in-demand skills in tech.

He commended the regulator for formulating policies that have helped the Fintech industry to grow in recent times.

“The regulator has made very clear the categorisation and that has attracted a lot of competitors. And that’s a good thing. We don’t look at that as a bad thing because it also keeps us on our toes.

And so all the competitors are a bit different in how they do things. I think our market is very similar to India. I don’t think it’s a winner-takes-all because there is no one person in Nigeria that has only one financial account. I’ve not met a Nigerian who has only one account. So, it’s not a winner-takes-all, but you probably have one that you prefer,” the Paga CEO said.