PayPal Goes Live In Nigeria Through Paga, Enabling Global Payments And Local Withdrawals

Paga, Nigeria’s pioneering fintech company, and PayPal, the global payments and commerce platform, today announced the availability of live account linking for customers in Nigeria. The integration enables users to access PayPal-supported cross-border payments directly through Paga’s digital wallet, allowing them to receive international payments and withdraw funds locally in Naira.

With this integration, users in Nigeria can link their PayPal accounts directly to their Paga wallets to receive cross-border payments from PayPal supported markets, shop with global PayPal merchants, and access their funds locally. The service also enables Nigerian merchants and entrepreneurs to reach PayPal’s global network of over 400 million users worldwide, and grow their businesses internationally.

Through Paga, users can easily access their PayPal balances and withdraw funds across everyday financial needs, including spending via card, transferring to local bank accounts, or paying bills and merchants within the Paga ecosystem, providing a seamless bridge between global earnings and local use. The collaboration strengthens Nigeria’s financial services ecosystem by promoting cross-border commerce, empowering merchants and small business growth, and supporting the country’s digital economic infrastructure.

“We are proud to make this integration live and available to users across Nigeria,” said Tayo Oviosu, Founder and Group CEO of Paga. “Whether you’re a freelancer receiving international payments, a business selling online, or a consumer shopping globally, this collaboration makes it easier to access and use global funds locally, in a way that’s simple, secure, and built for our markets.”

“We’ve been intentional about partnering with local innovators like Paga and developing solutions that help Nigerians earn, spend, and grow,” said Otto Williams, Senior Vice President, Regional Head and General Manager of PayPal Middle East and Africa. “This collaboration helps strengthen the broader payments ecosystem by supporting local innovation, expanding financial inclusion, and enabling more consumers and businesses to participate confidently in the digital economy.”

Nigeria’s digital payments market continues to expand rapidly, with transaction values reaching ₦657.8 trillion in 2023 and more than 30 million active mobile wallet users (Novatia Consulting, 2024). With over 21 million users and a fast-growing API infrastructure, Paga is uniquely positioned to scale PayPal’s services to both consumers and businesses across the country, leveraging its local settlement network, digital wallet, and Visa card integrations positioning it as a secure and trusted local partner for cross-border digital payments.

To access PayPal services through Paga, users can log in to the Paga app or www.paga.com, link their PayPal account, and start receiving international payments into their Paga wallet and use those funds to pay bills, transfer to bank accounts, or shop online.

By Grace Ashiru, Tech In Africa

Nigeria embraces stablecoins

 

A year after issuing its first batch of digital asset exchange licenses, Nigeria says it’s ready to embrace stablecoins, but they must be regulated and comply with its financial laws.

Meanwhile, Hong Kong authorities are urging caution in stablecoin adoption as its landmark Stablecoins Ordinance takes effect. The city-state says it will only issue a handful of licenses, and that most applicants “will be disappointed.”

Nigeria’s stablecoin embrace

Speaking at the Nigeria Stablecoin Summit in Lagos, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, backed stablecoins as disruptive financial tools.

“I stand before you as both a regulator and an advocate for responsible innovation. My message today is clear: Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” he said, as reported by local outlets.

Nigerians have been the most avid stablecoin users in Africa. A June report by Yellow Card exchange revealed that nearly 26 million Nigerians have been using stablecoins, equating to 12% of the population, which ranks the country first globally for adoption. The report described Nigeria’s stablecoin adoption as “a signal of how financial innovation can thrive in response to local needs.”

The DG joined several other African leaders who have acknowledged that stablecoins have become a vital cog in the continent’s financial rails. In Kenya, the central bank revealed that one in three banks has expressed strong interest in stablecoins, while in South Africa, the financial regulators have pointed out that they expect stablecoins to become the primary form of digital asset adoption over the next five years.

Agama says that Nigerians have been using stablecoins in cross-border funds transfers and, with the naira losing over 70% of its value against the U.S. dollar in the past three years, they have become a hedge against the local currency’s depreciation.

“Across the continent, freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility, a trend significantly amplified by the naira’s fluctuations, which have driven exponential growth in demand for dollar-backed digital assets,” he stated.


Market giants USDT and USDC are the most dominant in the Nigerian market. However, Agama said, “Africa needs African solutions that reflect our market conditions, demographic realities, and development priorities.”
One of these African solutions is cNGN, Nigeria’s first homegrown regulated stablecoin. Launched by the African Stablecoin Consortium, cNGN has hit $2.5 million in transaction volume across dApps, on-chain swaps, GameFi ecosystems, and merchant payments.


CNGN recently told CoinGeek it’s eyeing expansion beyond Nigeria, deepening its liquidity, and broadening its use cases.

“Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam. I want to see global capital flowing into Lagos as the stablecoin hub of the global south. This is not just finance. This is nation-building,” Agama told the attendees.

HKMA: We’ll only hand out a handful of licenses

In Hong Kong, the city’s de facto central bank has called for caution amidst rising public interest in stablecoins.

Hong Kong’s Stablecoin Ordinance took effect on August 1, and some of Asia’s largest companies competed to be among the first to issue stablecoins under the new regime. However, the chief executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, now says that only a select few will receive the green light.

In his statement, Yue warned against the “growing frothiness” and “excessive exuberance” as the new regime takes effect. He says that some public companies have been putting out statements mentioning stablecoin integration to excite investors and spark a stock price rally.

“…in the initial stage, we will at most grant a handful of stablecoin issuer licences. In other words, a large number of applicants will be disappointed,” Yue warned.

While HKMA hasn’t revealed any details about the licensing process, experts opine that the big companies with extensive experience in tech and finance are most likely to beat the smaller startups to the punch. Those who have participated in the HKMA’s Stablecoin Sandbox stand an even bigger chance. They include JD.com’s (NASDAQ: JD) stablecoin subsidiary, Animoca Brands, and Standard Chartered Bank (NASDAQ: SCBFF).

While the new framework makes Hong Kong one of the world’s most attractive stablecoin hubs, it comes with risks to investors. The city has seen its fair share of fraudulent digital asset projects, the most prominent being JPEX, which sank with over $200 million in user funds.

COINGEEK

Related story: Nigeria opens doors to stablecoin firms under regulatory oversight

President Tinubu signs law classifying crypto as securities

Nigeria’s President Bola Tinubu has signed a new law strengthening SEC oversight of cryptocurrencies and classifying them as securities.

Nigeria‘s President Bola Ahmed Tinubu has signed the Investments and Securities Act 2024 into law, classifying cryptocurrencies as securities under the regulatory authority of the Nigerian Securities and Exchange Commission, local news outlets report.

The new law replaces the ISA 2007 Act and reportedly expands the SEC’s role in overseeing Nigeri’s capital markets, including crypto exchanges. The act also enforces tougher penalties for Ponzi schemes, which are commonly linked to the crypto market.

For example, those convicted of running Ponzi schemes could face a prison sentence of 10 years or more, along with a minimum fine of N10 million (about $6,500). The total financial penalties could go up to N40 million (around $26,000), depending on how serious the offense is.

Nigeria’s tech-savvy population has turned to cryptocurrencies as a way to protect against high inflation and the sharp decline of the naira against the dollar since mid-2023. According to data from Chainalysis, the country received approximately $59 billion in cryptocurrency value between July 2023 and June 2024.

Since taking office in 2023, President Bola Tinubu has focused on fiscal reforms aimed at boosting government revenue and reducing the budget deficit, including revamping tax administration. The push for regulation brings Nigeria in line with other regions like the European Union with its Markets in Crypto-Assets, all of which have moved to regulate cryptocurrencies.

By Denis Omelchenko, Crypto News

PalmPay Unveils Debit Card in Nigeria, Expanding Its Digital Banking Ecosystem

PalmPay, a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.


"This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services. With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales."

– Sofia Zab, Chief Marketing Officer, PalmPay

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

. Smart POS terminals and a business app
. Payment orchestration and checkout solutions
. Bulk payment tools via a self-service merchant portal
. APIs for embedding and reselling PalmPay’s services
. Direct integration of services into the PalmPay consumer and business apps


"At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships. The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams."

– Jiapei Yan, Chief Commercial Officer, PalmPay


"We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers."

– Vincent Ogbunude, Managing Director of Verve International

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

By Aayushya Ranjan, TechAfrica

Moniepoint, AfriGO to introduce 5m contactless cards in Nigeria

AfriGO, national domestic card scheme powered by Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System, has announced a strategic partnership with Moniepoint Inc.

This collaboration, according to AfriGO, will drive the distribution of 5 million AfriGO cards and introduce contactless, tap-to-pay solutions, boosting Nigeria’s commitment to a thriving, cashless economy.

It went on to say by leveraging Moniepoint’s extensive agent network and robust infrastructure, “this partnership will enable seamless, secure, and instant payments.

“Users will be able to complete transactions by simply tapping or hovering their AfriGO card or Near Field Communication-enabled devices over a payment terminal or compatible mobile phone.”

Ebehijie Momoh, managing director and CEO of AFSL, commented: “Our collaboration with Moniepoint aligns with AfriGO’s mission to deepen financial inclusivity and reduce reliance on foreign exchange for card transactions.

“With AfriGO, businesses and consumers alike benefit from a secure, affordable, and locally-driven payment solution that keeps transaction data within Nigeria, fostering local innovation and empowering small and medium-sized enterprises.”

Tosin Eniolorunda, CEO of Moniepoint, added: “Contactless payments have far-reaching benefits for our ecosystem. By unlocking the potential of digital payments, we can create a better life for all Nigerians and reshape the digital economy to help individuals, businesses, and institutions achieve their goals.”

By Samuel Olomu, ITWeb