Visa has partnered with Nigeria’s fintech startup Paga to boost payments for customers across Africa, media reports said. Paga is headquartered in Lagos.
Visa’s partnership with Paga does not involve investment. It is a strategic partnership aimed at expansion across the continent. Established in 2011, Paga expanded its business into Ethiopia and Mexico as well.
Through the partnership, Paga account holders will be able to transact on Visa’s global network. Both companies will work toward enhancing payment technologies. The partnership will also introduce new merchant options into Paga’s network.
It is reported that Paga will launch new QR codes and contactless payments in the country. For that reason, engineering teams of both companies have started working together.
The Nigerian fintech startup offers money transfer and online purchase and payments services to more than 1.4 million customers in the country. These services are provided through its mobile app or 24,840 agents.
Otto Williams, Visa’s Head of Strategic Partnerships, Fintech and Ventures for Africa, told the media, “We want to digitise cash, that’s a strategic priority for us. We want to expand merchant access to payment acceptance and we want to drive financial inclusion.”
Visa has already established its presence on the continent through multiple collaborations with some of the largest African banks. It has also collaborated with other African fintechs such as Flutterwave and Yoco.
Besides Visa, Mastercard invested $50 million in Pan-African e-commerce venture Jumia last year. Both companies are also working together to enhance financial services for Jumia customers.