The development was disclosed by Paga founder and CEO, Tayo Oviosu, in a LinkedIn post announcing the collaboration.

Under the new arrangement, Nigerian users can link their PayPal accounts to Paga wallets, enabling them to receive international payments—functionality that had been unavailable for nearly two decades.

Oviosu said the partnership comes more than 13 years after he first approached PayPal in 2013, when Nigeria’s fintech ecosystem was still in its infancy.

“At the time, Paga was just a few years old, and the ‘Africa opportunity’ wasn’t yet part of most global boardroom conversations,” Oviosu said. He added that his proposal was based on a belief in Nigeria’s long-term economic potential and the role global payment platforms could play in unlocking that growth.

He explained that the idea involved Paga serving as an on-ramp and off-ramp for PayPal transactions in Nigeria—a vision that took more than a decade to materialise.

PayPal had previously placed Nigerian accounts on a “send-only” status, citing fraud risks, regulatory hurdles, and compliance concerns. While limited expansions later allowed outbound payments through select banks, Nigerians remained unable to receive funds directly.

The new PayPal–Paga integration allows users to view PayPal balances within the Paga app, convert funds to naira, and withdraw locally. The functionality is expected to benefit freelancers, digital workers, merchants, and Nigerians in the diaspora sending money home.

Oviosu described the milestone as the result of sustained regulatory engagement, infrastructure investment, and long-term trust-building rather than a single breakthrough.

The post After Years of Restrictions, Nigerians Can Finally Receive Payments on PayPal appeared first on Tech Digest News.

By Abbas Badmus

Africa has witnessed a remarkable transformation in its financial landscape, driven by the rapid emergence of fintech startups. These innovative companies are reshaping the way Africans access financial services, conduct transactions, and manage their money.

The Evolution of Fintech in Africa

The proliferation of mobile technology has been a key catalyst for the growth of fintech in Africa. With over 80% of Africans owning a mobile phone, the continent has leapfrogged traditional banking infrastructure, paving the way for innovative digital payment solutions.

Initially, mobile money services such as M-Pesa in Kenya revolutionized financial inclusion by providing simple and accessible ways for individuals to send, receive, and store money using their mobile devices.

This laid the foundation for a burgeoning fintech ecosystem that has since expanded rapidly across the continent.

Success Stories and Innovations

Numerous success stories have emerged from Africa’s fintech landscape, showcasing the ingenuity and resilience of its entrepreneurs. Companies like Flutterwave, based in Nigeria, have gained international recognition for their innovative payment solutions that facilitate seamless cross-border transactions.

Others, such as Paystack (acquired by Stripe), have revolutionized online payments, enabling businesses of all sizes to accept payments securely and efficiently.

Additionally, companies like Cellulant and Paga have made significant strides in providing digital financial services to underserved communities, driving financial inclusion and empowering individuals to participate in the formal economy.

Innovations in fintech are not limited to payment solutions but extend to various financial products and services.

Peer-to-peer lending platforms like Lendable and Branch International are leveraging alternative data sources and machine learning algorithms to provide affordable credit to individuals and small businesses previously underserved by traditional banks.

Similarly, insurtech startups such as MicroEnsure are leveraging mobile technology to offer microinsurance products tailored to the needs of low-income populations, providing financial protection against unforeseen events.

Impact on Traditional Banking Systems

The rise of fintech in Africa has had a profound impact on traditional banking systems, compelling banks to adapt or risk becoming obsolete. Faced with competition from agile fintech startups, banks are increasingly embracing digital transformation to remain relevant in a rapidly evolving landscape.

Many banks are partnering with fintech companies to leverage their innovative solutions and reach new customer segments.

Additionally, some banks are launching their own digital banking platforms to compete directly with fintech startups and retain market share.

Furthermore, the regulatory environment is evolving to accommodate the growth of fintech while ensuring consumer protection and financial stability.

Regulatory bodies across Africa are introducing frameworks to foster innovation while mitigating risks associated with digital financial services.

This includes measures to enhance cybersecurity, protect consumer data, and promote fair competition in the fintech industry.

The rise of fintech in Africa represents a transformative shift in the continent’s financial landscape, driven by innovation, technology, and a growing demand for accessible financial services.

From mobile payments to peer-to-peer lending, African fintech startups are pioneering solutions that are not only driving financial inclusion but also catalyzing economic growth and empowering individuals and businesses across the continent.

As Africa continues to embrace digital finance, the future looks promising for fintech innovation and its impact on transforming traditional banking systems.

The post The Rise of African Fintech and Digital Payment Revolution appeared first on Tech Digest News.

TECHDIGEST – Global payments company Visa has opened a new Innovation Studio in Nairobi, Kenya.

The studio was officially opened by the Governor of the Central Bank of Kenya, Dr Patrick Njoroge on April 6, at an event attended by leading banks, financial technology companies and innovation specialists from across Sub-Saharan Africa.

This facility will serve the sub-Saharan Africa region and joins a network of innovation centers operated by Visa since 2016, in cities including London, Dubai and Singapore. The Nairobi studio is the first in Africa and sixth globally.

The new facility supports Visa’s commitment to promoting innovation and creating opportunities for clients and fintech partners to co-create market-relevant payment and commerce solutions throughout the region.

Aida Diarra, Senior vice president and head of Visa in Sub-Saharan Africa, said the studio will assist in increasing the Visa market in the region by issuing digital and physical Visa to its clients.

“Sub-Saharan Africa is a fast-growing region with a tech-savvy population and as we continue to grow digital payments adoption in the region, our aspiration is to deepen our collaboration with clients and partners in developing solutions that are designed around the unique needs of Africa,” said Diarra.

“As a brand built on technology, Visa has driven the major technology advancements that make electronic payments what they are today. We are confident that the innovation studio will continue that legacy and cement Sub-Saharan Africa’s position as a leader in creating out-of-the-box solutions to deal with our most pressing challenges as a region.”

Visa has previously used its existing innovation hubs to design products for the African market, including a collaboration with Nigerian Fintech Paga to develop new merchant acceptance solutions involving QR codes and NFC technology.

The post Visa Opens Its first African Innovation Studio In Kenya appeared first on Tech Digest News.