Paga is making its first major push into crypto through a partnership with Sui, the blockchain platform developed by Mysten Labs.
The partnership, announced on Thursday at the Sui Live in Miami, signals a new direction for Paga as it expands beyond traditional payments into crypto infrastructure, stablecoin-based financial products, and tokenised assets. It is also the company’s first formal crypto initiative since founder Tayo Oviosu became Group CEO in April.
Speaking at the event, Oviosu said the partnership is aimed at solving some of Africa’s biggest financial challenges, including currency instability, limited access to global commerce, and the high cost of cross-border payments.
“These are the walls of the cage, and until we tear them down, financial freedom on this continent is incomplete,” Oviosu said. “We found that partner Paga and Sui.”
Under the partnership, Paga plans to introduce four key products and services: yield-bearing US dollar accounts powered by USDsui, Sui’s new stablecoin; crypto on-ramps and off-ramps across Paga’s markets; tokenised real-world assets such as real estate, bonds, and solar projects; and blockchain-powered cross-border payment rails for consumers and businesses.
The move could allow Paga users to hold dollar-denominated accounts that earn interest automatically, switch between local currencies and crypto more seamlessly, invest in fractionalised assets, and send money across borders with lower fees and faster settlement times.
Paga’s expansion into crypto reflects a broader shift among African fintech companies exploring blockchain infrastructure for payments and treasury operations. In 2025, Flutterwave partnered with Polygon Labs on stablecoin payments, while Paystack reorganised into The Stack Group to deepen research into emerging financial technologies.
Both companies were also admitted into the Central Bank of Nigeria’s anti-money laundering supervisory programme for virtual asset service providers (VASPs) earlier this year.
Oviosu argued that Africa’s large unbanked population represents one of the world’s biggest untapped financial markets.
“57% of African adults don’t have a bank account,” he said. “Most people see a problem. I see opportunity.”
According to Oviosu, Paga currently processes about $1.5 billion in payments monthly. In 2025 alone, the company handled $11 billion across 169 million transactions. Since launching in 2009, Paga says it has processed more than $42 billion in total payment volume from over 653 million transactions.
“That $42 billion represents school fees paid, salaries received, and families sending money safely and instantly at a fraction of previous costs,” Oviosu said.
The partnership also comes shortly after Sui launched USDsui, a US dollar-backed stablecoin designed to generate yield for holders. Unlike dominant stablecoins such as Tether’s USDT and USD Coin, USDsui allows users to earn returns simply by holding the asset, putting it in competition with products like DAI.
The stablecoin will be issued by Bridge, the crypto infrastructure company acquired by Stripe in a $1.1 billion deal in 2025.