Nigerian fintech Paga has expanded its operations to Ethiopia through its partnership with the Bank of Abyssinia.
The fintech company which was founded in 2009 serves as a mobile payments company that is focused on digitizing cash in emerging economies – allowing money to be sent to any phone number for the beneficiary to redeem at a Paga agent or at an ATM via a cardless withdrawal.
Via its online payment gateway and other capabilities, Paga intends to drive digital economy in Ethiopia as captioned in its blog post. This is to enable buyers and sellers have transactions online.
Also, Paga will leverage on its experience and international partnerships to deliver world class online payment services.
Speaking on the break into the Ethiopian market, Adam Abate, CEO of Paga Ethiopia said, “Ethiopia is on the cusp of a digital transformation. Paga has a long history working in Ethiopia, and we are very excited for this next phase of our involvement in Ethiopia, where we can provide innovative payment and financial services to the market”.
“We are equally excited to be partnering with the Bank of Abyssinia, which has demonstrated its commitment to and capabilities in driving Ethiopia’s digital economy forward. Combined with Paga’s innovation and technology, we believe our offering will be very exciting for Ethiopian consumers and businesses”, Abate added.
The Bank of Abyssinia was open for business in 1996 and following the partnership with Paga, Sosina Mengesha, Chief Digital Banking Officer of Bank of Abyssinia, noted, “As one of the leading banks in Ethiopia, we always seek to work with best-in-class partners, and we have chosen such a partner in Paga. Their product innovation and commitment to financial inclusion stand out, and we are delighted to come together to empower their delivery of online payment gateway services to Ethiopian consumers.”