Nigeria’s fintech company, Paga has partnered with Visa to launch its virtual naira cards.
Why it matters:
The new cards by Paga will allow users to make payments virtually in locations where Visa cards are accepted. The cards will be available in Naira first before its US dollar-denominated cards are launched.
According to Paga, the company’s influence in the Nigerian market where virtual cards are in high demand from its users is the primary reason behind the launch of its Naira Virtual Cards.
Paga’s Naira Virtual Cards
The cards can be funded from any financial institution as each card owns a unique NUBAN number that enables interactions with all financial institutions for banking functions by bank transfers, deposits at bank branches or agents (not just Paga agents), and from any fintech app.
Also, each card has its unique payment page that enables Paga users to send their payment links to either friends or family and have their money deposited directly into their Paga cards in real time With this, users can get real-time notifications of transactions on their cards and can either freeze or unfreeze the card in the instance of theft or misplacement, right in the Paga app.
The launch of the Naira virtual cards by Paga would see the company accelerating its offerings in Nigeria.
The availability of the cards to users would be done following an app upgrade.
Speaking on the partnership, Tayo Oviosu, founder and CEO of Paga Group said, “We are thrilled about the launch of our Visa-branded cards. This is a significant milestone because it aligns with our goal of making it simple for people to access and use money. Customers now have access to Visa’s global network through Paga cards. I am excited about how Paga cards will make life easier for our customers in Nigeria and beyond.”
This is not the first time that Paga and Visa have partnered, as both parties have collaborated in the past on an array of projects for merchant acceptance and issuance. One of which is the launch of Doroki – a commerce platform for retailers in November 2021.
Speaking on behalf of Visa, Andrew Uaboi, vice president and head of Visa West Africa, said, “We believe in innovation-led collaborations, and fintech remains core to solving the access to financial services gap in Africa. “Partnerships are fundamental to our business model, and this expansion of our strategic alliance with Paga is another example of how we can help our clients deliver improved customer experiences…We are proud to partner with Paga and support their ambitions to bring more Africans into the financial system with relevant digital solutions.”