Fintech firm Paga deepens investment in Ethiopia
Paga, an emerging African payments and financial services ecosystem, has been licensed to operate a payment gateway in Ethiopia, which is experiencing a digital finance revolution after the official introduction of its first telco-operated mobile money platform, Telebirr last year.
Already active in Nigeria where it says it has 19 million users, Paga connects consumers, merchants and sellers under its platform.
The company has also just signed a partnership with Ethiopia’s Bank of Abyssinia.
“Paga Group is delighted to announce its partnership with the Bank of Abyssinia, and its receipt of regulatory approval from the National Bank of Ethiopia to launch its online payment gateway in Ethiopia,” reads an excerpt from a statement released by the company on Tuesday.
Adam Abate, CEO of Paga Ethiopia, said the East African country is “on the cusp of a digital transformation” and key to the company’s Africa roll-out.
Although the company has been active in Ethiopia, the its newly licensed payment gateway will play a key role in providing back-up for the expected blossoming of the Fintech and ecommerce sectors following efforts by the government – specifically Prime Minister Abbiy Ahmed – to liberate the country’s telecommunications industry.
“For this next phase of our involvement in Ethiopia … we can provide innovative payment and financial services to the market.”
After securing the licence, Paga says it is now geared to “drive the digital economy in Ethiopia by enabling sellers to pay and get paid easily online” as it will “leverage its experience and international partnerships to deliver world class online payments” services.
Sosina Mengesha, the chief digital banking officer for Bank of Abyssinia, said the Bank would effectively power up Paga’s delivery of online payment gateway services to Ethiopian consumers.