In a groundbreaking move to unlock cross-border remittances, digital asset savings, and B2B infrastructure, Paga Group Limited, a Nigerian-based mobile money company, today announced a strategic partnership with Crossmint, a unified decentralized platform that allows users to access a crypto wallet, stablecoins, and various DeFi offerings in one interface. This collaboration enabled Paga to integrate Crossmint’s smart wallet and stablecoin orchestration infrastructure. This allows users and businesses utilizing Paga’s mobile money platform to now access a unified stack that connects crypto wallet and stablecoin balances directly into their everyday digital cash spending.
Paga Group Limited is a mobile payment platform headquartered in Nigeria, facilitating financial transactions directly through mobile devices across Africa. Its mobile money platform enables people based in Africa to digitally send and receive money, allowing them to pay bills, do shopping, and execute various financial stuff.
Paga Taps Crossmint for Digital Payment Innovations
The partnership with Crossmint shows Paga’s commitment to addressing cross-border payment needs, which are increasingly becoming essential for businesses and customers in the region. Cross-border payments remain slow and expensive for most African enterprises. The World Bank statistics on remittance prices conducted in 2023 show that sending money across African borders costs an average of 7-8% of the value sent, and settlements take three to four business days.
Using the collaboration, Paga aims to fix this gap by decreasing costs, speeding up settlements, and helping businesses and customers send money more seamlessly across borders using Crossmint’s cost-effective and real-time stablecoin infrastructure. This partnership enabled Paga to incorporate Crossmint‘s crypto wallet and stablecoin orchestration infrastructure into its mobile money platform to improve cross-border payments and settlements across African countries. Paga leverages Crossmint’s stablecoin architecture to reduce costs and shorten processing times, enabling real-time and cost-efficient capital settlements, crucial for African small businesses.
Expanding Cross-Border Reach Using Stablecoins
While Paga is one of the dominant mobile payment systems in several African markets, regional settlements remain fragmented and rely on banks and traditional banking networks. With the integration of Crossmint’s stablecoin infrastructure, Paga addresses this problem, tackling a longstanding weakness in African payments: costly and slow cross-border transfers.
The merge also paves the way for stablecoin transactions in the regulatory environment. Demand for dollar-backed digital assets has increased across the African continent as enterprises and consumers manage transactions across global borders and hedge against currency volatility.
