Paga collaborates with Visa to introduce physical and virtual cards

by Johnson Daniel
Nigerian PayTech Paga launches Visa physical and virtual cards

Paga, a Nigerian payment and financial services firm, has collaborated with Visa, a global card issuer, to launch virtual and physical cards. These cards will initially be in naira, but will soon be followed by cards in US dollars.

Paga chose to launch the Naira virtual cards first because Nigeria is Paga’s largest market, and the company claims that its users have expressed a desire for virtual cards. To obtain these cards, users must update their app and create an application, which Paga claims take less than a minute.

Paga claims that its virtual cards are distinguished by two factors. To begin, any financial institution can provide real-time funding for virtual cards. Each card has its own unique NUBAN number, allowing for real-time funding via bank transfers, deposits at bank branches or agents (not just Paga agents), and from any fintech app.

Speaking on the partnership, Andrew Uaboi, Visa West Africa vice president and head, said, “We believe in innovation-led collaborations, and FinTechs remain 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.

“Whether it is changing the way people invest, manage money, or sending real-time payments to friends and family, Visa is a natural partner for FinTechs, providing them with new ways to reach their customers through Visa’s vast network and global scale. We are proud to partner with Paga and support their ambitions to bring more Africans into the financial system with relevant digital solutions.”

This is not the first time Paga and Visa have collaborated, as both companies have previously worked on a variety of merchant acceptance and issuance projects. In terms of merchant acceptance, both companies collaborated on the November 2021 launch of Doroki, a commerce offering for retailers. The two companies also collaborated to launch Paga’s direct online card processing service, which increased the reliability of card transactions on Paga platforms by eliminating reliance on third-party card processors.

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