Paga Partners Sui to Use Stablecoins for Cross-Border Payments in Africa

African payments company Paga Group is making a fresh move into blockchain-powered finance through a new partnership with Sui.

The deal will see Paga integrate Sui Dollar (USDsui), the blockchain network’s stablecoin, into its payment ecosystem. The partnership was announced by Paga founder Tayo Oviosu during the Sui Live event in Miami Beach on May 7, 2026.

The collaboration comes months after Paga revealed its partnership with PayPal earlier this year.

Under the arrangement, Paga plans to use stablecoin technology to improve cross-border payments, savings, and investment access for Africans. The company said the move could also reduce delays linked to traditional banking systems.

Sui Dollar, launched in March 2026, maintains a 1:1 value with the US dollar and is backed by treasury-grade liquid assets.

Paga targets faster global payments

Speaking on the partnership, Oviosu said the company’s long-term vision remains centred on financial freedom for Africans.

“What we’re trying to do at Paga is really to deliver financial freedom to Africans. That financial freedom is about the ability to move money quickly and affordably, transact globally regardless of currency, and be able to save and invest locally or internationally with ease,” he said.

According to him, Paga has spent 17 years building payment infrastructure across Africa. He disclosed that the company now processes roughly $1.5 billion monthly in transactions.

In 2025 alone, Paga reportedly handled more than $11 billion across 169 million transactions through its payment app, merchant platform, and enterprise services. Despite the growth, Oviosu said payment challenges still affect businesses across the continent.

“Currency stability is eroding value for people who are saving. Cross border payments are still broken. If you’re importing goods in Nigeria, it’s taking three to four days to effect a payment, and you’re paying 6.4% on average, which is double the global average,” he explained.

Through the Paga stablecoin partnership, businesses and users will gain access to stablecoin-based transactions without depending on correspondent banks. The company also plans to introduce high-yield US dollar accounts powered by USDsui.

“The beauty of the Sui dollar stablecoin is that it earns yield while passively sitting there. People can protect their savings and also earn from those savings,” Oviosu added.

Stablecoins gain fresh attention in Africa

Beyond payments, the partnership will support tokenised investment opportunities tied to real-world assets outside Africa.

According to Oviosu, the initiative could allow Africans to invest in international projects directly from their local markets. “This would enable somebody sitting in Lagos to invest in a project in Hong Kong and make money from that project,” he said.

As part of the deal, Paga will also adopt Sui as its primary blockchain network while supporting fintech developers across Africa with new tools and infrastructure. Commenting on the partnership, Adeniyi Abiodun said African users have shown increasing interest in stablecoins and blockchain-powered settlement systems.

“By collaborating with Paga, we’re meeting users where they already are: this partnership benefits users across the continent, allowing businesses and individuals to transact in a dollar-denominated layer without going through correspondent banks, and without FX leakage or waiting days for settlement,” he stated.

Oviosu also addressed concerns around regulation. He explained that the partnership would initially operate through Paga’s UK and US entities rather than directly through its Nigerian operations.

According to him, any funds entering Nigeria would still pass through the company’s licensed remittance infrastructure and remain compliant with Central Bank regulations.

“Any money coming into Nigeria and off ramping into Nigeria will come through our remittance company, Paga Remitt, and we’ll report all the dollars to the central bank, as we’ve done with PayPal and other channels,” he said.