One of Africa's most established payment companies has just made its most unconventional move yet, and it is doing so with $42 billion in transaction history as its opening hand.
Paga, one of Africa's oldest fintechs, has partnered with Sui, the blockchain network built by US-based Mysten Labs, as it pushes into crypto payments, stablecoin yields, and asset tokenisation. The partnership was announced at the Sui Live event in Miami on Thursday, May 7, 2026, marking Paga's first formal move into crypto since Tayo Oviosu transitioned to Group Chief Executive Officer in April.
The scale Paga brings to this partnership is not trivial. The company already processes $1.5 billion in monthly payments, handled $11 billion from 169 million transactions in 2025, and has processed $42 billion in total payment volume from 653 million transactions since 2009. Integrating blockchain infrastructure into the existing rail could move meaningful volume onto Sui from day one.
The product roadmap is ambitious. The partnership will allow Paga users to access crypto on-ramps and off-ramps, dollar-denominated accounts backed by Sui's USDsui stablecoin, and cross-border payment services. The companies also plan to explore tokenised real-world assets including real estate, bonds, and solar projects. Bridge the US crypto infrastructure firm that Stripe acquired for $1.1 billion in 2025 will issue the USDsui stablecoin on the Sui blockchain.
Paga users could soon hold a dollar account that earns interest automatically, convert between local currency and crypto without friction, and invest in assets like property or green energy projects that were previously inaccessible.
Oviosu was unapologetic about the urgency behind the pivot, framing the problem in structural terms: "These are the walls of the cage, and until we tear them down, financial freedom on this continent is incomplete." He said the partnership would help Paga build financial rails that help Africans hedge against currency instability, unlock opportunities in global commerce, fix cross-border payments, and expand access to alternative financial products.
The move arrives as stablecoin adoption accelerates across Africa. African fintechs are increasingly turning to blockchain infrastructure to improve payments and settlement systems amid persistent local currency depreciation and limited access to dollar-based financial products.
Paga joins Flutterwave and Paystack in exploring blockchain for settlement, treasury, and global payments a sign that Nigeria's most established fintech names are no longer content to watch the crypto wave from the shore. For Paga, the Sui partnership is not an experiment. It is the next layer of an infrastructure play 17 years in the making.
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