Partnership to drive the digital economy and provide increased access to financial services
Addis Ababa, Ethiopia – 1 March 2022 – Paga Group, a leading mobile payments, and financial services company, 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.
Paga’s partnership with the Bank of Abyssinia is both a milestone and a core, strategic development in Paga’s growth strategy. Established in 1996, and with close to 700 branches and over five million customers, the Bank of Abyssinia is one of Ethiopia’s leading banks. It is also a pioneer in Ethiopia of digital finance and payment solutions.
Adam Abate, CEO of Paga Ethiopia, commented:
“Ethiopia is on the cusp of a digital transformation. Paga has a long history working in Ethiopia, and we are very excited for this next phase of our involvement in Ethiopia, where we can provide innovative payment and financial services to the market. We are equally excited to be partnering with the Bank of Abyssinia, which has demonstrated its commitment to and capabilities in driving Ethiopia’s digital economy forward. Combined with Paga’s innovation and technology, we believe our offering will be very exciting for Ethiopian consumers and businesses.”
Sosina Mengesha, Chief Digital Banking Officer of Bank of Abyssinia, said:
“As one of the leading banks in Ethiopia, we always seek to work with best-in-class partners, and we have chosen such a partner in Paga. Their product innovation and commitment to financial inclusion stand out, and we are delighted to come together to empower their delivery of online payment gateway services to Ethiopian consumers.”
Through its online payment gateway and other capabilities, Paga will help drive the digital economy in Ethiopia by enabling sellers to pay and get paid easily online. Paga will leverage its experience and international partnerships to deliver world-class online payment services.
About Bank of Abyssinia
In an era where commercial banking services were still rudimentary and striding towards transforming different sectors of the economy, Bank of Abyssinia’s founders believed in the need for a bank that gives comprehensive commercial banking services. Thus, the Bank of Abyssinia (BoA) was open for business in 1996 with enthusiasm and determination.
Our mission enables us to drive forward with aim. We provide excellent financial services through competent, motivated employees and digital technology to maximize value to all stakeholders.
Bank of Abyssinia is a shared company of private individuals who have amassed experience and success in different areas, including business, entertainment, and education. Such diverse ownership reflects the company’s determination and willingness to succeed in the sector it operates in and signifies the ability of its people to work towards building a successful business venture and commercial bank service.
Paga is a payments and financial services ecosystem for Africa. Our ecosystem is similar to that of Block (formerly Square, Inc.) and PayPal as we focus on helping both consumers and sellers pay, get paid, and access financial services. We also offer our platform as a service to third-party partners. Our first market is Nigeria where we now have over 19 million unique users.
Africa is massively underserved when it comes to payments and financial services. We believe that in today’s Africa, digital-only does not scale. Cash will not go away anytime soon and smartphone penetration is still low (Nigeria, as an example, is where the US was in smartphone penetration in 2010, and most business is conducted offline).
Paga enables consumers to access and use money in the most convenient way for them, whether that is through a neighbourhood store (agents) or via their mobile phone (smartphone or feature phone). We also enable sellers to sell more efficiently and access financing. Additionally, we open our APIs to third-party partners to enable endless possibilities for others to innovate.