Paga and Sui Expand Crypto Payments Across Africa

Paga, one of Africa’s longest-operating fintech companies, has entered a strategic partnership with Sui, the blockchain network developed by Mysten Labs, to expand its presence in crypto payments, stablecoin services, and tokenized financial assets. The collaboration was officially introduced during the Sui Live event held in Miami, marking Paga’s first major crypto-focused initiative since Tayo Oviosu assumed the role of Group Chief Executive Officer in April.

According to Oviosu, the partnership is intended to help build financial infrastructure capable of addressing several long-standing economic challenges across Africa, including currency instability, inefficient cross-border transactions, and limited access to global financial products. He explained that many Africans continue to face barriers that restrict broader financial participation and wealth preservation.

During the event, Oviosu indicated that overcoming those obstacles would require scalable technology, low-cost transaction systems, and globally connected infrastructure capable of serving large populations. He added that Paga identified Sui as the appropriate technological partner to support that mission.

The partnership between Paga and Sui aims to deliver crypto payment infrastructure, stablecoin-based savings products, and tokenized investment opportunities across African markets.

Stablecoin Yields and Tokenized Assets

The collaboration will reportedly focus on four major areas. These include high-yield U.S. dollar accounts powered by USDsui, crypto on-ramp and off-ramp services throughout Paga’s operational markets, tokenized real-world assets such as real estate and renewable energy projects, and cross-border payment systems for both businesses and consumers.

Paga stated that users may soon gain access to dollar-denominated accounts capable of generating yield automatically through USDsui, Sui’s recently introduced stablecoin. Consumers are also expected to benefit from smoother conversion between local currencies and digital assets while gaining investment exposure to sectors that have traditionally remained inaccessible to many retail participants.

The company further suggested that tokenization could allow individuals to invest in property, bonds, and green energy initiatives with lower entry barriers. Cross-border transfers are also expected to become significantly faster and less expensive under the new infrastructure.

African Fintech Sector Increasingly Embraces Blockchain

Paga’s expansion into blockchain technology reflects a broader trend among African fintech firms exploring crypto-based payment and settlement infrastructure. In recent months, several financial technology companies across the continent have increased their focus on stablecoins, blockchain rails, and digital asset research.

Flutterwave previously partnered with Polygon to strengthen stablecoin payment infrastructure, while Paystack reorganized under The Stack Group to deepen research into emerging fintech technologies.

Both Paga and other participating fintech firms were also admitted into the anti-money laundering supervisory framework established by the Central Bank of Nigeria for virtual asset service providers earlier this year.

Oviosu emphasized that a large percentage of African adults still remain outside the traditional banking system. He reportedly argued that the situation should not only be viewed as a challenge but also as a major opportunity for financial innovation and inclusion.

Sui Expands Stablecoin Ecosystem

Paga currently processes approximately $1.5 billion in monthly payments. According to company figures shared during the event, the fintech processed around $11 billion across 169 million transactions in 2025 alone. Since launching in 2009, the platform has reportedly handled more than $42 billion in total payment volume through over 653 million transactions.

Paga’s existing transaction scale gives the Sui partnership immediate operational reach across millions of users and businesses in Africa.

Meanwhile, Sui recently launched USDsui, a U.S. dollar-backed stablecoin designed to generate yield for holders. Unlike traditional stablecoins such as USDT and USDC, the new asset allows users to earn interest directly through wallet balances.

The introduction of USDsui positions Sui in the growing market for yield-bearing stablecoins and decentralized financial services.

The USDsui stablecoin will reportedly be issued on the Sui blockchain by Bridge, the crypto infrastructure company acquired by Stripe in 2025.

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