Paga Group, a mobile payments and financial services firm, has teamed with the Bank of Abyssinia to develop an online payment gateway in the nation, after regulatory permission from the National Bank of Ethiopia.
Paga’s cooperation with the Bank of Abyssinia represents a watershed moment in the company’s expansion plan, as well as a key strategic development.
The Bank of Abyssinia is one of Ethiopia’s biggest banks, with about 700 branches and over five million customers. It was founded in 1996. It is also a digital finance and payment solutions pioneer in Ethiopia.
“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.” Adam Abate, CEO of Paga Group Ethiopia, 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.” Sosina Mengesha, Chief Digital Banking Officer of Bank of Abyssinia, said:
Paga will support Ethiopia’s digital economy by enabling vendors to pay and be paid conveniently online using its online payment gateway and other features. To provide world-class online payment services, Paga will draw on its experience and worldwide alliances.
