Paga Partners with Sui to Add Crypto Payments and Yields

In Short

• Paga announced a partnership with Sui, a blockchain network, to enter crypto services.
• The plan includes stablecoin-based USD accounts, crypto on-ramps and off-ramps, tokenised real-world assets, and cross-border payments.
• It is Paga’s first formal move into crypto since Tayo Oviosu became Group CEO in April.

What Happened

Paga said it has partnered with Sui as it expands into crypto payments and related products. Sui is a blockchain network, which is a shared database that records transactions, similar to a public ledger.

The partnership was announced at Sui Live in Miami on May 7. Oviosu said the goal is to build “financial rails”, meaning payment and settlement infrastructure that can work across borders and currencies.

Paga and Sui say the work will cover four areas.

First is high-yield USD accounts backed by “USDsui”, Sui’s dollar stablecoin. A stablecoin is a crypto token designed to track a currency like the US dollar, like a digital dollar that can move on a blockchain.

Second is crypto on-ramps and off-ramps across Paga’s markets. On-ramps help users convert local currency into crypto, and off-ramps convert crypto back to cash or bank and wallet balances.

Third is tokenised real-world assets, including real estate, bonds, and solar projects. Tokenisation means turning ownership or exposure to an asset into digital tokens that can be bought and sold in smaller units.

Fourth is cross-border payment rails for businesses and consumers, which could simplify international transfers and merchant payments.

Why It Matters

African fintechs have been cautious about crypto due to regulation and banking restrictions. A partnership framed around stablecoins, on and off ramps, and enterprise payment rails shows how large payment companies are approaching crypto as infrastructure, not just trading.

If execution and compliance hold up, Paga could offer more ways for users to hold dollar-denominated value, earn yield, and move money across borders. That matters in markets where currency volatility and expensive international transfers are daily problems for consumers and SMEs.