African fintech players raced to acquire merchants, onboard users, issue wallets, and become the app consumers reached for whenever they needed to move money.
But as digital payments mature, more fintechs are increasingly discovering that selling the infrastructure underneath financial transactions may be another business with steadier economics.
This is a bet that Paga Group is now making.
Through Paga Engine, its payments infrastructure business, the Nigerian fintech is packaging nearly two decades of internal payments technology into services other companies can plug into instead of building their own systems.
Across the sector, infrastructure is becoming increasingly attractive. Stripe evolved from online checkout into a broader financial infrastructure and embedded finance tool.
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