Seven years after its official launch, mobile payment company, Paga, has hit N1.5 trillion in transactions. The leading payments platform’s recent achievement has been described as a landmark by the Founder, Tayo Oviosu.
The company, which was initially founded in 2009, was officially launched in 2012. It attained this figure after facilitating 87 million transactions through its over 13 million users across all the 36 states in Nigeria.
Paga’s success over the years has been largely attributed to its ability to serve the unbanked communities in rural areas in Nigeria. The financial technology firm’s agents, who are more than 22,000, serve as human ATM (Automated Transfer Machine) for the underserved areas, transferring money digitally.
Any individual with a mobile phone can conduct transactional activities using Paga’s platform mobile wallet. However, access to Paga’s platform is not restricted to the use of USSD code on mobile phones, as users can also make transactions using mobile apps or website. Also, the company’s service enables its users not to depend on multiple cards to make transactions.
While speaking on his company’s achievement, Oviosu, who also acts as Paga’s Chief Executive Officer, said, “Reaching one trillion naira in transaction value is a major milestone for Paga. We are proud of our success in digitising cash and making it easier for people to pay and get paid.”
Oviosu said the company had more innovation to offer its millions of users as Paga expanded its portfolio and added global markets into its service areas.
“We are working round the clock to continue to bring innovative solutions to the mobile payments industry as we expand our range of services.”
Global market move: Last year, after a $10 million raise, Paga announced plans to expand into new global territories and introduce new partnerships and products to the market. In April, the company announced that it had entered into a partnership with WorldRemit, a Global digital money transfer company.