Nigerian mobile payment service Paga has announced the launch of its Agent Network Management subsidiary as part of its efforts to increase the number of financial service access points across the country.
The subsidiary unit seeks to accelerate delivery to the 70 per cent of Nigerians who are unbanked through partnering with other industry stakeholders to offer agent network development and management services to all banks, microfinance institutions, mobile payments operators and insurance firms.
Tayo Oviosu, founder and chief executive officer (CEO) of Paga, said: “Our experience to date has shown us that a well managed and sustainable network is the single most important factor that must be in place to make it happen.
“Our announcement today will allow Diamond Bank, First Bank, Mansard, LAPO and other firms with plans for agency banking to offer their products directly through a strong agent network.”
He said Paga’s motivation to launch the service was the need to expand access to financial services across the country.
Jay Alabraba, the co-founder of Paga, said: “Paga has made significant investment in technology and processes and hired teams across Nigeria that are focused on recruiting, training, and providing the needed ongoing support services to an agent network.”
He said the industry will benefit from the economies of scale that the shared services offered by the agent network unit.
HumanIPO reported last month the mobile payments company had announced it had hit the one million user milestone.
Paga entered into a new partnership with Etisalat last week to make it services accessible directly from an Etisalat SIM card, using the company’s Eazywallet platform.
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