Jim O’Neill, former chairman of Goldman Sachs Asset Management, has invested in Paga, a Nigerian indigenous mobile payments service company.
The investment was announced by Tayo Oviosu, founder and chief executive officer (CEO) of Paga in a statement, and coincides with Paga’s fifth anniversary.
O’Neill first developed interest in Paga when he interviewed Oviosu as part of a series on BBC radio discussing the MINT group – Mexico, Indonesia, Nigeria and Turkey.
According to the statement, O’Neill expressed confidence the entrepreneurial abilities of Nigeria’s younger demographic would be a catalyst for growth over the next 20 years, and said indigenous startups such as Paga would be the major drivers of Nigeria’s economic growth.
“On meeting the founder of Paga and understanding his vision for Paga, it was very obvious that we both shared the belief that with the right approach, Nigeria possessed the potential for huge economic growth. It is clear to me that Nigeria, Africa’s largest economy, needs payment systems that work for both businesses and individuals for her to reach her potential,” O’Neill said.
“Paga delivers greater convenience to businesses and individuals whether they are banked or unbanked. I have chosen to invest in Paga because the team has demonstrated their ability to execute on a bold vision that can have catalytic impact. It is an exciting time for Nigeria and I believe in this vision and the team to achieve their bold vision to become the number one way to pay and get paid in Nigeria.”
Oviosu, said: “We are absolutely thrilled that a leading growth investor like Jim O’Neill has spotted Paga’s potential to transform the lives of millions of Nigerians by delivering the best and most convenient payment system for both businesses and individuals.
“Jim’s investment is a testament to the great work of our 205-person team. We are honoured to have Jim as a partner and we will continue to work tirelessly until Paga is the defacto way to pay or get paid in Nigeria.”
