Paga, one of Nigeria’s leading mobile money transfers says it has processed over 276,000 transaction since its inception in September 2011.
In a post, the company said that the transactions represent a worth of N2.6 billion (US$15 million). It now has over 125,000 registered users on its platform.
Paga explains its service as: Paga enables any person with a mobile phone or Internet access to send cash to anyone in Nigeria, buy or send airtime credit, pay bills, pay both online and physical retail stores (without cash notes or a debit card), and perform a variety of other transactions.
With all these developments, Paga has reported that it has gotten new investors including Adlevo Capital, Omidyar Network, Acumen Fund, Capricorn Investment Group
“The business opportunity for Paga is huge, and it follows that the capital requirement to achieve our mission is also significant. A key requirement for success in our industry is having investors who share our vision and have the financial fortitude for such an undertaking. To date, we have been funded by individual investors,” the CEO and founder, Tayo Oviosu said.
Jacqueline Novogratz, founder and CEO of Acumen Fund, said “We think Paga’s innovative offerings will go a long way in bringing new economic opportunities to people that have been under-served by traditional financial services.”
