Home Big Story Paga lands $13m to expand mobile payment in Nigeria

Paga lands $13m to expand mobile payment in Nigeria

Paga lands $13m to expand mobile payment in Nigeria
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Paga, Nigeria’s mobile payment company says it has received a fresh $13 million financial backing to consolidate its mobile payment services in Nigeria.
According to Paga, the Series B financing was raised by contributory effort from Adlevo Capital, Omidyar Network, Goodwell West Africa (managed by Alitheia Capital), Acumen Fund, Capricorn Investment Group and  Jeremy Stoppelman, co-Founder and CEO of Yelp and one of the early team members at PayPal.
Commenting on the investment , Folabi Esan, Managing Partner at Adlevo Capital, said, “We are very excited about Paga. When Adlevo first invested in Paga in 2012, the company had processed only about 270,000 transactions totaling just over $15 million in value.

[blockquote right=”pull-right” cite=”Folabi Esan, Managing Partner, Adlevo Capital”]“Paga has experienced an impressive compounded annual growth rate of about 150% since Adlevo invested − today, having processed over 17 million transactions worth over a billion dollars.”[/blockquote]

 

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According to Esan, ”the company has experienced an impressive compounded annual growth rate of about 150% since Adlevo invested − today, having processed over 17 million transactions worth over a billion dollars.”
He added that Paga sustained leading position in a competitive market thanks to the strength of its team.
“I’m confident in Paga’s ability to drive growth of their sector in the coming years and continue to have a significant positive impact on the Nigerian economy”, he added.
Speaking further on the investment, Tayo Oviosu, Founder and CEO of Paga, add that, “our recent financing will help us continue to build towards our vision and support the strengthening of our agent network. Of course, we must continue to innovate on our payment offerings for small and medium enterprises and consumers.”
The Paga CEO said that, ”in addition, through our agent network today, we already offer more physical service points than all the bank branches in Nigeria put together, so we are actively working on partnerships with banks to offer our agent network for use by their customers.”
Under the plan, the Paga CEO reckons that, “agents will act as human ATMs and bring significant convenience to customers of the banks who need to deposit or withdraw cash from their bank accounts without traveling far or waiting in long lines. This will support the banks in achieving their critical goal of truly reaching the mass market.”
Founded in 2009, Paga says it helps solve the challenges faced by millions of people looking for safe and convenient ways to make payments
Services offered by the company include the ability to send money to any phone number for the beneficiary to redeem at any Paga agent across Nigeria, or at any ATM via a cardless withdrawal. Customers also use Paga to deposit money to bank accounts in Nigeria, pay their bills, or top−up mobile phone airtime.
Paga offers its services through a network of over 8,850 agents across Nigeria, its website, a mobile application (Paga for Android), and its online payment gateway which is free for any business to integrate and collect payments via Paga accounts or any debit card. There are over 3,600 SME clients and 3.4 million users of Paga for payments recorded to date,the company said.
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Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027

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