Paga attracts $10 million funding for global expansion

Date:

The Founder and Chief Executive Officer (CEO) of Paga, Tayo Oviosu has announced that the Nigerian digital payments platform is gearing up to compete with the likes of PayPal, Alipay, and Safaricom’s M-Pesa at the international level.

Thank you for reading this post, don't forget to subscribe!

Oviosu who took to Twitter to announce the development made the disclosure that the international expansion is valued at $10 million and the funding is led by Global Innovation Fund.

With the $10 million funding, Oviosu said the company is planning to release its payments product in Ethiopia, Mexico, and the Philippines.

“We are not only in a position to compete with them, we’re going beyond them.

“Our goal is to build a global payment ecosystem across many emerging markets.”

Paga’s Funding

Oviosu bootstrapped the startup for the first six months, relying solely on his savings from his previous job. He also employed the services of friends to work in different areas. Some early investors include his former boss, whom he worked with for about three years, friends and relatives.

He recalled how a friend invested $5,000 in the early days of Paga. He also acknowledged Goodwell Alitheia Capital as Paga’s real angel investor. Currently, the number has grown to over 34 investors.
Paga’s Scorecard

Since its launch, Paga has continued to grow, with 8.2 million users that processed over 2 million transactions worth over $131 million in March 2018. It has also processed over $3 billion worth of transactions from 48 million transactions since inception.

The mobile money platform currently has the largest agent network, with over 15,000 transacting agents serving its dedicated communities in 35 states across the country.

It has also partnered with the apex bank (Central Bank of Nigeria, CBN) on the Shared Agent Network Expansion Facilities initiative (SANEF) to grow the reach of agents providing financial services to 500,000 in order to ramp up inclusion for all Nigerians.

Founded in 2012, Paga has since created a multi-channel network and platform to transfer money, pay bills, and buy things digitally.

Paga products work on iOS, Android, and basic USSD phones using a star, hashtag option. The company has remittance partnerships with Western Union and Moneytrans, a partnership that allows for a third-party integration of Paga’s app.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading