- Paga has placed bet on Addis Ababa-based software company, Apposit LLC.
- Apposit has been a technical partner to Nigeria's Paga for more than 10 years.
- The Ethiopian company specialises in building software to power innovative and high impact businesses in Africa.
Paga, a mobile payment company in Nigeria, has acquired an Addis Ababa-based software company, Apposit LLC.
Apposit is a software development company specialised in building software to power innovative and high impact businesses in Africa. The company has worked with Nigeria's Paga for 10 years as a technical partner, leading the development of Paga platform.
Tayo Oviosu, CEO of Paga, said, “Our favourite motto at Paga is that we go farther together as a team, and this is exemplified in our decision to take our trusted business relationship with Apposit one step further and have them fully become a part of the Paga family. By doing so, we not only gain a scalable world-class internal engineering team, but we also are in a stronger position to grow our global payments business.
“Last year we refined our mission and vision to birth our massive transformative purpose: To make it simple for one billion people to access and use money. Apposit has demonstrated strong alignment with our purpose and they have some of the very best engineers I have been privileged to work with, in over two decades in technology in Silicon Valley and elsewhere.
“I am very excited to have Apposit join the Paga team.”
Why Paga is betting on Apposit
In an interview with CNBC Africa on Wednesday, January 22, 2020, Tayo said the two products offered by Apposit are a great addition to the company.
Apposit offers two products - one helps countries to understand what is going and solve payment and conditional transfers to farmers seamlessly.
The other product is for the FMCG market, which helps to monitor when workers are on the fields through its dashboard. “They are great products, and we are very excited because we believe we can bring those two products to the markets we are currently operating, "he said.
He said with the acquisition, Paga will launch services in Ethiopia and Mexico.
Adam Abate, Apposit co-founder & CEO, now becomes the CEO of Paga Ethiopia.
Paga now owns Apposit’s other in-house technology products, such as Terra and Tangio.