Digital sector in focus: Best Digital Payment Platform
Pulse Pick: Paga
Today in this informative series, Pulse picks from the digital payment sector, where Paga has been doing tremendous work in bringing easy money solutions to Nigerians.
Let’s throw in a quick fun fact here: Paga is Nigeria’s first and leading emerging markets mobile money company, birthed with the purpose of making it simple for one billion people to access and use money. They have taken leadership in the fintech ecosystem by being the pioneering mobile money and wallet driving platform in Nigeria.
The company stays aware of the major challenge many Nigerians face with payments and access to financial services.
In solving this, they’ve focused on digitizing payments by building an ecosystem that enables simple financial services for everyone. Their ethos is deeply rooted in making life possible and easier for all customers.
Since being founded and kicking off operations in 2012, they have served over 15 million customers across their channels.
How Paga works
Paga services are offered through a consumer app which is available on iOS and Android devices. Customers are also served through a strong Agent Network of over 25,000 businesses and MSMEs in communities across Nigeria.
With Paga, anyone can send and receive money for free (email address and phone number), transfer money to any bank in Nigeria, pay internet, cable TV, electricity bills and buy airtime/data.
As a company, Paga has achieved so much and they rightly take pride in their achievements. In the last five years alone, they have:
- Processed over 106m transactions
- Processed N1.8bn worth of transactions
- Built the largest mobile money agent network with over 25k agents
- Served 15m users
- Acquired Software Engineering company, Apposit LLC
- Entered a global partnership with Visa
- Closed a $15m series B1 funding
- Acquired IMTO license
- Closed $10m series A funding
An exciting Paga future
Building off their Nigerian successes, they are now at the phase of expanding into other emerging markets in the next few years, beginning with Mexico.