At one of the sessions during Social Media Week Lagos, mobile payments service, Paga, introduced Payroll, a product aimed at small and medium enterprises looking for a solution for their day-to-day payment issues.

The session was tagged #SmallIsTheNewBig - the small meaning Payroll's target market, I guess.

Paga, founded in 2009, is a leading payments service provider based out of Nigeria. The platform works with banks, microfinance institutions and mobile network operators to enable money transfers from one user to another.

According to TechCabal, Payroll is designed to aid the process of making payments by small businesses, which usually struggle to meet their financial obligations.

The report further reveals that the platform can be used to process salary, pension and tax payments quickly, which takes away the need for manual payment processing. Such payments can be made into any bank account in Nigeria.

Furthermore, the service will generate reports and payslips for every transaction, which in turn means that businesses can keep track of who the money has been sent to.

The product is currently in private beta but Paga has plans to take it live soon. Stay with Pulse Tech to keep you updated on the service.