Paga – Solving the Inefficiency of Payments for Businesses and Consumers

Paga
Paga is a direct consumer mobile payments service licensed by the Central Bank of Nigeria. Its mission is to transform lives by delivering innovative and universal access to financial services across Africa.
The platform allows users with mobile phones to transact electronically by turning the mobile phone into an electronic wallet. Its customers are able to use Paga to send cash, purchase airtime credit, pay bills and retailers, and more. Supporting all types of mobile phones, it also enables customers to transact over the internet via its mobile application. It was launched in April 2009.

go here Overview

go to link Headquarters:     Lagos, Nigeria
Description:         Paga is a financial institution that allows to send money, pay bills and receive payments easily from your mobile.
Founders:             Tayo Oviosu, Jay Alabraba
Categories:          Internet, Mobile Payments, Financial Services, FinTech, Mobile
Website:              http://www.mypaga.com

Product/Service

Send Money – With Paga, you can now enjoy the convenience of sending money to your loved ones anywhere in the country. What’s more? You don’t need to have an account to use Paga to send money. It’s goodbye to unending bank trips and money-errand favours!
Pay Merchants – You can pay any merchant with your Paga account. Avoid those long lines and pay your bills with Paga. Never have a late payment on your electricity, water, cable, and even school bills! Shop online with peace of mind – no need to risk 419 with your debit cards.
Buy Airtime – Low on airtime? Just send a text and get your airtime topped up automatically. No worries about having enough change or scratching those cards.

Company Details

Founded:          April 5, 2009
Contact:           info@pagatech.com | +2348038304737
Employees:      201-500

Why Paga was Founded

In an interview with Guardian, Tayo Oviosu shares the story behind the founding of Paga:
“I founded Paga in 2009 out of the frustration of carrying cash around. Regardless of the fact that I had multiple bank accounts, I was unable to use my cards conveniently when I wanted. I soon realised that a lot of Nigerians do not own bank accounts and the problem was much worse for them. I embarked on a journey with Paga to solve two problems. First, is making it easy for people to pay and get paid, no matter if they are an individual or business, banked or unbanked. And the second, delivering financial services to the mass market. This week marked eight years on this journey, and our mission at Paga still stands – to transform lives by delivering innovative and universal access to financial services. We think about the market in a broad and holistic way – our services are for everyone – banked or unbanked and businesses of all sizes.
In November of 2011, we received our full operating license from the Central Bank of Nigeria (CBN). We then had to raise financing and closed on our Series A financing in June 2012. Thus, we technically have been in the market properly for four years. In these four years, we have become the leading mobile payments company, and have succeeded in building the largest distribution network for financial services in Nigeria through our network of agents.
Our Agent network, which is the first pillar of our business, comprises 11,000 entrepreneurs ranging from pharmacies, mom-and-pop shops, and grocery stores that act as a place in the community that conducts transactions for customers and holds a great deal of trust. This way, an individual is able to visit an agent close to their home or office to send money, deposit into any bank, pay all their bills, and soon open savings accounts and get access to loans. Customers can send money to others, and recipients do not even need their own Paga account to access it. We have partnerships with 10 different banks, which allow customers use their ATM to collect their money without a card. In 2017, our goal is to grow our Agent Network to 15,000 and we have opened our agents to all financial institutions to come and use.”

Tayo Aviosu, Paga Founder

 

Funding

Date
Round
Amount
Lead Investor
Investors
Oct, 2015
Series B
$13M
Adlevo Capital
Omidyar Network, Adlevo Capital, Goodwell Investments, Capricorn Investment Group
Jun, 2012
Series A
Undisclosed Amount
Adlevo Capital, Omidyar Network, Capricorn Investment Group, Acumen
Jan, 2012
Angel
Undisclosed Amount
Tim Draper

Team at Paga

Chief Technical Officer
Co-Founder, Head Sales & Distribution
Founder & CEO

Other Helpful Resources


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