Nigeria mobile money transfer company Paga has processed over 1.2 million transactions from 2011 to date, resulting in current business worth of N13.2 billion (US$84 million).
Paga is confident that the numbers will continue to go up as more business opportunities arise. It said its services enable any person with a mobile phone or Internet access to send cash to anyone in Nigeria, buy or send airtime credit, pay bills, pay both online and physical retail stores and perform a variety of other transactions.
“In an environment where the mobile payments industry is often considered to be underperforming, we are delighted by our steadily rising transaction levels over the past year,” the company said.
“It is reflection of the economies move towards accepting alternative payment channels; and it’s a major incentive for the Paga team and our agent network to keep delivering the exceptional products and services our users deserve.”
Paga attributes its growth to the inclusion of new investors. In July last year, the company announced it had partnered with Adlevo Capital, Omidyar Network, Acumen Fund and Capricorn Investment Group.
“The business opportunity for Paga is huge, and it follows that the capital requirement to achieve our mission is also significant,” Tayo Oviosu, the CEO and founder, said.
“A key requirement for success in our industry is having investors who share our vision and have the financial fortitude for such an undertaking. To date, we have been funded by individual investors.”