Paga Transaction Value Hits N14trn

Tayo Oviosu, founder and Chief Executive Officer of Paga, a mobile payment company, on Thursday in Lagos said the firm had processed over 335 million transactions worth N14 trillion since inception.

Oviosu said this at a media parley to celebrate the firm’s 15 years anniversary

The Paga boss said that 80 per cent of the total transactions were done in the last five years.

“We have been around for 15 years, but there’s a huge growth and acceleration and our transactions have grown more than when we celebrated 10 years.

“Between 10 years and now, we have grown our transaction value seven times more and volume five times.”

According to him, when Paga started it had no structure, but now operates platform as a service and serves over 250 businesses that has allowed it to process over 335 million transactions.

Oviosu said that Paga would continue building an ecosystem that enables people to digitally send, receive money and access financial services and transactions.

Speaking on other achievements, Oviosu said that Paga had empowered people by creating jobs across Nigeria and Africa as a whole.

According to him, Paga has created 1,000 direct jobs and over 100,000 indirect jobs, which is economy empowerment for Nigeria.

“Our first market has been Nigeria, a country of over 200 million people with over 90 per cent of transactions done in cash.

“Though the company started in April 2009, we took our services to market in August 2012. It took us 25 months to get our licence from the Central Bank of Nigeria, and then another seven months to close our series A financing.

“We started just as an agent network, but now we operate three lines of business which include consumer business with 23 million users, retail business and infrastructure which services businesses.” (NAN)

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