Nigerian Fintech Paga, Says it Has Processed Transactions Worth N14 Trillion in The Last 15 Years
Paga, a Nigerian fintech licensed as a mobile money operator, announced that it has facilitated transactions totaling N14 trillion over the past 15 years.
The company’s founder and CEO, Tayo Oviosu revealed this during an event in Lagos to commemorate Paga’s 15th anniversary. Oviosu highlighted that 80% of these transactions occurred within the last five years.
Reflecting on the company’s achievements over the past 15 years, he highlighted one of Paga’s greatest successes: empowering individuals through job creation. He shared that Paga has directly created 1,000 jobs and indirectly supported over 100,000 jobs through its extensive network of agents nationwide.
Additionally, Oviosu mentioned that Paga has evolved beyond its agent network by offering platform-as-a-service infrastructure to others. Currently, the company serves 150 businesses, further contributing to economic growth and development.
He said,
“As of today, we have 23 million users. At the end of March, we had processed 335 million transactions since inception, worth over N14 trillion or $32 billion and 80% of that we did in the last five years. This last quarter was our best quarter ever. When you look at our 10th anniversary, which was five years ago, from then we have grown volumes by five times and transaction values by seven times”.
Oviosu remarked that the Nigerian payment landscape is highly competitive due to its attractiveness as a market. However, he emphasized that there is ample opportunity for every player to carve out a niche and attract customers.
Speaking on the challenges the company has faced over the years, he identified the dearth of funds as a major issue, especially at the inception of the business.
Founded in 2009, Paga makes it simple for one billion people to access and use money. The fintech company is solving two major problems in the world which are eliminating the use of cash for transactions and providing access to financial services.
