Paga, a licensed mobile money operator and one of Nigeria’s prominent fintech companies, has announced that it has processed transactions totaling N14 trillion over the past 15 years. Tayo Oviosu, the founder and CEO of Paga, revealed this milestone at an event in Lagos marking the company’s 15th anniversary. He noted that 80% of these transactions occurred within the last five years, indicating a significant surge in activity in recent times.
The figure underscores the growing acceptance of mobile money services in Nigeria. Recent data from the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that mobile money operators in the country, including Paga, Opay, and Palmpay, processed transactions worth N17.2 trillion between January and March this year.
Economic Impact and Milestones Reflecting on Paga’s achievements over the past 15 years, Oviosu highlighted the company’s contribution to job creation as one of its significant impacts. He stated that Paga has directly created 1,000 jobs and indirectly supported over 100,000 jobs through its network of agents nationwide. Additionally, the company has expanded its services beyond the agent network, offering infrastructure through platform-as-a-service to 150 businesses.
Oviosu further disclosed impressive user statistics, stating that Paga currently serves 23 million users. He highlighted the company’s robust transaction volume, totaling 335 million transactions since its inception, with a value exceeding N14 trillion or $32 billion. Notably, the majority of this activity has occurred in the past five years, representing substantial growth compared to previous years.
Competitive Landscape and Challenges Commenting on the competitive fintech landscape in Nigeria, Oviosu acknowledged the market’s attractiveness and the opportunities it presents for players to carve out niches and acquire customers. He emphasized that regulatory clarity has attracted numerous competitors, driving innovation and competition within the industry.
However, Oviosu also discussed the challenges faced by Paga, particularly regarding funding during the company’s early stages. He recounted the difficulties of pitching to investors in a nascent tech ecosystem and emphasized the need to overcome macroeconomic challenges prevalent in Nigeria at the time.
Looking Ahead Despite the challenges encountered, Paga’s remarkable growth and impact on Nigeria’s fintech landscape underscore its resilience and potential for further expansion. With an extensive user base and significant transaction volume, Paga remains a key player in driving financial inclusion and innovation in the country.
