News Desk
Founded in 2009, Paga was developed to bring financial services to Africans via mobile phones. However, without proper KYC and identification frameworks in place, it was near impossible for the app to comply with regulatory requirements or ensure the security of users’ financial information. Therefore, Tayo Oviosu, the founder, had to adopt a change of plans.
They swapped out their plans for an app for PoS systems, which have since gained popularity and have become a prominent player in the space of financial services.
“At the end of March 2024, we had processed 335 million transactions since inception, worth over ₦14 trillion ($32 billion), and we did 80 percent of that in the last five years. This last quarter was our best quarter ever,” Oviosu said.
“Last year, we grew gross profits north of 200% year-on-year. Our Nigerian business was profitable for the third year.” Oviosu declined to share actual profitability figures.
After 15 years and having processed trillions of naira in transactions, Paga is placing focus on the mobile app it launched in 2020. The app, which reportedly provides services to about 4.5 million users, enables users to create mobile accounts, pay bills, buy airtime, and send money online.
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Speaking on competition in the fintech market, Oviosu said, “This is not a winner-take-all market. There are different segments of the market that everyone is focused on.”
He also listed Opay as his most direct competitor, but highlighted that both companies have different approaches to the market.
“Our primary target is a slightly higher audience than Opay’s, not to say we don’t have an overlapping audience.”
Beyond market segmentation, Paga is focused on delivering a superior customer experience.
“You won’t see a video saying people lost their money in Paga. If there is any issue, we’ll resolve your problems.”
Techrectory with Agency Report.
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