Paga records steady rise in money transactions

Paga one of the leading full service payments companies has seen a steady rise in money transfer transactions as it has in 12 months, July 2015 – July 2016, processed over US$800 million transactions.
In 2009, Paga set out to make life possible for Nigerians by delivering universal and innovative access to payments and financial services to all individuals and businesses. 5 million customers later, Nigeria’s number one payment platform is one step closer to its goal. The service which officially launched its commercial and marketing operations in 2011 has processed over US$1.8 billion. On June 4th, 2012, the service achieved a major milestone and crossed 1million unique users. presently, Paga has over 5 million users.
With Paga, businesses can collect payments from anyone online, in-store, or at a Paga agent. Customers can pay businesses using their bank account, cards, or cash in their Paga accounts. Individuals, banked or unbanked, can also use Paga to send money, pay business or bills, deposit to any bank, and buy airtime or data. Banked customers use Paga as a compliment to their bank account for safe and secure transactions funded directly from their bank account, and to send money to others outside of the banking system who pick up money at any of Paga’s 10,000+ agents across Nigeria. Unbanked customers are also able to use Paga for transactions by funding their account at any Paga agent.
“Achieving 5 million users has not been an easy feat, especially in a regulated business, and in a tough operating market such as Nigeria. 7 years ago I set out to solve the inefficiency of payments for businesses and consumers and make financial services accessible to all Nigerians. In the early days of Paga, bill payments were our primary transaction, the last year we have seen money transfers leading the way and I think that will continue to drive our growth in the next 18 months. We are excited about the opportunities to work closely with banks for mutual benefit – banks can leverage our expansive agent network to reach the mass market and our merchant network to earn greater revenues on payment transactions.” Says Tayo Oviosu, Founder and CEO of Paga.
Further cause for celebration comes from Paga’s Agent Network which is made up of over 10,000 authorized independent retail entrepreneurs who are trained to deliver a wide-range of payment services in their communities. This is the single largest network of financial access points in Nigeria. Paga takes the top spot in delivering financial services to the banked and unbanked population and in the most remote areas across Nigeria.
All signs point to continued growth in transactions despite the macro situation in Nigeria. Paga has continued to grow at a strong pace. The service hit 3 million users in June 2015, which means that in 14 months, Paga has gained over 2 million users.
Paga is in for the long haul and is committed to continuous approach of staying heads down to offer the best service possible to our ecosystem. Paga appreciates and says a big Thank You to Nigerians for bringing making the service 5 million customers stronger.

 

HOPE MOSES-ASHIKE