Pagatech’s Mobile Money Users Hit 500,000

Pagatech, the leading mobile payments service provider in Nigeria said it has recorded its 500, 000th user of its service by the end of March, just as the company marks its four years of providing mobile services in the nation’s financial services sector.

The innovative financial services platform was started in April 2009 but received its full operational licence from the Central bank of Nigeria as a full-fledged mobile money operator in November, 2011. Since then, the fully -indigenous start-up has grown to encompass a strong team of 150 staff in strategic locations nationwide.

The company’s initial set of products, delivered to meet the critical needs of Nigeria’s new cashless society provides the public with access to their on demand through its secure, fast and easy money transfer service.

Other service offerings include merchant payments online and offline, bill payments, and airtime top up. All services are available to Paga users via their mobile phones, any Internet connected device’s or via Paga’s vast nationwide agent network.

Explaining the milestones that have been recorded,  Tayo Oviosu, founder and chief executive officer of Paga, said in 2012, which marked the company’s first full year of operations after its licensing by the CBN as a mobile payments company, the company grew its user base from 40,363 to 382,063 users, representing 847 per cent growth in one year.

He said the company processed over 918,000 transactions worth over N9.8 billion during the period, a milestone that made Paga arguably the fastest growing mobile payments company in Africa