Mr. Jim O’Neill, former chairman, Goldman Sachs Asset Management and chief economist, popularly known for his coinage of ‘BRIC’ acronym in 2001, has invested in Paga, an indigenous mobile payments service company.
Tayo Oviosu, founder and chief executive officer of the firm, announced his in a statement at the weekend.
He said the investment was coming at a time when the company was celebrating its 5th anniversary.
O’Neill coined the ‘BRIC’ acronym in 2001, which was derived from his thesis that Brazil, Russia, India and China would dominate growth in emerging markets.
He was said to have first shown interest in Paga when he interviewed Oviosu as part of a series on British Broadcasting Corporation’s radio discussing the MINT group – a new acronym O’Neill had coined to represent Mexico, Indonesia, Nigeria, Turkey.
The MINT countries, according to him, are the next set of countries he believes will be the growth markets that will shape the world’s economy in the coming decades.
O’Neill, the statement said, expressed confidence that the entrepreneurial abilities of Nigeria’s younger demographic would be a catalyst for growth over the next 20 years.
He added that indigenous startups, such as Paga, which were focused on a key sector – payments, would be the major drivers of growth.
On his decision to invest in Paga, O’Neill was quoted as saying, “On meeting the founder of Paga and understanding his vision for Paga, it was very obvious that we both shared the belief that with the right approach, Nigeria possessed the potential for huge economic growth. It is clear to me that Nigeria, Africa’s largest economy, needs payment systems that work for both businesses and individuals for her to reach her potential.”
He also said, “Paga delivers greater convenience to businesses and individuals whether they are banked or un-banked. I have chosen to invest in Paga because the team has demonstrated their ability to execute on a bold vision that can have catalytic impact. It is an exciting time for Nigeria and I believe in this vision and the team to achieve their bold vision to become the number one way to pay and get paid in Nigeria.”
In the same vein, Oviosu, said, “We are absolutely thrilled that a leading growth investor like Jim O’Neill has spotted Paga’s potential to transform the lives of millions of Nigerians by delivering the best and most convenient payment system for both businesses and individuals.
“Jim’s investment is a testament to the great work of our 205-person team. We are honoured to have Jim as a partner and we will continue to work tirelessly until Paga is the defacto way to pay or get paid in Nigeria,” he added.