E-Financial
Paga Blazes the Trail in Seamless Payment Solutions
Central Bank of Nigeria (CBN) has been making several efforts through licensing and policies to ensure that Nigerians experience ease of payment without having to carry cash driven by technology. Such efforts included licensing of mobile money operators, financial inclusion initiative among others.
One payment solution provider has distinguished itself by delivering seamless cashless payment through its three channels of reaching the market, which included consumer direct channel, Agent network and merchant payment App.
Founded on the simple belief that digital technology can be leveraged in building an ecosystem that enables people to digitally send and receive money and offer simple financial access for everyone; as mobile money operator licensed by the Central Bank of Nigeria, Paga offers a range of services such as: free money transfers, deposit to bank accounts, buying/sending of airtime, bill payments, remittances, bulk disbursements & collections that are accessible via its online channels (web/app) and on any basic mobile phone via dialing *242#.
Paga is also the largest distribution network for financial services in Nigeria through its nationwide agent network – mom and pop stores, pharmacies, grocery stores – where people can get access to financial services.
Jay Alabraba, co-founder, Paga, at a media interactive session on how Paga is realizing its set objectives and impacting on the community, said that; “at Paga, our five core values that form the guiding principles of how we conduct ourselves, how we run our business and how we interact with customers centres around Collaboration, Ownership, Result Oriented, Integrity and Innovation (CORII), they are the yardstick for determining and measuring our conduct internally and externally”.
He added that, in the nine years of operation, Paga has become a payment network of choice for Agents, consumers and merchants. Evident in the feats achieved so far in the market such as; having onboarded 27,273 Agents accounts (up 11% from 2019); 700% quarter on quarter growth in user signups; 200% increase in monthly volumes for self -transacting individuals; 260% increase in sellers and updates to Paga mobile app have been very well received and the app achieved a 4.5 rating in the Google Play Store.
Alabraba however, disclosed the plan by Paga to expand beyond the shores of Nigeria to Mexico and Ethiopia. The two countries according to him, has large population and similar payment problems like Nigeria hence their target for expansion.
Impact on Agents
Paga has successfully established a well trusted and known brand – earning the trust and confidence of people and the network. Its Agents have come to feel a keen sense of honor to be a part of Paga.
While some agents use other competitor brands, the measure of trust they ascribe to Paga is admirable so much so that many of them leave their daily commissions in their Paga accounts overnight.
The sense of identification with the brand is further underlined by the model of monthly payment of commissions as it gives them that sense of working in an office environment; some of the Agents refering to themselves as Paga staff (that sense of belonging).
Above all is the empowerment that the Paga model has enabled them with opportunity to contribute, provide employment and business expansion that make them – the Agents – honoured members of their communities.
Agents Testimonial
Kapig Ventures
“Our experience with Paga has been rewarding so far. No doubt Paga has made life better for us from their Marketing support for revenue growth to the Emergency Float and weekend support most especially – that keeps us in business; to the Customer Care/ problem resolution feedback system.
“We enjoy product assortment and innovations that allow us offer a variety of service offerings to customers”.
Eazymayor Communication Ventures
Paga, has been a life saver for me especially in the light of recent global events that could have left my business stranded. For me Eazymayor Paga is my life in every way!
Pefadat Koncept
Paga is user friendly, very low downtime, super back-end support, robust, best transaction history of audit. I now have peace of mind managing my large branch network.
Soyeb Enterprises
I have never had reason to doubt the Paga platform. The loyalty, reliability and conscientiousness of the Paga team align perfectly with mine and this makes for an enjoyable and profitable relationship. I now have 5 thriving Paga outlets, and remain open to more opportunities when they present themselves. For me, it Paga and no other!
Foyfat Nigeria Enterprises
I have been a Paga Agent for 9 years now and I am really most grateful to God for the ability to join Paga tin Making Life Possible for my customers and for me at a time I needed an extension in my existing business. Because of Paga, my business is now a landmark, a brand name in my community! Everyone calls me “Mama Paga”!
With Paga, other parts of business interests have grown. Thank you, Paga Team, for making life possible for me and for my community!
Impact on Community
Alabraba explained that Paga impacts on community by empowering her communities and applying the expertise of at their disposal, philanthropic capital and technology to deliver commercially sustainable social impact at scale.
“Our Impact on our Communities are guided by the UN Sustainable Development Goals (SDGs) and our Environmental, Social and Governance (ESG) materiality.
“Our Community encompasses key stakeholder groups that present us with the opportunity to make life possible; this includes our: Agent Network, People: Customers, Employees (present & future).
“Environmental, Social, and Corporate Governance (ESG) refer to the three central factors in measuring the sustainability and societal impact of an investment in a company or business.
Environmental: Minimizing our business’s impact on the planet, by deploying providing smart solutions that reduce paper and consumables use such as Electronic Peer Review.
Governance: Our three lines of defense model to ethical and responsible operations are embedded in its core values and daily work. “Our independent board structure and robust risk management guide us in maintaining the highest business standards.”
Social: By applying the expertise of our workforce and leveraging our research, philanthropic capital, technology, data insights and partnerships, we are delivering commercially sustainable social impact at scale.
-Paga Boost
– Making Lives Possible Initiatives
“This impact reporting focuses on the Social – leading in empowerment, creating meaningful opportunities, diversity and inclusion and strengthening our communities. These are area is critical to our business essences, and where we know we can have notable impact,” he said.
Paga also impacts on the people through its Girl Child Scholarship Scheme, Turning Dreams into Reality – Empowering Entrepreneurs, among other initiatives.
Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria
Tigran Gambaryan, Binance executive, is leaving the exchange after four years of service, eight months of which were marked by detention in Nigeria for money laundering allegations.
Tigran Gambaryan, Binance executive Pix created by photogrid
Gambaryan, praises Changpeng Zhao’s commitment to building a stronger compliance framework.
Having been cleared of all charges, Gambaryan’s departure from Binance marks the end of a tumultuous chapter for both him and the company.
Earlier yesterday, Tigran Gambryan shared an X post, announcing his departure from Binance. He wrote, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”
In a heartfelt farewell, Gambaryan reflected on his four-year tenure at Binance, where he built and led the company’s global investigations function.
Addressing founder Changpeng Zhao, he praised his commitment to building a stronger compliance framework. He noted,
“[CZ] was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”
Further, he highlighted the team’s notable achievements during his tenure. Notably, the team handled over 57,000 law enforcement requests and provided critical support in cases involving financial crimes. He has also led the training of thousands of officials worldwide.
To exemplify, he highlighted cases like assisting the Royal Thai Police.
The team helped them in taking down a massive $270 million crypto fraud scheme targeting citizens in Thailand and the US. He also pointed to the collaboration with Nigeria’s EFCC to recover over $400,000 in illicit funds and provide advanced training to their agents.
Notably, his departure comes following Coinbase’s recent data breach.
The incident exposed personal details of prominent figures like Sequoia Capital’s Managing Partner, Roelof Botha.
Tigran Gambaryan was the Head of Financial Crime Compliance at Binance, who served the exchange for four years.
During a business trip to Nigeria, Gambryan was arrested along with another Binance executive over money laundering allegations.
During his nearly eight-month detention, Gambaryan reportedly endured harsh conditions that took a toll on his health.
Though Gambaryan suffered from malaria and pneumonia, he reportedly received inadequate medical care.
In addition, in a September 2, 2024, court hearing, Gambaryan was subjected to ‘inhumane treatment’ by Nigerian authorities, as evidenced by a video.
However, following consistent requests from his family and influential figures, Gambaryan was finally released and cleared of all charges in October 2024.
It is noteworthy that the Nigerian government sued Binance when the exchange was facing a lawsuit from the US SEC.
While Nigeria is still pursuing the case, the SEC recently dismissed its lawsuit against the exchange.
PalmPay, an African digital bank fintech, is in negotiations to fund between $50 million and $100 million in a Series B financing, according to people with knowledge of the situation.
Although its target worth is unknown, its most recent round in 2021 placed it among the most valuable firms on the continent, coming in just short of unicorn status.
A representative for PalmPay stated that the 6-year-old fintech company is “in a strong financial position and exploring growth opportunities,” but the company declined to comment on the specifics of the fundraising.
People with knowledge of the company’s finances say it is now profitable after raising about $140 million in seed and Series A rounds.
The additional funding, which is anticipated to consist of both loan and stock, will support PalmPay’s growth by expanding its presence in Nigeria, growing its more recent business-oriented product line, and introducing both goods in new African and Asian countries.
PalmPay reported last month that its 35 million registered users were responsible for 15 million daily transactions.
The corporation claims that the value of these transactions now totals “tens of billions of dollars” every year.
Revenue has increased as well. According to those with knowledge of PalmPay’s finances, the company’s revenue has more than doubled since 2023, when it was $64 million, as reported by the Financial Times.
PalmPay was first introduced in Nigeria, the most populous country in Africa and a significant engine for fintech, in 2019.
Since traditional banks primarily served salaried or formal-sector clients, frequently with restrictions that barred mass-market users, more than half of the nation’s adults were unbanked at the time.
PalmPay saw a chance to reverse that approach by creating a digital bank from the ground up while tailoring it to the needs of the unorganized sector in Africa. To meet the needs of underbanked people and small companies, the company released an app with rapid onboarding, no transfer fees, and an expanding range of services (such as credit, savings, insurance, and bill payments).
Importantly, PalmPay relied on more than just digital acquisition. Through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services), the fintech established a massive on-the-ground network of over 1 million small businesses and agent merchants that currently serve over 10 million clients each month.
The hybrid strategy, which combines digital apps with physical touchpoints, has also been adopted by other significant fintech companies in the nation, such as OPay, Moniepoint, and Paga.
According to 25% of its members, PalmPay was their first banking account, and it promises to execute more transactions than any traditional bank in Nigeria. According to the report, that percentage rises to 60% among borrowers for loan products provided in collaboration with authorized lenders.
PalmPay’s relationship with Transsion, the Chinese phone manufacturer that controls the majority of smartphone sales in Africa with a market share of more than 40% across its brands (Tecno and Infinix), contributes to its strong distribution and marketing edge.
As part of the collaboration, PalmPay pre-installs its software on a few financed smartphones, which promotes user engagement and acquisition.
Now that it has become one of the most popular fintech applications in the nation, PalmPay is getting ready to expand its business strategy overseas.
The neobanking platform has made its first appearance outside of Africa in Tanzania and Bangladesh, where PalmPay is introducing consumer credit and device finance as stepping stones before adding more services. (With differing degrees of success, other African digital banks have extended their financial services into Asia, notably TymeBank, MNT-Halan, and FairMoney.)
According to a business representative, the company also intends to launch device financing in Nigeria.
The Fintech firm is aggressively looking into partnerships with additional original equipment manufacturers (OEMs), according to a representative for the firm, even if Transsion, who spearheaded PalmPay’s seed investment, is still a key partner.
Other investors include MediaTek, one of the biggest producers of mobile chipsets worldwide, and GIC, Singapore’s sovereign wealth fund.
PalmPay’s newly launched business feature, which is currently available in Nigeria, Kenya, and Tanzania (with South Africa in the works), handles “hundreds of millions of dollars monthly,” according to a company spokesperson. PalmPay facilitates cross-border payments for merchants who wish to send and receive payments across Africa via a single API, a persistent pain point (despite the promise of stablecoins).
Source: techbooky.com
The Board of Directors of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, is pleased to announce the appointment of Ayo Adepoju, the current group chief financial officer (CFO), to the Board as Group Executive Director, effective June 4, 2025.
Ayo brings two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group. His expertise spans financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.
As a distinguished finance executive, he has been instrumental in shaping the Group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.
Over the years, Ayo has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.
Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.
Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, stated: “On behalf of my fellow directors, I commend Ayo for his outstanding performance and warmly welcome him to the ETI board. His proven leadership has fostered trusted relationships with the Board and made this appointment both natural and strategic for the Group’s future.
“I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record.
“His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”
Jeremy Awori, Group Chief Executive Officer, added: “Ayo has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth.
“His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy.”
Ayo holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.
He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.
This appointment reinforces Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa.
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