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.
Bank Customers Association of Nigeria (BCAN) has written to the Central Bank of Nigeria (CBN) seeking urgent intervention over what it describes as persistent and unauthorized charges being deducted from customer accounts across the country.
This was revealed by Uju Ogubunka, president, BCAN, during the 2025 Artificial Intelligence Conference hosted by SuperNews in Lagos.
Themed “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience”, the event brought together stakeholders in the banking and fintech sectors.
Ogubunka expressed concern that many of the charges deducted from customer accounts particularly under the end-user billing model for Unstructured Supplementary Service Data (USSD) do not fall within the framework of fees approved by the CBN.
“On the issue of excess charges, we have formally written to the Central Bank of Nigeria seeking a permanent solution. If that doesn’t happen soon, Nigerian bank customers may have no option but to publicly demand accountability,” he warned.
The BCAN President painted a grim picture of banking satisfaction levels in the country, arguing that many customers remain deeply frustrated by poor service delivery, even as banks boast of adopting digital and AI-driven tools.
“Let’s be honest customer satisfaction in Nigeria’s banking sector today is practically non-existent. The number of complaints, petitions, and legal disputes being filed daily at the Bankers’ House, CBN, NDIC, and mediation centres tells the real story,” Ogubunka said.
He noted that if artificial intelligence had truly taken root within financial services as advertised, many of the recurring issues such as transaction failures, poor response times, and vague charges would already be resolved.
Johnson Chukwu, the conference keynote speaker and a respected financial expert, spotlighted the immense potential AI holds for transforming Nigeria’s financial landscape especially in areas like consumer lending, customer experience, and fraud detection.
Chukwu said AI now enables instant consumer credit scoring, making it possible for financial institutions to offer small personal loans with minimal human involvement.
“Today, consumer credit is expanding because AI tools can assess your income and spending habits. Telcos know your payment patterns, your locations, even where you smoked last night. That data enables quick credit decisions you apply, and within minutes, the loan is disbursed,” he explained.
Chukwu also emphasized how AI can drive hyper-personalisation in service delivery.
“With AI, one million customers can be treated as one million unique individuals. The system recognises your face, fingerprint, and transaction behaviour. It tailors services that suit your lifestyle and financial goals.”
He added that the technology can also drastically reduce the time it takes to resolve complaints, citing AI’s ability to mine customer data and instantly identify root causes.
Chukwu concluded his remarks with a framework for AI adoption in financial services, listing seven essential “C’s”: Capacity, Capability, Collaboration, Creativity, Cognition, Continuity, and Control.
“Artificial Intelligence will shape the future of customer experience and service delivery. Financial institutions that fail to embrace it risk becoming irrelevant. The time to act is now,” he said.
By Austin Kwesi Okere
On June 4, 2025, Bloomberg.com drew global attention with the headline: “World-Beating Cedi Slows Ghana Inflation to Three-Year Low.” Defying expectations, the cedi has appreciated over 42% against the U.S. dollar since January, making it the world’s best-performing currency this year. This rally has not only boosted investor confidence but also helped reduce inflation and restore economic momentum.
What’s Driving the Rally and Can It Be Sustained?
Early signs suggest the rally is rooted in more than market forces. Under President John Dramani Mahama, Ghana appears to be undergoing a significant shift in governance, with an emphasis on real economic growth and social development rather than short-term optics.
At the heart of this shift is Mahama’s eight-pillar economic strategy, which includes:
- Completing the IMF program with fiscal discipline,
- Reopening capital markets,
- Strengthening sovereign wealth and local government financing,
- Clearing arrears and improving public investment,
- Reforming public financial management,
- Boosting exports via the Ghana Exim Bank,
- Positioning Ghana as a regional trade hub, and
- Reviving infrastructure development.
These efforts are beginning to pay off. Ghana has indicated it will exit the IMF program as scheduled in May 2026. At a press briefing in Washington, IMF Communications Director Julie Kozack noted that Ghana had achieved its debt-to-GDP target of 55% three years early and surpassed its international reserves goal, reaching GH¢10.6 billion by April 2025. The cedi’s strength has also helped slash Ghana’s debt stock by about GH¢150 billion.
President Mahama, speaking to the Ghana National Association of Teachers, reaffirmed his focus on stability and inclusive prosperity. GDP growth reached 5.4% in the first quarter, reinforcing the view that the economy is back on a growth path.
Monetary Policy and Inflation Management
The Bank of Ghana has played a key role in managing inflation and currency stability. In March, it raised the benchmark interest rate by 100 basis points to 28%, a reduction from its 30% peak in 2023. From January to April 2025, it absorbed GH¢79.8 billion in liquidity – up 76.6% from the same period the previous year, demonstrating its commitment to macroeconomic stability.
These measures have had visible results: inflation fell to 18.4% in May, its lowest level in three years, down from 21.2% in April.
Everyday Impact: The Cedi’s Gains in Real Terms
The appreciation of the cedi is beginning to improve everyday life for Ghanaians. Industrial importers, for instance, are now able to buy machinery at significantly lower prices. One contractor, who paid GHS25,000 for a block molding machine last year, paid just GHS13,000 for the same model in June—a 48% price drop.
Fuel prices have dropped by about 15%, with some Oil Marketing Companies (OMCs) selling petrol for under GH¢12 per litre. This has led to a 15% reduction in transport fares, as announced by the Road Transport Operators Association in May.
Food and commodity prices are also falling.
The Food and Beverage Association of Ghana reports that the price of a bag of “Dubai” rice has dropped from GH¢460 to GH¢370, and a 50kg bag of imported rice that once sold for GH¢950 is now GH¢750. Cooking oil has fallen from GH¢1,000 to GH¢680 per gallon, and cement prices from GH¢120 to GH¢82 per bag.
In short, the stronger cedi is improving purchasing power, easing cost pressures, and lowering the cost of doing business.
What’s the Ideal Currency Level?
Despite the positive momentum, policymakers stress the need for balance. President John Dramani Mahama has underscored the importance of balance, cautioning that an overly strong cedi could harm exports. He suggests an optimal exchange rate range of 10 to 12 cedis per U.S. dollar – a level that supports both importers and exporters while preserving competitiveness.
Beyond interest rate adjustments, the sustained performance of the currency depends on broader structural and governance-related factors.
Three critical elements driving the cedi’s performance include:
- A government focused on real, inclusive growth;
- Reforms grounded in substance, not optics;
- Trustworthy, transparent governance.
This combination fosters domestic investment, reduces capital flight, and boosts economic confidence, setting off a cycle of growth and social cohesion.
Is the Cedi’s Rise a Temporary Spike or a Structural Shift?
Some analysts argue that Ghana’s currency rally reflects deeper structural improvements rather than a short-lived spike. Prof. Eric Oteng-Abayie of the Kwame Nkrumah University of Science and Technology points to several domestic drivers behind the rally.
The Bank of Ghana’s Gold4Oil and GoldBod programs have increased Ghana’s gold reserves by 40.6% between May 2024 and April 2025. A requirement that 20% of gold export proceeds be converted to cedis before accessing dollars has stabilized forex supply and bolstered reserves.
Meanwhile, the removal of distortionary taxes such as the E-levy and the planned phase-out of the COVID-19 levy, combined with prudent public spending, have strengthened fiscal credibility.
Ghana’s debt restructuring has also offered relief. With the next major external repayment not due until July 2025, foreign exchange pressure has eased. Complementing this, the central bank injected $490 million into the forex market in April 2025 to support the cedi.
External Factors Working in Ghana’s Favor
Global trends have also benefited Ghana. The U.S. dollar has weakened—dropping 10% on the DXY index—amid global trade tensions and fears of a slowdown. This shift has favored emerging market currencies like the cedi.
Record-high prices for Ghana’s key exports – gold at $3,400 per ounce and cocoa at $10,000 per ton – have significantly boosted foreign exchange inflows. The formalization of small-scale mining has further increased legal gold exports, strengthening Ghana’s external position.
Relations with Commercial Creditors Normalised:
Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘Restricted Default’ (RD), with Stable Outlook.
This was announced on their website on June 16, 2025. The upgrade of Ghana’s Long-Term Foreign-Currency IDR to ‘B-‘ from ‘RD’ reflects Fitch’s assessment that Ghana has normalised relations with a significant majority of external commercial creditors.
Ghana restructured its USD13.1 billon Eurobonds in October 2024. About USD2.6 billion of non-performing external debt still needs to be restructured. Of this, Fitch considers USD700 million to be commercial debt, representing 5% of total external commercial debt initially included in the restructuring perimeter. According to Fitch, “Ghana is negotiating with these outstanding commercial creditors, and we assess holdout risks as small.”
Can Ghana Sustain the Momentum?
While the outlook appears promising, the sustainability of this recovery will depend on disciplined policymaking, focused execution and the ability to maintain public trust. The early signs are encouraging, but in my view, “the jury is still out.”
Ghana’s case may well become a model for how transparent governance, strategic reforms, and global tailwinds can come together to drive economic revival – if the momentum can be maintained.
Austin Kwesi Okere is the Founder of CWG Plc and the Ausso Leadership Academy. In recognition of his contributions to business education and knowledge transfer across the continent, Austin was appointed to the Advisory Board of the Global Business School Network.
First Bank HoldCo Plc has disclosed that it spent over ₦15 billion to protect its banking systems from cyberattacks between January and June this year, as digital threats to financial institutions continue to rise across Nigeria.
Mr. Olusegun Alebiosu, CEO, First Bank
Mr. Olusegun Alebiosu, chief executive officer of the bank, revealed this on Wednesday while speaking on the sidelines of a two-day National Seminar on Banking and Allied Matters for Judges, held in Abuja.
Alebiosu said the bank invested ₦3 billion in cybersecurity measures in June alone, part of a broader commitment to safeguarding customer assets and maintaining trust in Nigeria’s banking system.
The News Agency of Nigeria reports that the CEO said the bank had the most robust cybersecurity framework in the country, which justified the substantial investment.
Speaking on the rising wave of cyberattacks targeting banking systems, Alebiosu assured First Bank customers that their funds remained secure.
He also expressed concern over the growing involvement of some Nigerians in cybercrime, stressing the urgent need for the country to tackle the menace decisively.
He said, “No customer would lose their money in First Bank unjustly. If their money is missing from First Bank, First Bank will pay it back. Before I joined First Bank, I had an account with First Bank. One of the reasons why I had an account with First Bank was that I said to myself, if my money is missing, it is the only bank I know I will collect my money back without any excuses.”
Responding to customers’ complaints about delays in addressing cases of fraudulent transactions, Alebiosu explained that the bank must carry out thorough investigations involving multiple stakeholders.
He said the delays often stem from the need for collaboration between security agencies and the recipient banks to ascertain the facts surrounding each case thoroughly.
Alebiosu also advised customers to be cautious when handling and sharing their financial information.
“Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM. They compromised their password, so when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money,” he said.
“Some people even compromise their own ID on the system carelessly; some give their Bank Verification Number (BVN), and they use it against them.”
“Now, why does it take time for the bank to react? everything you give to the bank, the bank has to investigate it. The money might have gone to other banks, so you start tracking from other banks, but sometimes customers are impatient,” he said.
Regarding alleged fraud committed by staff, he stated that the bank uses internal employee fraud detection software to monitor staff activities on its systems.
He added. “If you knew how many of our staff we sack on a monthly basis, you wouldn’t believe it. So if there are triggers, people will be involved. It is for us to run faster than them and see how we can help to stop these kinds of things in our system but wherever we see it, we deal with it decisively.”
He stated that curbing cybercrimes requires the active involvement of various stakeholders, including banks, law enforcement agencies, and the judiciary.
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