Paga, Leading MM Network Hits 1.3m Subscriber Base

Paga, one of the major mobile money schemes in the country has recorded 1.3million users, underscoring her acceptance and leadership in payment solutions that enables users pay for goods and services with their mobile phones, Nigeria CommunicationsWeek has learnt.

The 1.3million users of mobile money service on Paga network also recorded a transaction volume of 587,035 with value of N6.16billion for the month of February this year alone.

Tayo Oviosu, chief executive officer, Paga, said that the said that with this number of transactions and value Paga is now the largest mobile money operator in the country.

“We are the largest mobile money operator. Mobile banking business is different from mobile money, which confuses some Nigeria into believing that banks in the mobile money ecosystem are doing better than us. We have 4,000 agents in 25 states of the country, which today is the largest. We are now positioned to collaborate with banks to use our agent network for cash in and cash out services,” he stated.

Oviosu told Nigeria CommunicationsWeek that mobile money service allows for fast and easy means of payment of goods and services without the use of cheque.

Mobile money, according to him, makes it easy to transfer money to any bank account.

Oviosu said that “No regulator should control price in the market, we are in a free market, let forces of demand and supply determine price. If you are one of the telecom operators, you would want your service to be commercially viable,” he said.

Paga recently announced the launch of a new mobile money transfer (MMT) service to Nigeria, which increases the reach of Western Union payout options in the country.  The new service integrates directly with Paga users.

Using Paga’s multi-channel platform, customers can withdraw the money by sending it to a bank account, withdrawing from an ATM or through Paga’s network of over 4,000 agents in Nigeria.