Paga

About Paga

Paga operates as a mobile payments company with a strategic focus on digitizing cash and expanding financial service accessibility in emerging economies, with Nigeria as its initial market. Founded in 2009 by Tayo Oviosu and Jay Alabraba, the company addresses the challenges posed by a cash-dominant economy and limited access to traditional banking services. Oviosu, the Group CEO, leveraged his background in electrical engineering from the University of Southern California and an MBA from Stanford University, along with his experience at Cisco Systems in corporate development and as a vice president at Travant Capital Partners, to establish Paga. His journey, which included roles as a semiconductor chip design engineer and software engineer, provided him with a solid foundation in technology and finance.

The company's public launch occurred in August 2012 after securing a full operating license from the Central Bank of Nigeria in August 2011. Paga's business model is centered on a hybrid approach, combining a digital platform with an extensive physical network of over 27,000 agents. This network is crucial for facilitating cash-in and cash-out transactions, extending the company's reach to unbanked and underbanked populations. Revenue is primarily generated through transaction fees levied on services such as money transfers, bill payments, and merchant services. The company serves both individual consumers and businesses. For individuals, Paga provides a digital wallet accessible via a mobile app and USSD, enabling them to send and receive money, pay bills, purchase airtime, and receive international remittances. For businesses, Paga offers solutions for payment collection from over 17 million customers, bulk disbursements to bank accounts or Paga wallets, and payment gateway services through APIs.

Paga has demonstrated significant growth, processing 124 million transactions valued at approximately $5.6 billion in 2024 alone and achieving profitability in its Nigerian operations for three consecutive years. The company's ecosystem is structured around three main pillars: Paga for consumer services, Doroki for SME merchants, and Paga Engine, which provides enterprise infrastructure. Significant milestones include reaching one million users by 2013, securing a $13 million Series B funding round in 2015, and an additional $10 million in 2018. The company has also pursued international expansion into markets like Ethiopia and Mexico.