Mobile payments service provider in Nigeria, Pagatech, recorded a transaction value of N18bn from over 1.6 million transactions at the end of March 2013.
The firm, which now has over 500,000 users, said it had achieved 80 per cent of its 2012 transaction volume already, according to a statement released by the firm on the occasion of its fourth anniversary in Nigeria.
The financial services platform started operation in April 2009 and received its full operational licence from the Central Bank of Nigeria in November, 2011, and now has a team of 150 members of staff nationwide.
The firm said its initial set of products were delivered to meet the critical needs of Nigeria’s new cashless society, and to provide the public with access to their “cash – anywhere and anytime, through its secure, fast and easy money transfer service.”
“All services are available to Paga users via their mobile phones, any Internet connected device or via Paga’s vast nationwide agent network,” the firm added.
The firm said in 2012 when it first operated as a CBN-licensed mobile payments company, its user base grew from 40,363 to 382,063 – showing 847 per cent growth in one year.
It also processed over 918,000 transactions worth over N9.8bn, according to the statement.
This, it added, had made it the fastest growing mobile payments company in Africa.
The firm has received the Kalahari Awards for ‘Best Independent Mobile Payment Company’ and the Financial Technology Awards for ‘Best use of IT In Mobile Payments’, among others.
The founder and Chief Executive Officer, Mr. Tayo Oviosu, was quoted in the statement as saying , “It’s been an amazing four years. The journey has not been easy, and I am grateful to our team and investors who have believed in our vision and allowed us to execute.
“We are also grateful to all our agents and partners who have come on board to work closely with us; companies such as Diamond Bank, MultiChoice, Grimaldi, DealDey, MedPlus, and DHL to name a few. We won’t be here without such partners and we continue to seek out other partners to grow our ecosystem.”
