The Nation Newspaper

Tag: Paga

  • ‘Paga’s downtime unprecedented’

    ‘Paga’s downtime unprecedented’

    A fintech company, Paga, has said since it started operation 12 years ago, it has not experienced the downtime its customers experienced on yesterday. It however said its team of engineers has rectified the situation.

     Its CEO, Tayo Oviosu, in a note to customers yesterday said as a demonstration of the high esteem the company holds the customer the company will offer them free transactions today, Friday.

    Oviosu, in a note, said: “I am reaching out to you today regarding a recent challenge we faced.

    “Yesterday, Paga experienced an unexpected service downtime, impacting your ability to access our platform. In our nearly 12 years of commercial operations, we have yet to experience a situation such as this one. On behalf of our team – I am sorry. I sincerely apologise for the inconvenience the downtime caused you or your business and customers.

    Read Also; BAT Parties and FCCPC

    “Our technical team has worked diligently to determine the root cause, and I am pleased to inform you that the issue has been fully resolved and will not reoccur. We understand Paga Services’ critical role in your daily lives and business.

    “Your trust is paramount to us, and we are committed to continuously improving our services. We understand our responsibility as your chosen financial partner, and incidents like these drive our determination to serve you better.

    “As a token of our apology, we will offer you free transactions tomorrow, Friday, January 5, 2024. “The rebate (excluding VAT) will reflect on your account at the end of the month.”

    The CEO urged customers to feel free to contact him or the customer support team should they have any lingering concerns or if there’s anything specific they’d like to discuss, adding that their feedback is usually valued immensely.

    “Thank you for your patience and understanding during this time. We remain dedicated to making life possible by providing a reliable and seamless experience within the Paga ecosystem,” Oviosu said.

  • WorldRemit, Paga to launch mobile money transfer

    WorldRemit has hinted of plans to extend its presence in Nigeria by joining forces with Paga, Nigeria’s mobile money company, for international digital money transfers.

    Using the WorldRemit app or website, the Nigerian diaspora living in over 50 countries will soon be able to send money quickly and securely to over 11 million Paga users.

    The new partnership will considerably grow WorldRemit’s footprint in Nigeria, expanding the company’s service offering from bank transfer and airtime top-up to include mobile money. The introduction of international transfers to mobile-to-mobile accounts in Nigeria supports WorldRemit’s commitment to financial inclusion in the country, where nearly 40 per cent of the adults are unbanked.

    WorldRemit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home. International transfers to Paga mobile money wallets via WorldRemit will be instant. Recipients will then be able to transfer funds from their Paga wallets to other users of Paga wallets or bank accounts, top-up mobile airtime, and pay for bills and groceries at shops and businesses that accept Paga payments. Customers will also be able to withdraw money as cash at Paga agent locations, perform cardless withdrawals at select ATMs or store their funds in their Paga accounts.

    Tamer El-Emary, Chief Commercial Officer at WorldRemit, comments: “Paga and WorldRemit share a commitment to making life easier for Nigerians sending and receiving money. Our partnership represents a new milestone for WorldRemit as we expand our service offering in Nigeria to include mobile money, a technology that has been transformational for communities across Africa.

    Founder & CEO of Paga, Tayo Oviosu, said: “At Paga, we are committed to making money transfers seamless and convenient. Our partnership with WorldRemit is a further example of our commitment to making it easy to send and receive money digitally. Many Nigerians in the diaspora support members of their family living in Nigeria, and often times these family members may be depending on that stipend to survive”

  • Mobile money firm, Paga, hits 12m customers base in 10 years

    Mobile Money Payment Company, Pagatech, said it had reached 12 million `unbanked customers’ nation-wide since its establishment 10 years ago.

    Tayo Oviosu, Pagatech Chief Executive, told newsmen during the company’s 10th anniversary in Lagos that the mobile money business had also created 6000 businesses.

    He said that the company had been able to access the under served in the financial sector with its 20, 000 agents, adding that 20 per cent of this figure are in the semi-urban areas.

    According to him, the 20,000 Paga agents who are entrepreneurs created over 10,000 jobs with multiplier effect.

    “Only 36 per cent of adults are banked, 60 million unbanked and 70 million online.

    “We are making very strong progress in Nigeria and are the clear leader with a world class platform in driving an agent, merchant and consumer wallet business.

    “Digital finance offers significant economic gains for emerging countries; digital technologies cut the cost of providing financial services by 80 to 90 per cent.

    “There will be additional $3.5 trillion to Gross Domestic Product (GDP) of emerging countries by 2025 and additional 85 million jobs, two third of which will be salaried,’’ Oviosu said.

    He said that access to financial services remained poor with about 1.7 billion unbanked and half of the unbanked were women who were the most economically productive.

    Oviosu said that half of the people who save in emerging market did so informally, 55 per cent of borrowers in developing world rely on friends and family for fund sourcing.

    He, however, said that Paga was building an ecosystem that enabled people to digitally send, receive money and deliver financial services to everyone.

    “In all our markets, we take a partnership model working with local banks and financial institutions,” he said.

    Paga was established in 2009 to simplify access and use of money, eliminate use of cash and access to financial services.

    Paga is licensed by the Central Bank of Nigeria (CBN) as a mobile money operator.

  • Paga unveils money transfer App

    Paga, a mobile money company is making it even easier to send and receive money for all Nigerians. The app which is now available in both the Android Play and iOS App stores, shrinks the already existing functionalities of the Paga platform and strips it down to two main functions – send money and request money.

    This is a calculated move: “Paramount for us was the user experience. To get it right we took a step back and removed all the clutter you find in a lot of apps —and chose to focus on two things — send and request money. Have you ever found yourself spending time trying to contact someone to get their account number just so you can pay them?” explained CEO & Founder, Tayo Oviosu, “Or looking for your account number to give someone? Then going through the numerous steps required to complete a payment? Well, no need to ever do that again! Simply pick the person you want to send money to, and do so easily— by phone number or email.”

    The appeal lies not only in its simplicity, but also in its highly enjoyable user experience – it is the simplest way to access your money from different sources – be it your debit cards or bank accounts, and use from one central wallet. It is easy to use – simply choose a person from your contact list or enter a phone number or email address; and Paga has made it absolutely free! No charges and no fees on any transactions. The service is not limited to the app – it is available on all platforms, including the online channel and USSD portal *242#.

     

  • Investors: five amazing innovations from Nigerian fintech entrepreneurs

    ice President Yemi Osinbajo recently addressed key players in the technology arena at the Silicon Valley to support and investment into Nigeria’s budding technology companies, Hence, Paul Oluwakoya in this report analyses some of the home-grown(Nigeria) Financial Technology innovations for the global market.

    The Vice President of Nigeria, Prof Yemi Osinbajo recently visited Los Angeles, USA with a delegation drawn from both public and private sectors. He visited a couple of places in the smart city, including Hollywood and the Silicon Valley, with a mission to showcase and promote Nigerian creative and technology industries.

    The technology industry in Nigeria has come of age, and the vice president has recently spoken about some of the amazing Tech products emanating from the country, especially in the area of financial services. The Financial technology sector in Nigeria is growing and this is evident in rates at which solutions to harness financial ecosystem are being developed even as the digital payment adoption increases by the day.

    Between 2014 and 2016, FinTech investment in Africa increased from $198 million in 2014 to $800 million. And industry watchers said a number of factors influenced the fintech boom, stating that the cashless policy of the government encourages the adoption of digital payment processes rather than the use of cash for transactions.

    Also, Nigeria and indeed the rest of Sub-saharan Africa is increasing its capacity to make use of ICT. About 70% of Nigerian traders own a mobile phone and smartphone penetration has hit 28%. With many Nigerians connecting with friends and family overseas, there is a huge amount of money flowing from other countries into Nigeria.

    In 2015, annual diaspora remittances to Nigeria was estimated at $21 billion. There has also been a large flow of investments into the sector, with over $100 million raised from Venture Capital investors by Nigerian Fintech startups.

    As the Vice President addressed the key players in the technology arena to canvass for support and investment into Nigeria’s budding technology companies, here are five innovative Fintech products that investors may eye

    1.       Remita

    Remita is the flagship brand and product of one of the oldest technology companies in Nigeria; SystemSpecs. It attained prominence when it was adopted by the Federal Government in 2015, as the technology infrastructure for its Treasury Single Account(TSA) policy whereby all government revenues are collected and remitted to a single integrated account. Remita has achieved some tremendous results as the TSA’s technology backbone. Since 2015, it has processed over N8.9 trillion for the Federal Government and saves the government over $11 million monthly from bank charges that it would have paid without the TSA. Its distinct feature, which enables access to multiple accounts via a single platform was incorporated in a mobile app recently released by one of the largest banks in the world; HSBC and touted as a laudable achievement.

    Remita is a payment system, as well as a gateway and a financial infrastructure. As a payment application, it is available as a web and mobile-based solution for individual consumers to make and receive payments via multiple bank accounts. As a payment gateway, Remita facilitates end to end connection for various payment systems. As a payment infrastructure, Remita carries out integrated financial functions in one seamless system.

    2.       Paga

    Paga is a mobile payment solution to send money, pay bills and receive payments. The company was founded in 2009 by Tayo Oviosu but was publicly launched in 2011. Paga enables users to send as little as N500 to N1 million to anyone, anywhere in the country using their phone number. Recipients can collect their money at any Paga agent or at an ATM without a card. Paga prides itself as the ultimate cardless payment system. With Paga, users can buy airtime and data, pay electricity and other bills, and make deposit into their bank accounts. It has agents across the country who help people to facilitate remote financial transactions. Users can also shop at any Paga-compliant store using their phone numbers. As at July 2018, Paga has 8,793,181 subscribers and over 16,331 agents spread across the country.

    3.       Flutterwave

    Flutterwave is a Nigerian digital payment technology firm with the aim of changing payments in Africa. Its main product is an Application Programme Interface(API), which connects different payment systems together to facilitate seamless transactions. Flutterwave says is building the software infrastructure that allows two different applications to talk to each other. This enables businesses and individuals to make and accept payments from cards, mobile money wallets, and bank accounts, from anywhere in Africa and around the world, all from one integrated platform. With Flutterwave, Nigerians can pay online for anything in any country in their own currency. Flutterwave has received a lot of international attention, including a special feature on CNN in which its co-founder, Iyinoluwa Aboyeji was interviewed. In August 017, Flutterwave raised over $10 million in funding from American Venture Capitalists.

    4.       Piggybank

    Piggybank is an online saving platform that combines discipline and flexibility for its users to grow their savings. The online platform gives users direct access and visibility to their account, making the process clearer and more transparent. Savers can deposit as little as $1 a day into a their online Piggybank.ng account, and cannot touch their savings, until an agreed withdrawal date. The penalty of premature withdrawal is a withdrawal charge of 5% on the savers account. There is also an annual interest of 6% accruing on the money saved in the Piggybank. In 2018, Piggybank was able to raise up to $1.1 million from almost exclusively Nigerian investors.

    5.       PayStack

    Paystack is an innovative online payment solution that enables Nigerian businesses to accept payments from anyone, anywhere in the world. It acts as a gateway to facilitate seamless transactions between two different people using different payment interfaces. With Paystack, Nigerian businesses can receive payments from verve, visa and mastercard branded debit cards. Their customers can also pay them directly with bank accounts. Recently, the company partnered with mobile phone identity firm, Truecaller to increase the capacity and security of its services. Paystack subscribers can now verify the mobile identity of their customers. In December 2016, Paystack secured a $1.6 million seed investment from both local and foreign investors.

  • Paga processes 17m transactions, wins award

    Paga has processed over 17 million transactions worth over a billion dollars. The mobile payments service company, has been named winner of the “Outstanding Growing Business” category at the 2015 Africa Awards for Entrepreneurship (AAE). It emerged winner in its category based on its demonstrated business excellence, integrity and contribution to socio-economic development.

    Also nominated in this category were other globally recognised African brands Snapplify – a content and media technology company and Africa’s largest eBook aggregator; and Logiciel Limited – an innovative technology and services company that delivers core banking, mobile banking and cash management mobilisation platforms in Ghana.

    Speaking on the company’s latest recognition, Paga founder and CEO, Tayo Oviosu said:  “There is no greater honour than to be recognised by other Africans looking to inspire social and economic change through the channel of entrepreneurship. Being chosen amidst so many other well deserving companies is yet another testament of the contribution Paga is already making and will continue to make towards the development of Nigeria and the prosperity of Africa.

    Supporting the next generation of entrepreneurs is vital for the development of our continent and we understand only too well how tasking the journey can be. The challenges faced by entrepreneurs within the continent are unique and sometimes staying true to a purpose or vision can be hard.  We hope that the Paga story and the support we can provide in terms tools and opportunities to create and grow a business as part of our ecosystem will help make many more African entrepreneurial dreams a reality.”

    On what next for Paga, Oviosu said:  “Our focus is to make it easy to pay and get paid. Our team will continue to work diligently with our banking partners to achieve this goal”.

  • Paga achieves N154b transaction volume

    Paga, a payment company, has said it processed over 15 million transactions worth N154 billion since inception.

    Paga Founder and CEO, Tayo Oviosu said there is now significant rise in the adoption of its services and that the firm has over three million users using its agent and online/mobile payment channels to send and receive payments.

    The new milestone, he said, showed that the industry is making more progress than previously reported. “Looking forward, it is easier to see the role Paga and the rest of the industry will play in reducing the obvious issues around payments in Nigeria, boosting economic returns and promoting financial inclusion,” he said.

    Oviosu said less than eight months since announcing its last million user milestone, the firm reached two million users in November 2014.

    He traced the rapid growth to understanding the unique challenges faced by Nigerians looking for a simpler way to make payments.

    “For my team and I, the issues around payments are far reaching. It goes past being able to move money from point A to B. In the six years since Paga has been in operation, we have developed a relationship with our customers. We hear their stories and we know that every transaction that occurs on our platform is more than just money,” he said.

    “It’s someone trying to pay for something in a less stressful way. Whether it’s paying for a TV subscription; child’s school fees; a visa; people buying airtime to stay connected to the ones they love or a new business finally being able to accept payments from its customers. With every transaction there is some emotional connotation for the end user and our ability to relate to that and create solutions that make everyday life possible for Nigerians is the #1 reason people continue to choose Paga.”

    Founded in 2009, the company remains focused on building a payments ecosystem that can be leveraged by banks, businesses, and consumers. Paga’s agent network is at the core of that ecosystem. Paga now has over 8,300 agents in 35 states – the largest and most active network in Nigeria. The agents are located where people can comfortably go in to make payments within their community.

    Co-founder and Director of Business Development for Paga, Jay Alabraba said: “We believe strongly that accessibility still has a big role to play in the future of mobile payments and financial inclusion. With the unique challenges around connectivity in Nigeria, having a viable agent network remains key to ensuring that every Nigerian, irrespective of their location has access to finance. Our agent network is a key part of the Paga success story, and we currently have over 8,000 agents…and the numbers are growing every day”.

     

  • Paga chief wins entrepreneur award

    Paga chief wins entrepreneur award

    Founder and Chief Executive Officer of Paga, Tayo Oviosu, has been announced as the “Entrepreneur of the Year” (West Africa) 2014. He was named winner at the CNBC Africa ll Africa Business Leaders Awards.

    The organisers recognised his dedication to changing the face of the Nigerian economy  by  founding what is now the country’s  largest and fastest growing mobile payments company.

    Nominated alongside other African game changers Arthur Zang of Cardiopad (Cameroon) and Paola Audrey Ndengue of Fashizblack (Ivory Coast); Oviosu started the company in 2009, due to his frustration of having to carry large amounts of cash around to deal with Nigeria’s unique payment challenges.

    “I simply believed there had to be a more efficient and secure way for anyone, anywhere, irrespective of whether they are banked or not, to pay and get paid. With the support of a great team and the belief of our investors, Paga has become that solution for over 1.9 million Nigerians across the country and that number is growing every day,” he said.

    Oviosu said he and his team strongly believed that efficient payment systems for both individuals and businesses were key to unlocking Nigeria’s latent economic potential.

  • Western Union, Paga to launch new mobile money

    Western Union, Paga to launch new mobile money

    The Western Union Company, a leader in global payment services, on Monday 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.

    In a statement, it said the new service to Nigeria integrates directly with Paga, a mobile payment platform with more than 1.2 million users.

    Paga users have the option of receiving a Western Union Money Transfer transaction directly into their Paga account.

    “Using Paga’s multi-channel platform, customers can withdraw the money by sending it to a bank account, withdrawing from an Automated Teller Machine or through Paga’s network of over 4,000 agents in Nigeria. Consumers can also choose to pick-up their funds at participating Western Union® Agent locations across the country,” it said.

    It said international money transfers for mobile pick-up via Paga can be initiated at westernunion.com in more than 20 countries, or participating Western Union Agent locations worldwide. According to the statement, the new offering complements Western Union services offered through its retail Agent network of more than 500,000 locations around the world, which includes 4,900 locations in Nigeria.

    “Western Union continues to introduce new service offerings to expand its mobile footprint as part of our omni-channel strategy, which facilitates financial inclusion for consumers who may not have access to traditional banking products,” said Aida Diarra, the Regional Vice President, Africa, Western Union.

    Founder and Chief Executive Officer of Paga, added, Tayo Oviosu: “Paga continues to execute on its strategy of simplifying payments for all Nigerians – whether you are a business or an individual. This relationship extends our services to the world – now anyone across the globe who needs to send money to Nigeria can ‘Just Paga it’ through Western Union. Paga is proud to work with Western Union and we look forward to continuing to deliver innovative money transfer services to Nigerians around the world.”