NIGERIA: Paga processed $32bn transactions in 15 years

Paga, a Nigerian digital payments company, has announced that it has processed 335 million transactions worth over $32bn since its inception 15 years ago.

The founder and CEO of Paga, Tayo Oviosu, disclosed this in Lagos recently during the celebration of the firm’s 15 years of operation in Nigeria.

He revealed, “At the end of March 2024, we had processed 335 million transactions since inception, worth over N14tn or $32bn, and 80 per cent of that we did in the last five years. This last quarter was our best quarter ever.”

Oviosu outlined the company’s accomplishments over the previous 15 years, including the creation of jobs that allowed for the empowerment of a large number of people.

He boasted that Paga had directly employed 1,000 people and indirectly employed over 100,000 people through its nationwide agent network.

Beyond its agent network, he added that Paga had expanded to serve 150 enterprises and offer platform-as-a-service to others, providing infrastructure support.

Oviosu expressed optimism about the company’s future growth and impact on the digital payments landscape in Nigeria.

He expounded on the company’s commitment to security, social responsibility, and industry growth.

“We have multiple layers of security to protect our customers’ accounts. We are PCI DSS certified, a widely accepted set of policies and procedures intended to optimise security certification,” the Paga CEO stated.

Regarding social responsibility, Oviosu announced that Paga had partnered with Utiva, a tech training platform, to empower 18 women with scholarships to learn in-demand skills in tech.

He also commended the regulator for formulating policies that had helped the fintech industry grow in recent times.

“The regulator has made clear categorisation, attracting competitors. This keeps us on our toes, and all competitors are different in how they operate.

“Our market is similar to India’s, where it is not a winner-take-all, as Nigerians typically have multiple financial accounts,” he noted.