Paga Nigeria secures fresh investment
VALUE ADDED SERVICES| July 2, 2012, 1:20 p.m.
Paga announced that it had secured new investments fromAdlevo Capital, Omidyar Network, Acumen Fund, Capricorn Investment Group, and current investors Goodwell West Africa Microfinance Development Company.
Paga enables people to use mobile phones or internet access to send cash to anyone in Nigeria, buy or send airtime credit, pay bills, pay both online and physical retail stores (without cash notes or a debit card), and perform a variety of other transactions.
Paga is available on all mobile networks and is delivered to customers in collaboration with strong local banks and microfinance institutions, retailers and various other private and public sector organisations. Its network has grown to include over 850 agents in 19 cities.
Paga’s founder & CEO, Tayo Oviosu, said:“The business opportunity for Paga is huge, and it follows that the capital requirement to achieve our mission is also significant. A key requirement for success in our industry is having investors who share our vision and have the financial fortitude for such an undertaking."
"To date, we have been funded by individual investors and Goodwell. This new investment will enable Paga to scale our operations across Nigeria and allow us to build upon our front-runner position. We have carefully chosen our investors for their track record and the immense value they will bring towards accomplishing our mission.”
MORE VALUE ADDED SERVICES NEWS
Kenyans can now pay taxes via Airtel MoneyAirtel Kenya now allows Kenyan citizens across the country to inquire for KRA services, generate KRA payment reference number (PRN or an e-slip/invoice number) and make quick simple payments through Airtel Money. Read More
SimbaPay launches free UK to Nigeria money transfersNigerians living in the UK can now send money to any bank account or mobile phone in Nigeria instantly. Read More
Local languages now on EcoCashEconet Wireless has announced a new enhancement to the EcoCash mobile money wallet by unveiling multiple local languages to the EcoCash platform. Read More
Airtel, Verifone partner on NFC payment in GhanaAirtel Ghana has partnered Verifone Mobile Money to raise the bar in the mobile money space by introducing a contactless “tap and pay” near field communications (NFC) technology for payment. Read More
Globacom unveils National Mobile Health Insurance productNigerian national telecoms carrier, Globacom has unveiled a National Mobile Health Insurance Product to help improve access to quality health care among Nigerian population. Read More
MFS Africa to power cross-border xP2P services between MTN Mobile Money and M-Pesa in AfricaMFS Africa has announced that its mobile money hub (MFS Africa Hub) has been selected by telecom giants Vodafone and MTN to interconnect their respective M-PESA and MTN Mobile Money platforms in the East African region. Read More
Airtel Kenya partners Medanta Africare for mobile healthcareAirtel Kenya has joined hands with Medanta Africare to launch a new mHealth service that will allow customers access quality health advice from doctors through their mobile phones. Read More
MTN Mobile Money and Vodafone M-Pesa to interconnect Mobile Money ServicesCustomers of MTN Mobile Money and M-Pesa in East Africa will be able to transfer money to each other following an agreement between MTN Group and Vodafone Group to interconnect their mobile money services. Read More
Mobile money a game changerThere has been massive drop in the number of unbanked, thanks to the boom of mobile money services, a new World Bank report shows. Read More
Afrinvest unveils mobile app for online trading, investment managementAfrinvest Securities Limited at the weekend launched an online equity trading mobile application, offering clients mobile access to their brokerage accounts and portfolio data. Read More
FEATURED STORYThe transformative power of affordable smartphones and unlimited data in Ghana
Smartphones are helping transform their lives of ordinary people in Ghana, Reports Nana Appiah Acquaye.
BEST READ NEWS
IN DEPTHNIMC infrastructure must be managed by credible people: NIMC chief
NIMC’s chief speaks to Kokumo Goodie about the role of the NIMC and his own legacy.