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
Nigerians, Poles most generous at ChristmasResearch from Azimo, the social online money transfer service, has revealed that Poland and Nigeria top the list of the most generous expats in terms of sending money home at Christmas, while African countries fill three of the top five places. Read More
Airtel Money leads on seamless e-services transactionsAirtel Ghana says it reinforced its position as having the most reliable platform for mobile money transactions at the launch of Government’s E-Payment Portal recently. Read More
Rewards for Lipa Na M-Pesa fuel paymentsSafaricom has announced an instant rewards system to incentivise customers who pay for fuel using Lipa Na M-PESA. Read More
Ivory Coast launches m-tourism appSODERTOUR has launched an app to give people important, real time tourism information on their cellphones. Read More
Dubai Bank launches M-SASA banking platform in KenyaKenya’s Dubai Bank and Rapid Communications, a telecommunications solution provider, have partnered to launch mobile banking system M-SASA. Read More
Angola creates awareness about E-Kwanza BAIA major marketing campaign is currently underway in Angola to create awareness about a mobile money service called E-Kwanza BAI, which was launched this month by the Banco Angolano de Investimentos (BAI, Angolan Bank of Investments). Read More
Orange, USAID join forces to boost mHealth innovations across AfricaThe U.S. Agency for International Development (USAID) and global telecommunications operator Orange have announced a new alliance to develop innovations in mobile health (mHealth) at the Global mHealth Forum in Washington, DC. Read More
WFP, World Vision look to digital to assist DRC refugeesMore than 1 100 households whose members fled the war in the east of the DRC have received financial assistance via mobile money from World Food Programme and its partner World Vision. Read More
Tanzania’s Safe Motherhood Text Messaging Service enters third yearSince its launch two years ago, 500,000 men and women accumulatively received 40 million informative safe motherhood messages and reminders through the Wazazi Nipendeni SMS service. Read More
FEATURED STORYPWC: Optimism abounds but a bumpy journey ahead for some
PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.