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.”
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