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
Apollo Hospitals, Airtel seal telemedicine dealTwo Indian giants, Apollo Hospitals and Airtel Nigeria, have struck a deal designed to bring affordable health care to Nigerians and Airtel’s Premier customers. Read More
Millicom partners Deezer to bring Tigo Music to 5 African marketsTelecoms and media firm Millicom has announced an extension of its partnership with music streaming service Deezer to take its Tigo Music service to five markets in Africa. Read More
Airtel Money offers KRA mobile tax payment servicesBharti Airtel has partnered with the Kenya Revenue Authority (KRA) to offer Kenyan citizens an opportunity to pay their taxes through Airtel Money. Read More
Embracing mCommerceThere’s a word on the lips of everyone in the know these days, and that word is “mCommerce”, says Red & Yellow. Read More
Airtel Money launches new partnership with MOGASAirtel Uganda and MOGAS have officially unveiled their new partnership that allows customers to pay for any MOGAS products and services using Airtel Money at their 38 stations across Uganda. Read More
Econet launches Connected Car serviceEconet has launched yet another revolutionary product branded the Econet Connected Car. Read More
Tigo cash trains over 2,000 agentsAs part of efforts to scale up mobile financial services, particularly in the informal sector, mobile network operator, Tigo is training over 2,000 agents in its award-winning mobile money service, Tigo Cash. Read More
Airtel Money to launch cross border money transfer service across East AfricaBharti Airtel has announced plans to launch a cross border money transfer product in East Africa. This is a first in market initiative across Africa and will enable Airtel Money customers to send, receive and withdraw money from their Airtel Money wallets. Read More
MTN set to support money transfers between Rwanda and UgandaMTN Uganda is partnering with MTN Rwanda to deliver cross border transactions between the two countries. Read More
Former Kampala mayor demands UGX8bn from MTN UgandaMTN Uganda has found itself in protracted lawsuit involving copyrights on caller tunes in a case whose outcome could set a precedent for similar scenarios in future. Read More
FEATURED STORYGrowing African focus on data security
Beachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation.
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.