Paga Secures New Investments For Reinforcement, Scales-Up

VENTURES AFRICA – Nigeria’s leading money transfer service, Paga, has announced new investments from Adlevo Capital, Omidyar Network, Acumen Fund, Capricorn Investment Group, and current investors Goodwell West Africa Microfinance Development Company. This was contained in a press statement issued by the company today.

While commenting on the new investment, Chief executive officer and founder of Paga, Tayo Oviosu, said the money transfer service is huge on business opportunities which require capital requirement to
achieve the set mission.

Mr Oviosu further stated that the new investment would enable Paga to reinforce its front-liner status and scale its operations across Nigeria.

“We have carefully chosen our investors for their track record and the immense value they will bring towards accomplishing our mission of bringing financial access to 40 million Nigerians by 2015,” he added.

In response, Yemi Lalude, managing partner at Adlevo Capital, described his company’s interest in Paga.

“What we like about Paga is their holistic approach to servicing merchants by providing a secure and simple solution for both banked and un-banked users to pay for goods and services. We are impressed with the calibre and accomplishments of the Paga team and proud to have led this financing round.”

Since February 2011, when Paga was launched, it has processed over 276,000 transactions worth more than 2.6 billion naira ($16 million). On June 4 2012, Paga achieved a major milestone when it recorded its 100,000th user. It currently has more than 125,000 users.