By Nigerian Fintech company, Paga has counted the gains of doing business in Nigeria in the last 15 years in the industry, stating that it was able to processed about 335 million transactions, which worth over N14 trillion or $32 billion, in the past 15 years.
At press conference organised by the Company to mark, its 15th anniversary, the Founder and Chief Executive Officer Paga, Mr Tayo Oviosu, disclosed “the page you know today is not that of yesterday it is no more an agent business. You can open an on or download the app.”
Sharing his experience of running the business, he said that Paga is proud of the products it has in its portfolio saying “You can fund a page account from any bank adding that Paga is now in your hand.
While noting the milestones of its achievement, he said that before Paga started, there was nothing like Fintech stating “We use our infrastructure for their business” and that Paga now does platform-as-a-service thereby expanding beyond the agent network to providing infrastructure for others through platform-as-a-service and serving 150 businesses.
“As of today, we have 23 million users. At the end of March, we had processed 335 million transactions since inception, worth over N14 trillion or $32 billion and 80% of that we did in the last five years. This last quarter was our best quarter ever.
“When you look at our 10th anniversary, which was five years ago, from then we have grown volumes by five times and transaction values by seven times.”
Oviosu disclosed that Paga now serve about 250 business that are using its services to collect and host business noting that it just introduced Dorakee to manage the retail business.
According to him, the company has created 1,000 direct jobs and over 100,000 indirect jobs through its agents spread across the Nigeria.
Commenting on the state of the industry, he said “The regulator has made very clear the categorization and that has attracted a lot of competitors. And that’s a good thing. We don’t look at that as a bad thing because it also keeps us on our toes.
“And so, all the competitors are a bit different in how they do things. I think our market is very similar to India. I don’t think it’s a winner-takes-all because there is no one person in Nigeria that has only one financial account. I’ve not met the Nigerian who has only one account. So, it’s not a winner-takes-all, but you probably have one that you prefer.”
