Mobile Money operator, Paga, has been presented an award by the Nigeria Inter-Bank Settlement Systems Plc (NIBSS) for the mobile money operator’s outstanding performance and achieving the highest transaction count on the Global Mobile Regulatory & Monitoring Platform in 2017. This is the third year in a row.
Since its launch, Paga has recorded a milestone of over 8,000,000 users at the end of 2017 and a total of approximately 42.7 million transactions till date, with a total value of over N660 billion.
The mobile money platform currently has the largest agent network, with over 15,000 transacting agents serving its dedicated communities, and has partnered with the CBN on the Shared Agent Network Expansion Facilities initiative, to grow the reach of agents providing financial services to 500,000, in order to ramp up inclusion for all Nigerians.
Chief Executive Officer, Paga, Tayo Oviosu, said the platform would continue to pave the way as the leading mobile money operator in Nigeria.
Figures from the Nigeria Inter-Bank Settlement System (NIBSS) shows that mobile money operators in the country have a total of 3.84 million customers as at 31 December 2017, total transaction volume stood at between January-December 2017 stood at 47.80 million also, total transaction value stood at N1.10 trillion
Recall that the CBN in its bid to boost financial inclusion drive launched the financial inclusion strategy in 2012 with the aim of reducing the exclusion rate to 20% by 2020. Specifically, adult Nigerians with access to payment services are to increase from 21.6% in 2010 to 70% in 2020. It also licensed 21 mobile money operators.
Paga is a mobile payment platform that allows its users to transfer money and make payments through their mobile devices. It acts as a mobile wallet where any user equipped with a mobile device can conduct transactional activities using their device. Paga was founded in Nigeria in 2009 by Tayo Oviosu.