Tayo Oviosu & Building a FinTech Business In Africa

Founded in Lagos, Paga scaled its fintech business in West Africa, before targeting expansion in Ethiopia and Mexico.

The startup has created a multi-channel network for over 14 million customers in Nigeria to transfer money, pay-bills and buy things digitally through its mobile-app or 24,840 agents.

In 2020, Visa entered a partnership with the Nigeria based startup on payments and technology.

What is Paga

Paga is a mobile payment platform that helps users carry out certain financial transactions like money transfer, utility bill payments, and more.

Paga is a mobile phone-based platform such that anyone with a phone number can carry out financial transactions

Paga was founded in early 2009 by Tayo Oviosu, with a purpose to make it simple for one billion people to access and use money. We are solving two key problems that exist around the world – eliminating the use of cash for transactions and access to financial services. 

Paga’s first market is Nigeria, where it launched commercially in August 2012. In Nigeria, Paga is a mobile money operator licensed by the Central Bank of Nigeria. Paga offers a range of services such as: free money transfers, deposit to bank accounts, buying/sending of airtime, bill payments, remittances, bulk disbursements & collections that are accessible via their online channels (web/app) and on any basic mobile phone. Paga is also the largest distribution network for financial services in Nigeria through its nationwide agent network – mom and pop stores, pharmacies, grocery stores – where people can get access to financial services. 

Paga was founded on the simple belief that digital technology can be leveraged in building an ecosystem that enables people to digitally send and receive money and offer simple financial access for everyone. Their aim is to launch services in various emerging markets and partnering with relevant financial institutions to deliver services.

Paga has a number of investors in Africa and from abroad.