Nigerian Fintech startup Paga is concluding plans for an international expansion with $10 million in funding let by the Global Innovation Fund. The company will release its payments product in Ethiopia, Mexico, and the Philippines, CEO Tayo Oviosu has disclosed.
Paga looks to go head to head with regional and global payment players, such as PayPal, Alipay, and Safaricom’s M-Pesa, according to Oviosu. “We are not only in a position to compete with them, we’re going beyond them,” he said of Kenya’s M-Pesa mobile money product. “Our goal is to build a global payment ecosystem across many emerging markets.”
Founded in 2012, Paga has created a multi-channel network and platform to transfer money, pay-bills, and buy things digitally that’s already serving 9 million customers in Nigeria—including 6000 businesses. All of whom can drop into one of Paga’s 17,167 agents or transfer funds from one of Paga’s mobile apps.
Paga products work on iOS, Android, and basic USSD phones using a star, hashtag option. The company has remittance partnerships with the likes of Western Union and Moneytrans and allows for third-party integration of its app.
Paga has also built out considerable scale in home market Nigeria—which boasts the dual distinction as Africa’s most populous nation and largest economy.
Since inception, the startup has processed 57 million transactions worth $3.6 billion, according to Oviosu.