Nigerian Mobile Payment Company, Paga Announces $14 billion in Transactions

Nigerian Mobile Payment Company, Paga Announces $14 billion in Transactions

Uk-based pan-African fintech company, Paga has announced its landmark N6.1 trillion (equivalent of $14 billion) made in transactions since January 2012, three years after it was founded. According to the Linkedin post seen by The Ouut, the company has significantly measured its growth per ₦2 trillion.

“Total Processed Value (TPV) on our platforms is growing exponentially and is indicative of our strong growth in engagement.

As of Sept. 2022, we have processed ₦6T (~$18B using a nominal exchange rate each month) since Jan 2012!” the company revealed.

Measuring the metric, the company processed its first two trillion naira or 4.6 USD in 99 months (eight years and three months) which was from January 2012 to March 2020. It consecutively processed the same amount in the next 22 months (April 2020 – January 2022) and eight months after (February 2022 – September 2022).

Licensed by the Central Bank of Nigeria (CBN), the company which facilitates payments via cards, QR codes, bank transfers, APIs, USSDs or its Paga agents, launched its operations in 2009 having Nigeria as its first market.

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Following approval by the National Bank of Ethiopia, the company expanded its operations to Ethiopia in March 2022.

Recently, Paga was named in the annual list of 250 most promising private fintechs in the world published by CB Insights.

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