Paga, a mobile payments startup based in Nigeria, aspires to be Africa’s next billion-dollar corporation.
There are 17 million unique users in the company’s ranks, ranging from consumers to businesses and entrepreneurs.
According to reports, the company’s expansion intentions go beyond Africa.
Tayo Oviosu, the company’s CEO, is looking outside Nigeria to expand to Mexico and Ethiopia, with the latter planned for 2022.
According to Oviosu, the firm handled US$2.3B in transactions last year and $8 billion over the prior four years.
Oviosu also stated that Paga might reach a US$1B valuation “within the next year or two.”
Paga’s operation revolves around a group of agents. These agents essentially perform the functions of a bank teller.
Clients are signed up for Paga accounts via the firm’s 27,000 agents stationed across Nigeria, who also assist customers with processing payments and organizing funds into a bank deposit.
Paga is also making its programming interface available to tech entrepreneurs.
It is also expanding its individual-services sector thanks to a partnership with Visa.