Paga, a company which was founded on the simple belief that the ubiquity of mobile phones can be leveraged to bring financial services to all Africans has announced reaching 9 million users, up from 8 million in just the last four months. That’s one hell of a growth, coupled with the profitability of the company.
Announcing via a blog post, “Since 2012, we have processed 57 million transactions worth N941 billion ( $3.6 billion) and we have reached profitability. It took us 6 months to grow from 7 million to 8 million customers, and 4 months to get to 9 million — same amount of growth in just over half the time!”
The growth of this company might not be all too surprising given the passion that drive it and its founder, Tayo Oviosu and the very large number of unbanked Nigerians, and Africans at large. In Nigeria, a stunning number of people are still unbanked despite the growth of banks and Financial technology companies over the years. Paga has leveraged this number so far.
“Making Life Possible is our ethos at paga, and it is what keeps us committed to our mission of providing inclusive financial services for all Nigerians. With over 15,000 agent outlets and 9 million+ customers, we are inspired by the stories of the community we are building and the people we are empowering by making life possible every single day.”
Paga, which was founded in 2009 currently has a team of over 200 “passionate Africans determined to tackle what we consider a critical issue paramount to Africa’s development − the availability of financial services to all Africans.” And their growth is evident that they are doing just that.