Nigeria’s mobile payment service Paga, has hit over 1 million registered users just barely three years after its commercial launch September 2011.
Though it was founded early 2009, Paga had to work on regulations beforegoing commercial.
According to Paga’s CEO Tayo Oviosu, in September this year the firm saw over 2,000 users per day joining and recorded over 400,000 in transactions worth N4.5 billion.
The money transfer service allows users to send money to anyone with a mobile phone via personal Paga accounts or via Paga Agents. Paga also offers buying and sending of airtime credits, bill payments, and retail payments and can be used as an SMS app, browser-based or as a mobile application, USSD and IVR.
Merchants can also use Paga to collect payments from their customers offline or by using the Paga e-widget for online transactions on their websites.
In September Paga announced it had over 800 firms using its platform to collect payments and had over 3,500 agents in 150 towns and cities across 25 states in Nigeria. Some of the Paga investors include EFinA, Tim Draper, Omidyar Network, Goodwell West Africa, Capricorn Investment Group Adlevo Capital and Acumen Fund.