Nigeria’s biggest mobile money schemes, Paga has managed to scoop 1.3 users. With this amount of subscribers the schem e has managed to record a transaction volume of 587,035 with value of N6.16 million in the month f February 2014.

The scheme enables its users to pay for goods and services with mobile money.

Paga launched a new mobile money transfer (MMT) service to Nigeria, which increases the reach of Western Union payout options in the country.  The new service integrates directly with Paga users.

Using Paga’s multi-channel platform, customers can withdraw the money by sending it to a bank account, withdrawing from an ATM or through Paga’s network of over 4,000 agents in Nigeria.

Tayo Oviosu, CEO, Paga, said that with this number of transactions and value Paga is now the largest mobile money operator in the country.

“We are the largest mobile money operator. Mobile banking business is different from mobile money, which confuses some Nigeria into believing that banks in the mobile money ecosystem are doing better than us. We have 4,000 agents in 25 states of the country, which today is the largest. We are now positioned to collaborate with banks to use our agent network for cash in and cash out services,” he said.

Oviosu recommend Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) to heed to the call by some operators that are seeking for reduction in the cost of USSD platform that Mobile money operators’ use which is provided by telecommunications operators.

“No regulator should control price in the market, we are in a free market, let forces of demand and supply determine price. If you are one of the telecom operators, you would want your service to be commercially viable,” he said.