Since its start in January 2012, the African mobile payments company Paga has said on LinkedIn that it has successfully completed around 6.1 trillion (or $14 billion) in transactions.
In the post about celebrating, the UK-based African fintech company showed how much their processing speed had improved.
According to them, the company grew gradually at first; in fact, it took the business 99 months (from January 2012 to March 2020) to handle its first two trillion yen (which is equivalent to four billion dollars). In the 22 months that followed, the company did a total of $4 billion worth of business. This milestone was reached in January 2022.
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Paga’s growth and development were due to its strong influence in Nigeria
It only took them eight months to reach their most recent big milestone, which was processing two trillion transactions between February and September of 2022.
It is on track to reach its goal of having about 50 million adult users in Nigeria within the next five years by giving people access to its online and offline channels for financial services.
Over 20 million customers make use of the company’s offline channel, which consists of more than 140,000 agent points. One of its web channels is Paga. It also has a USSD code that you can use by dialling *242# and a channel for business owners called Doroki. CB Insights recently put the company on the Fintech 250 List for its work with mobile wallets and money transfer services. This honour was bestowed upon the company in recognition of its achievements.
Paga was also featured on the annual list of Fintech 250
With a total capital of $38 million, Paga was ranked fifth on the annual list of The Fintech 250, which features the world’s 250 most promising private fintech businesses. Paga’s investors included Acumen, Adlevo Capital, Capricorn Investment Group, Flourish Ventures, Goodwell Investments, Jeremy Stoppelman, Jim O’Neill, Tim Draper, the Global Innovation Fund, Unreasonable Capital, Ping An Cloud Accelerator, and Gaingels helped Paga reach this milestone.
MFS Africa, TeamApt, and Paga were the three companies that won their respective categories for the very first time. Africa had a total of six winners from the list. Jumo, KuCoin, and Opay are the other companies that have won this competition previously. Three new businesses were started in Nigeria, two in South Africa, and one in Seychelles.
About Paga
Paga is a leading mobile money company building an ecosystem that will allow people to send and receive money digitally and make it easier for everyone to access money.