Paga is an innovative, open, secure, and interoperable mobile payments platform that allows anyone with a mobile phone transact electronically.
With Paga, customers can send cash to anyone, deposit money to any bank, purchase airtime credit/data, pay bills, pay retailers, et al. Paga works on all phones, and on all networks.
The startup started doing business following its Series A funding round in 2012, three yeas after official launch. At that time, it had 125,000 users. In June 2015, users climbed to 3 million, meaning it gained 2 million users in 14 months.
Much of its success has been attributed to its agents who work tirelessly to process payments for millions of Nigerians. As of today, its agents are over 11,000.
These agents helped process US$1 billion in transactions from January 2012 – June 2015. The next 12 months, July 2015 – July 2016, they processed US$800 million.
This new milestone comes seven months after the startup announced it has clocked 5 million users. This means the startup gained 1 million new users during that period.