By Chinenye Anuforo
Nigerian fintech firm, Paga, commemorated its 15th anniversary with a call for the Nigerian Communications Commission (NCC) to revisit its data pricing regulations. Founder and Chief Executive Officer, Tayo Oviosu, highlighted this during a media session in Lagos recently.
Oviosu applauded the Central Bank of Nigeria’s (CBN) leadership in the fintech space, even as he revealed that Paga has processed over N14 trillion ($32 billion) in transactions within the Nigerian financial sector during its 15 years of operation.
The company boasts over 23 million customers and serves roughly 150 businesses through its three core offerings: customer payment services, payment infrastructure platforms for other fintech companies, and business payment solutions.
Paga’s impact extends beyond direct services. It has created over 1,000 direct jobs and an estimated 100,000 indirect jobs across the country. Their ambition is to empower millions more globally, with a vision of financial freedom for over 1 billion users.
Oviosu emphasized their unwavering commitment to security. “Paga is Payment Card Industry Data Security Standard (PCI DSS) certified, ensuring robust customer protection.
Socially responsible initiatives are also a focus. Paga partnered with Utiva, a tech training platform, awarding scholarships to 18 women for in-demand tech skills.”
Recalling early challenges, Oviosu pinpointed the lack of funding. “There were no angel investors, no tech ecosystem,” he explained. “Pitching Paga meant pitching the story of Nigeria, which was difficult due to macro-economic issues.”
Despite these hurdles, Paga has emerged as a leading force. The Financial Times recently recognized them as one of the world’s 50 fastest-growing businesses due to their phenomenal growth trajectory in the payments sector.
