Despite its success in other parts of Africa, mobile money has not fully taken off in Nigeria, Africa’s largest economy. With its population of 170 million people and mobile penetration of around 80%, and low credit card penetration, the Nigerian market seems to be tailor-made for mobile money. But no one has been able to fully crack it yet — except Paga.
First on the scene with a license in 2011, after it was founded in 2009 by Tayo Oviosu, Paga has overcome the early lukewarm reception to mobile money in Nigeria. Now, its persistence seems to be paying off with the completion of $13 million in series B financing. It was backed by a raft of investors led by Adlevo Capital, with participation from Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group to grow the Paga mobile peer-to-peer platform.