Paga Reaches N1.5 Trillion Transaction Milestone Barely a Year After Securing $10 Million Round

Mobile payments company, Paga, recently announced that it has hit another milestone in its financial operations. The fintech company said in a tweet that it recently reached the N1.5 trillion mark in transactions it has processed since it officially launched in August 2012.

Reaching one trillion naira in transaction value is a major milestone for Paga. We are proud of our success in digitising cash and making it easier for people to pay and get paid. We are working round the clock to continue to bring innovative solutions to the mobile payments industry as we expand our range of services.

Tayo Oviosu
CEO and Co-Founder of Paga

Paga started operations with the aim of deepening financial inclusion in order to make money handling services available to the unbanked individual as well as businesses and banked individuals.

In July, @mypaga crossed N1.5 Trillion in transaction value proceed since commercial operations launched Aug 2012!!

Using nominal exchange rates each month this is $5.4B!

Thanks Naija for your trust in Paga 🙌🏾#makinglifepossible #JustPagait

*242# or https://t.co/uHiFwmJznh

— Tayo Oviosu (@oviosu) August 12, 2019

Paga has enjoyed widespread acceptance by the populace since it started out with its two basic functions that met the primary banking need of the average Nigerian. With the Paga app, since people could now send or receive money certain of an error-free transaction, more people have joined the Paga customer base. By October 2018, the platform had crossed 10 million users.

The remittance company says it has processed 87 million transactions since its inception. Upon conversion using the monthly nominal rates, the transactions amount to NGN 1.5 trillion or US$5.4 billion.

As Paga expands its range of services for its users, it ensures that they can access it services online and offline. With the addition of the Paga wallet, users can now add multiple bank cards or their bank accounts in order to make transactions with Paga.

Did you know that linking your bank accounts & cards on Paga allows you to have multiple options of payment?

So you get to enjoy the flexibility of paying your bills, shopping online, making money transfers & taking care of other financial needs, all from one secure place 😁. pic.twitter.com/6ePXDPiIa9

— Paga (@paga) August 8, 2019

This additional milestone of N1.5 trillion worth of transactions is another indicator of growth and expansion for the fintech company especially after it just secured a $10 Million Round for globally reach more people with its services last September.

Considering its customer growth and recent round of funding, Paga could be looking to roll out more financial services over the next few months.