Paga plans to increase financial inclusion in Nigeria


The mobile payment service provider seeks to hasten delivery to the 70 per cent of Nigerians who are unbanked though partnering with other stakeholders to offer network development and management services to all banks, micro finance institutions, mobile payments operators and insurance firms.

“At Paga, there are two main areas that we focus on as a business. First is efficient payment systems, this means that Paga will be the best way to pay money and receive money from others be it business or individuals. The second key leg of the business we do, is creating low cost, high quality financial services that are delivered to the mass market via an Agent network,” Jay Alabraba, Co-founder of Paga told CNBC Africa.

The agent network underpins the vision to increase financial inclusion across Nigeria while making stakeholder involvement and growth across the nation its main focus. Nonetheless, this is a huge challenge given the current infrastructure challenges in the country.


“Today, 18 to 20 per cent of our agents are in rural locations, so we have a good knowledge of the logistical nightmares that relate to this, the experience etc,” he explained

According to Alabraba, the value of rolling out this agent network management service that will be available to every stakeholder to build their own network which will enable economies of scales to be built that would be much harder for individual businesses to achieve on their own.

“I also think the training is valuable because as you engage with more customers and the flows increase, there are those needs on training, record keeping, on financial management, on cash flow management etc,”  he added.

The unit plans to create an open network for industry stakeholders to access several services under a shared services model that include, agent recruitment and management, customer KYC verification, bank account opening, cash depositing and cash withdrawal.