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Innovation Solution Description
Mobile Money Financial Service Solutions
Qualitative Results of the Innovation
1. Increased Financial Inclusion: Paga platform has provides a simple and accessible way for people to access financial services, even in remote areas where traditional banking services are not available.
2. Access to Credit: Paga partnered with a number of financial institutions to provide loans to users. By leveraging data from Paga's platform, these financial institutions are able to make informed lending decisions.
4. Increased Economic Growth: Paga provides a simple and accessible way for people to access financial services.
5. Improved Efficiency: Paga has also improved the efficiency of financial transactions in Nigeria. The platform has enabled people to carry out transactions quickly and easily, without the need for cash. This has helped to reduce the costs and risks associated with cash transactions, and has improved the overall efficiency of the financial system in Nigeria.
Quantitative Result of the Innovation
1. Mobile Payments: According to the company, over 17 million transactions worth over ₦1 trillion ($2.6 billion) have been processed through its platform since it was launched in 2011.
2. Financial Inclusion: Provides banking services to unbanked and underbanked Nigerians. The company has over 24,000 agents across Nigeria. .
3. Job Creation: According to the company, over 23,000 agents have been trained and empowered to provide financial services to their communities.
4. Investment: In 2020, the company raised $10 million in a Series B funding round led by the US-based Global Innovation Fund (GIF) and including existing investors like Adlevo Capital, Omidyar Network, and Goodwell Investments.
Border Area
Idiroko and Chikanda (Nigeria-Benin border), Mfum (Nigeria-Cameroon border).
Region
West Africa
Organization
Paga:
Address, Lagos, Nigeria
Tel: +234 0700-000-7242
Consent/Link
Consent to share form or official link.
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