Paga, one of the leading mobile money companies in Nigeria, has revealed that it recently signed a $ 10 million financing agreement, led by the Global Innovation Fund (GIF).
Also participating in the investment are existing investors in the company – Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital.
A statement by Paga explained that the new financing brings the total amount that Paga has raised to $ 35 million since its foundation in 2009.
The company started its commercial operations in August 2012 and recently revealed that it has served 9 million customers and has created more than 10,000 jobs through its 17,000 agents hiring staff to run their stores.
"GIF is proud to lead Paga's Series B2 round," said Alix Peterson Zwane, CEO of GIF.
"Paga's mission to help people" make life possible "is in line with our core mission: to support entrepreneurs and innovators who try to improve the lives of people living less than $ 5 a day I am glad that GIF will make the next phase of Paga possible. "
Nigeria is one of the fastest growing emerging markets in the world and the largest economy in Africa with a GDP of $ 405 billion. Nigeria currently has a population of more than 186 million inhabitants, but is expected to be the fourth largest country in the world by 2050 (behind India and China), with 411 million people.
"In Nigeria, more than 100 million adults find it difficult to transfer money or use it for the basic needs of people, and this problem is one that even exists for those who are invested and something that the Paga team is passionate about. solve it.
"With the growth funding announced today, Paga can further expand its operations in Nigeria to boost the growth of Paga's mobile wallet and agent network and explore expansion opportunities in other markets where similar problems exist," the statement added.
"Our belief in Paga as an effective platform to stimulate financial inclusion is unwavering.
"Paga has made good progress and, in addition to other investments in our portfolio, has played a major role in our ability to demonstrate that enabling access to essential services for the broad population has both a significant financial and development impact as well as" Managing Partner at Alitheia Capital, "& # 39; Tokunboh Ismaël said.