Paga is now fully integrated into Nigeria's banking system to allow customers to transfer money to their Paga accounts instantly from any bank in Nigeria, and vice-versa. Before this, customers would have to use a Paga agent to make a deposit or physically visit a bank.
Paga is a payments company in Nigeria founded by Tayo Oviosu who also serves as the company's CEO.
"When Paga launched to the public the only way to fund an account was either at a Paga agent or by visiting a bank branch to deposit to our bank account (or transferring to our bank account). If you used the second approach you had to notify us on our site. Two members of our team had to verify your deposit before we gave you electronic value. We termed this process “manual deposit”. We had 20 staff to make this manual deposit process work! It took us about 2hrs on average to process any deposit. Sometimes the banks didn’t post immediately, sometimes they didn’t post until the evening – we could ONLY give value when we saw money in our account. Other times we just had a major backlog. Either way, we had irate customers, and understandably so," explained Oviosu.
The Nigerian FinTech company has come a long way from its manual deposit days as it now reports that 96% of deposits into Paga are now automated. In June 2017 the company also announced a partnership with MFS Africa, a Pan Afrikan company that provides a gateway for the sending of money to mobile wallets. The partnership will allow Paga users and Nigerian bank account holders to receive remittances from around the world.
Image Credit: Paga