Lagos, Nigeria − Today, Paga, an innovative financial services platform, announces a US$2 million grant from EFInA to develop and deliver low cost financial products through Paga's nationwide agent network. EFInA is an independent, professional and non−profit organization funded by the Bill & Melinda Gates Foundation and the United Kingdom Department for International Development (DFID). The organization was set up in late 2007 with a purpose to promote pro−poor financial sector development and financial inclusion in Nigeria.
Paga, which enables Nigerians to transfer money to anyone via their mobile phone, Internet connected device, or at any agent in Paga's nationwide network of agents, won the award following a highly competitive and rigorous application process that spanned several months including thorough checks on both the status of the business and viability of its long term potential.
EFInA chose to award the grant to Paga above a host of other applicants for the ambition and clarity of its planned initiative and its track record in performance to date. According to Mrs. Modupe Ladipo, Executive Director and Managing Director for EFInA, 'With over 59 million unbanked adults, finding new ways of reaching out to this market and bring low cost financial services is a major challenge we aim to address. By bringing low cost services to every neighbourhood we believe we can help bring a large number of Nigerians out of poverty and improve living standards. We have chosen Paga for this grant because of the robustness of their plans and strength of their team. We are confident that by working together we can achieve our mutual goal of universal access to financial services for Nigerians.'
Mr Tayo Oviosu, CEO and Founder of Paga further states "Our team is very honoured to receive this grant from EFInA. As is core to our multi−stakeholder approach at Paga, we will be working with partners such as Diamond Bank, LAPO − Nigeria's largest Micro−Finance Institution, ADIC and GT Assur to develop and deliver low cost financial services to all Nigerians at our agents. The EFInA grant will fund our work in this area and the much needed public education required for success. Our goal is to bring financial services to over 40 million Nigerians by 2015 − with this grant our objectives will be even more achievable."
Mr. Jay Alabraba, Paga Co−founder and Director of Sales & Business Development, added: "Our low cost financial offerings delivered via our agent network is yet another example of innovation at Paga − a Nigeria home−grown company. Through our banking, insurance and microfinance partners, we will bring savings, loans and insurance to those that need it the most in a manner that is both simple to use and easy to understand. Delivering more services at the agent point also improves the viability of the Paga agent network as it means additional revenue streams for our agents."
Both EFInA and Paga believe that to reach the un−banked or under−banked in Nigeria innovative approaches with multiple stakeholders in the financial sector is the key to success and long term sustainability. Additionally a service that works across all mobile networks is also vital for success.
Paga is available on all mobile networks and is delivered to customers in collaboration with strong local banks, retailers and various other private and public sector organisations. To learn more about Paga, contact the company at 0700−000−7242 or visit www.mypaga.com.