Lagos, Nigeria − Today, Paga, Nigeria's leading money transfer service, announced it was shortlisted by the Financial Times and ArcelorMittal for its "Boldness in Business" Awards 2013 in the Technology category. The Financial Times is one of the worlds leading business newspapers based in the United Kingdom and ArcelorMittal is the worlds largest steel company.
Now in their fifth year, the globally recognised award, features companies, entrepreneurs and individuals who, through bold decisions, drive change and inspire innovation in their various business sectors. The "Technology" category of the awards specifically focuses on companies who are leading the push into new areas or applying existing technologies to transform existing business models and deliver outstanding economic and social impact.
In Nigeria's new but rapidly developing mobile payments landscape, Paga is the leading player with over 60% market share. The FT−ArcelorMittal "Boldness in Business" Awards committee is recognising Paga for "...Leading the push..." towards harnessing and continually developing technology to "...deliver outstanding economic and social impact".
Since receiving its operating license from the Central Bank of Nigeria in November 2011; this home grown money transfer company and its in−house developed technology platform, is focused on fulfilling its mission towards transforming lives by delivering innovative and universal access to financial services. Its offerings are for all consumers whether they are banked or un−banked.
In 2012, Paga's first full year of operating as a CBN licensed mobile payments company, Paga's user base grew from 40,363 to 382,063 users − 847% growth in one year! The company now boasts over 300 businesses registered to use the platform to collect payments and over 1,600 agents in 23 cities nationwide. In 2012, the company processed over 918,000 transactions worth over N9.8 billion…and the numbers are still growing.
According to Lionel Barber, editor of the Financial Times:
"Against a backdrop of an exciting but tough year for the global economy in 2012, it is clear to us that winning businesses are those that make the boldest decisions to change, grow, launch, acquire, merge or simply do something different. The shortlist for this year's awards encapsulates that attitude to aspire to be bold and stand out, bringing positive impact on the way we do business."
Reacting to the shortlisting of Paga for the awards, Paga's founder and CEO, Tayo Oviosu, stated:
" This is a great honour for our company and it is quite humbling to be selected from so many who we know to be doing amazing things in terms of utilising technology to address economic and social issues around the world. Our selection is a testament to the hard work and dedication of our 120 person strong team and our investors who are committed to the success of Paga and mobile payments in Nigeria. We are in fantastic company in our category and we're really excited to see how things turn out on the day. Innovation is at the core of our company. The entire Paga team is extremely passionate about our mission and we are constantly striving to develop "appropriate technology" suited for the local markets where we operate. We also work hard to ensure our services are low cost and accessible via our agent network, in doing so we can strive towards universal access."
After closing 2012 by winning "BEST USE OF IT IN MOBILE-PAYMENT (Independent)" at the 5th Nigerian Financial Technology Awards 2012; 2013 is already promising to be interesting year for Paga. This is already their second award nomination for the year, having been nominated by Mobile Money Africa in the Best Independent Mobile Money (Nigeria category) at The Kalahari Awards 2013, scheduled to hold on the 7th of February.
The winners of the 2013 FT ArcelorMittal Boldness in Business Awards will be announced on 20th March, at a ceremony in London hosted by Lionel Barber, editor, Financial Times, and Lakshmi Mittal, chairman and chief executive officer, ArcelorMittal, Boris Johnson, Mayor of London, will be the guest speaker.