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Pagatech Receives $2 Million Grant from EFinA

By on March 12, 2012

Pagatech, an indigenous mobile money operator has received a $2 million grant from the Enhancing Financial Innovation and  Access (EFInA) to develop and deliver low cost financial products and services in Nigeria.

EFInA is an independent, professional and non-profit organisation funded by the Bill & Melinda Gates Foundation and the United Kingdom Department for International Development (DFID).

Pagatech was founded in early 2009 by Tayo Oviosu, Jay Alabraba, and Eric Chijioke.

The firm received the money after several months of a competitive process.

JayAlabraba stated, “Our low cost financial offerings delivered via our agents are 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.”

Executive Director of EFinA, Mrs. Modupe Ladipo stated, “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.”