Paga, a prominent mobile payments company, has announced a significant operational milestone, reaching N1.5 trillion in processed transactions since its official launch in August 2012. This impressive figure, which translates to approximately US$5.4 billion when converted using nominal exchange rates each month, underscores the company's substantial growth and impact within the financial technology sector.

Tayo Oviosu, CEO and Co-Founder of Paga, expressed pride in this achievement, emphasizing the company's success in digitizing cash and simplifying payment processes for individuals and businesses. Oviosu reaffirmed Paga's commitment to continuous innovation, stating that the company is actively working to bring new solutions to the mobile payments industry as it expands its range of services.

Paga was founded with a core mission to deepen financial inclusion, making essential money handling services accessible to a broad spectrum of the Nigerian populace, including the unbanked, businesses, and banked individuals. The platform's initial offerings, focused on secure and error-free money transfers, quickly gained widespread acceptance, fostering a growing customer base.

The company's expansion is further evidenced by its user statistics. By October 2018, Paga had successfully onboarded over 10 million users. Since its inception, the platform has processed a cumulative total of 87 million transactions, culminating in the recently announced N1.5 trillion transaction value, which was surpassed in July and publicly announced in August 2019.

Paga continually enhances its service offerings, ensuring accessibility both online and offline. A key development is the Paga wallet, which allows users to link multiple bank accounts and cards. This feature provides enhanced flexibility for managing various financial needs, including paying bills, shopping online, and making money transfers, all consolidated within a single, secure platform.

This N1.5 trillion transaction milestone serves as a clear indicator of Paga's robust growth trajectory and expanding influence in the fintech landscape. This achievement follows closely on the heels of the company securing a US$10 million funding round last September, aimed at broadening its global reach. With its strong customer growth and recent capital infusion, Paga is well-positioned to roll out additional innovative financial services in the near future.