Nigeria’s Paga could become Africa’s next tech unicorn

SourceThe National
SectorFinancial Markets
CountryMiddle east

Nigeria’s biggest mobile payments company is vying to become Africa’s next unicorn, and its ambitions now stretch beyond the continent.

Paga, whose backers include US billionaire investor Tim Draper and former Goldman Sachs Group economist Jim O’Neill, boasts 17 million unique users including tech entrepreneurs, businesses, and individuals in Africa’s most populous nation.

Modeled after PayPal, it processed $2.3 billion worth of transactions in 2020 and $8bn during the past four years, according to Tayo Oviosu, the company’s chief executive officer who founded it in 2009. Paga could reach a valuation of at least $1bn “in the next year or two,” Mr Oviosu more...