Nigerian Payments App Paga May Be Africa’s Next Unicorn

SourceYahoo News
SectorFinancial Services
CountryMiddle east

Emele OnuJune 10, 2021, 9:00 PM·3 min read1 / 2Nigerian Payments App Paga May Be Africa’s Next Unicorn

(Bloomberg) —

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 U.S. billionaire investor Tim Draper and former Goldman Sachs Group Inc. 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 $8 billion 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 $1 billion “in the next year or two,” Oviosu said in an interview.

Tech unicorns — startups with a valuation of $1 billion or more — are less of a rarity in Nigeria as companies catering to a large unbanked population revolutionize the way people transfer money and more...