Central Bank of Nigeria (CBN) has been making several efforts through licensing and policies to ensure that Nigerians experience ease of payment without having to carry cash driven by technology. Such efforts included licensing of mobile money operators, financial inclusion initiative among others.
One payment solution provider has distinguished itself by delivering seamless cashless payment through its three channels of reaching the market, which included consumer direct channel, Agent network and merchant payment App.
Founded on the simple belief that digital technology can be leveraged in building an ecosystem that enables people to digitally send and receive money and offer simple financial access for everyone; as mobile money operator licensed by the Central Bank of Nigeria, Paga offers a range of services such as: free money transfers, deposit to bank accounts, buying/sending of airtime, bill payments, remittances, bulk disbursements & collections that are accessible via its online channels (web/app) and on any basic mobile phone via dialing *242#.
Paga is also the largest distribution network for financial services in Nigeria through its nationwide agent network – mom and pop stores, pharmacies, grocery stores – where people can get access to financial services.
Jay Alabraba, co-founder, Paga, at a media interactive session on how Paga is realizing its set objectives and impacting on the community, said that; “at Paga, our five core values that form the guiding principles of how we conduct ourselves, how we run our business and how we interact with customers centres around Collaboration, Ownership, Result Oriented, Integrity and Innovation (CORII), they are the yardstick for determining and measuring our conduct internally and externally”.
He added that, in the nine years of operation, Paga has become a payment network of choice for Agents, consumers and merchants. Evident in the feats achieved so far in the market such as; having onboarded 27,273 Agents accounts (up 11% from 2019); 700% quarter on quarter growth in user signups; 200% increase in monthly volumes for self -transacting individuals; 260% increase in sellers and updates to Paga mobile app have been very well received and the app achieved a 4.5 rating in the Google Play Store.
Alabraba however, disclosed the plan by Paga to expand beyond the shores of Nigeria to Mexico and Ethiopia. The two countries according to him, has large population and similar payment problems like Nigeria hence their target for expansion.
Impact on Agents
Paga has successfully established a well trusted and known brand – earning the trust and confidence of people and the network. Its Agents have come to feel a keen sense of honor to be a part of Paga.
While some agents use other competitor brands, the measure of trust they ascribe to Paga is admirable so much so that many of them leave their daily commissions in their Paga accounts overnight.
The sense of identification with the brand is further underlined by the model of monthly payment of commissions as it gives them that sense of working in an office environment; some of the Agents refering to themselves as Paga staff (that sense of belonging).
Above all is the empowerment that the Paga model has enabled them with opportunity to contribute, provide employment and business expansion that make them – the Agents – honoured members of their communities.
“Our experience with Paga has been rewarding so far. No doubt Paga has made life better for us from their Marketing support for revenue growth to the Emergency Float and weekend support most especially – that keeps us in business; to the Customer Care/ problem resolution feedback system.
“We enjoy product assortment and innovations that allow us offer a variety of service offerings to customers”.
Eazymayor Communication Ventures
Paga, has been a life saver for me especially in the light of recent global events that could have left my business stranded. For me Eazymayor Paga is my life in every way!
Paga is user friendly, very low downtime, super back-end support, robust, best transaction history of audit. I now have peace of mind managing my large branch network.
I have never had reason to doubt the Paga platform. The loyalty, reliability and conscientiousness of the Paga team align perfectly with mine and this makes for an enjoyable and profitable relationship. I now have 5 thriving Paga outlets, and remain open to more opportunities when they present themselves. For me, it Paga and no other!
Foyfat Nigeria Enterprises
I have been a Paga Agent for 9 years now and I am really most grateful to God for the ability to join Paga tin Making Life Possible for my customers and for me at a time I needed an extension in my existing business. Because of Paga, my business is now a landmark, a brand name in my community! Everyone calls me “Mama Paga”!
With Paga, other parts of business interests have grown. Thank you, Paga Team, for making life possible for me and for my community!
Impact on Community
Alabraba explained that Paga impacts on community by empowering her communities and applying the expertise of at their disposal, philanthropic capital and technology to deliver commercially sustainable social impact at scale.
“Our Impact on our Communities are guided by the UN Sustainable Development Goals (SDGs) and our Environmental, Social and Governance (ESG) materiality.
“Our Community encompasses key stakeholder groups that present us with the opportunity to make life possible; this includes our: Agent Network, People: Customers, Employees (present & future).
“Environmental, Social, and Corporate Governance (ESG) refer to the three central factors in measuring the sustainability and societal impact of an investment in a company or business.
Environmental: Minimizing our business’s impact on the planet, by deploying providing smart solutions that reduce paper and consumables use such as Electronic Peer Review.
Governance: Our three lines of defense model to ethical and responsible operations are embedded in its core values and daily work. “Our independent board structure and robust risk management guide us in maintaining the highest business standards.”
Social: By applying the expertise of our workforce and leveraging our research, philanthropic capital, technology, data insights and partnerships, we are delivering commercially sustainable social impact at scale.
– Making Lives Possible Initiatives
“This impact reporting focuses on the Social – leading in empowerment, creating meaningful opportunities, diversity and inclusion and strengthening our communities. These are area is critical to our business essences, and where we know we can have notable impact,” he said.
Paga also impacts on the people through its Girl Child Scholarship Scheme, Turning Dreams into Reality – Empowering Entrepreneurs, among other initiatives.