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Nigeria's Paga receives funding

By , ITWeb
Nigeria , 03 Jul 2012

Nigeria's Paga receives funding

Nigerian mobile firm, Paga, says it has received an undisclosed amount of money to boost its capacity to expand its mobile money technology across different parts of the West African country.

The company received funding from four investment companies, namely, Adlevo Capital, Omidyar Network, Acumen Fund, and Capricorn Investment Group.

Tayo Oviosu, chief executive officer, Paga, said in a statement that the firm’s business opportunities are "huge".

“A key requirement for success in our industry is having investors who share our vision and have the financial fortitude for such an undertaking,” he said.

Oviosu noted that a major part of his company is sustained by funds from individual investors.

“To date individual investors have funded us. We are humbled by the interest we continue to receive from both local and international institutional investors,” said Oviosu.

“This investment will enable Paga to scale operations across Nigeria and allow us to build upon our front-runner position,” he added.

Oviosu also said that the mobile money company played a significant role in the country’s cash-less background by enabling users send cash, pay bills and perform a variety of other transactions with their mobile phones.

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