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Paga Joins as Founding Signatory to the New “Guidelines For Responsible Digital Financial Services”

“Launch led by Goodwell/Alitheia, IFC. Paga, Nigeria’s leading mobile money platform was a founding signatory”

On the 20th of June, 2018, Paga was invited to join a unique alliance of over 50 Fintech investors and digital finance innovators gathered in Amsterdam, to launch investor guidelines aimed at spreading the benefits of the Fintech revolution more widely.

What exactly is responsible digital finance?

While the opportunities for Fintechs have increased, so too have the risks surrounding digital financial services for investors, investees, customers and wider digital ecosystems across markets and regions. There has become a pressing need to ensure that there are guidelines to ensure that digital financial services are delivered fairly, transparently and securely which are they key tenets of responsible digital finance.

“We are very proud to support this initiative. Paga is committed to responsible digital financial services by offering products that are commercially viable yet not predatory,” stated Paga CEO, Tayo Oviosu, “Leveraging our human interaction to ensure that our offerings are clear to end users, and investing in consumer financial literacy programs in communities in which we work.”

“Launch led by Goodwell/Alitheia, IFC. Paga, Nigeria’s leading mobile money platform was a founding signatory”

These leading organizations have teamed up to develop a set of guidelines for investors who are interested in funding inclusive digital financial services in a responsible way.

The guidelines are a voluntary framework that organizations can sign up to and use as guidance when they invest in responsible digital financial services. The guidelines will benefit digital financial service providers and their customers by helping investors to better evaluate and manage risks associated with digital transformation and digitization.

How do we as an organization, practice responsible digital finance in a developing country with even greater risks?

  • In Nigeria, where there is a higher population of non-tech savvy and poorly educated people, we believe in leaning on human interaction at Paga. We rely on our agent networks and our field teams especially in remote areas to educate their communities and increase their financial and digital literacy while delivering our fairly priced services and closing the gap of financial inclusion.
  • We also ensure that we have a high level of customer service in order to make sure issues are resolved in a timely fashion and to provide excellent support to all end users.
  • We take extra measures to make sure all transactions are secure and ensure that your money is always safe with us.
  • We continue to innovate, and find ways to improve upon our offerings, provide more services and reduce transaction fees, and ensure that our processes are transparent and there are no hidden costs or fees transferred to our consumers.

There is still a long way to go, and the government has to get involved with creating initiatives such as “Financial Literacy Week” which is now practiced nationally in India, a country that is has aggressively tackled financial inclusion and has seen the growth from 53% to 99% of households having at least one member with a bank account. Problems such as a lack of national identity also hinder services like lending and credit facilitation.

At Paga, we remain focused on our mission and we are excited to keep trailblazing on the road to a financially inclusive Nigeria for all.

Making Life Possible is our ethos at paga, and it is what keeps us committed to our mission of providing inclusive financial services for all Nigerians. With over 15,000 agent outlets and 8 million+ customers, we are inspired by the stories of the community we are building and the people we are empowering by making life possible every single day. Sign up for a Paga wallet today

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