The company’s rapid growth recognized in the prestigious global ranking
Lagos, Nigeria – 2 May 2023: Paga, one of Nigeria’s leading payments and financial services companies, has been included in the Financial Times’ prestigious 2023 ranking of Africa’s fastest-growing companies. The recognition highlights Paga’s rapid growth and outstanding performance in Africa’s fintech sector.
The Financial Times is globally renowned for its annual list of Africa’s fastest-growing companies. It is compiled in collaboration with Statista, which lauds innovative and high-growth businesses contributing significantly to the continent’s economic development.
Paga’s inclusion follows a comprehensive evaluation of revenue and headcount growth. Paga’s absolute growth rate of 238% and compound annual growth rate of over 50% between 2018 and 2021 highlight Paga’s exponential growth.
The accolade follows a steep acceleration in the engagement of customers using Paga. As of the end of 2022, Paga’s cumulative total processed value reached NGN 7 trillion Naira ($20 billion), with NGN 3.2 trillion ($8 billion) transacted in 2022.
Paga’s founder and Chief Executive Officer, Tayo Oviosu, expressed his gratitude for the recognition, stating, “We are honoured to be recognized by the Financial Times as one of Africa’s fastest-growing companies. This accolade is a testament to our team’s hard work and dedication, our commitment to making payments simple, and providing financial services to millions in Nigeria and beyond.”
Since its inception, Paga has revolutionised Nigeria’s financial landscape by offering a comprehensive suite of services that facilitate seamless mobile payments and digital banking. Paga drives access to financial services via hybrid online and offline channels. The offline channel has a 140,000+ agent network, where customers can access financial services, while online channels are digital platforms for consumers (the Paga app and *242# on any mobile phone) and merchants.
With over 21 million users across direct consumer channels and the agent network, Paga drives financial inclusion and promotes economic empowerment, particularly for the unbanked and underbanked population. The company’s payments infrastructure will have 40-50 million Nigerian adult users in the next five years.
Paga’s overall vision is to make it simple for a billion people to access and use digital financial services. The company is focused on scaling in Nigeria and then expanding across Africa.
A big thank you to the Financial Times and Statista teams. We’re proud to be on this list!