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Enhancing Financial Innovation & Access (EFInA) awards $2 million Innovation Grant to Paga
08 March 2012

EFInA provides funding to boost mobile financial services in Nigeria

Lagos, March 8th 2012: EFInA announced that it awarded Paga, an innovation grant of $2 million.  

Paga was established in early 2009, with a mission to deliver innovative and universal access to financial services in Africa. Paga enables Nigerians to transfer money to anyone via their mobile phone, Internet connected device, or at Paga’s agent locations.  Paga is available on all mobile networks.

The EFInA Access to Financial Services in Nigeria 2010 survey showed that of the 49.2 million adults that own a mobile phone, 25.3 million are unbanked; this clearly demonstrates the potential for using mobile phones as a distribution channel for providing financial services to the unbanked.

In awarding the grant, Chief Executive Officer of EFInA, Ms. Modupe Ladipo stated that, “There are 39 million Nigerian adults who have no access to financial services whatsoever. Therefore, finding innovative ways (in terms of products, services & distribution channels) is essential in reaching out to this market.”

Mr Tayo Oviosu, CEO and Founder of Paga further stated that, “Our team is very honoured to receive this grant from EFInA.  We will be working with a range of partners to develop and deliver low cost financial services to all Nigerians through our agent network. Our goal is to bring financial services to over 40 million Nigerians by 2015 – with the EFInA grant our objectives will be even more achievable.”

To find out more about how to apply for our Innovation Fund please click here