Paga receives CBN mobile money licence

Dec 16, 2010

Mobile money provider Paga has received a licence to operate from the Central Bank of Nigeria (CBN).

The move paves the way for the product to be fully launched early next year, following a pilot scheme that has been running since September. Customers will be able to pay bills, transfer money and purchase top-up cards for their mobile phones using the service, which will be available on all of Nigeria's cellular networks.

Commenting, Founder and Chief Executive Officer of Paga Tayo Oviosu said the CBN "has made clear its goal to bring high-quality financial services to an even broader segment of the population". He added Paga intends to be at the "forefront" of the growing use of mobile phones, which can help "transform lives" across Africa.

Pagatech, the company behind the product, was established in early 2009 with the intention of reaching Africa's unbanked population and encouraging the growth of a "cashless society".