Paga used as a Case Study for Digital Financial Services at the IMF and World Bank Group Spring Meetings 2017
Tayo Oviosu, Founder and CEO Paga, Nigeria’s #1 Digital Financial Service company, spoke at the Spring Meetings of the World Bank Group and International Monetary Fund (IMF) in Washington DC on 19th April, 2017. Spring Meetings is an annual event that brings together central bankers, ministers of finance and development, private sector executives and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
Tayo gave a presentation on digital financial services in Nigeria and used Paga as a case study. After his presentation, he participated on a panel to discuss Driving Digital Financial Inclusion in Africa. The panel also had Benno Ndulu, Governor, Central Bank of Tanzania and was moderated by Eric Chinje, CEO, African Media Initiative.
During his talk on the panel, Tayo focused on his entrepreneurial experiences with Paga championing the growth of digital financial inclusion in Nigeria. He shared his perspective on what it will take to bring financial inclusion to all areas and how public and private sectors can leverage technological innovation in Digital Financial Inclusion across Africa.
Watch full video here.
Tayo shared insights on Paga’s progress, now with an Agent Network of over 11,000 entrepreneurs in all states of the country. Compared to the 5,358 branches of all banks in Nigeria, the Paga Agent network is the single largest and most active network of financial services access points in Nigeria. Paga agents offer a convenient location for customers to send money to anyone using the recipients phone number, deposit money to any bank account, withdraw money from bank accounts, and pay bills.
The Paga agent network is the bank branch of the future. The agent point is where people will go to open financial accounts such as savings and loan accounts. Paga has over 6 million users in just 4 years of commercial operations. Paga has been successful by taking a multi-channel approach, bringing financial services to peoples door-steps and finger-tips via her agent network, web — mypaga.com, USSD *242#, and mobile app available in Google Playstore. In 4 years Paga has processed over 31 million transactions worth N400 billion. Our vision is to be Africa’s leading payments and digital bank.
“Thanks to the IMF team who invited me to speak today. Was an honor and I enjoyed it”. — Tayo, expressing his satisfaction from the event and being able to tell Paga’ story on the platform.
More photos of Tayo at the Spring Meetings.