Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

The news is by your side.

- Advertisement -

Nigeria Mobile Payments Firm Paga Acquires NY’s Apposit

Nigerian mobile payments company Paga is set to expand into East Africa and Latin America after founder and CEO Tayo Oviosu revealed plans to launch its payment products in Ethiopia and Mexico this year.

 

Paga has acquired Apposit, a U.S. incorporated software development company based in Ethiopia, for an undisclosed amount, according to Techcrunch.

- Advertisement -

- Advertisement -

 

Paga will use the Addis Ababa-based Apposit acquisition to support its expansion into Ethiopia and Mexico — its first markets outside of Nigeria.

 

With more than 14 million customers, Paga allows people to digitally send and receive money while providing access to other financial services through its digital wallet. It claims to have processed 104 million transactions worth $6.6 billion.

 

ALSO READ  Regulatory Agency Set To Flush Out Fake Real Estate Practitioners

Founded in 2007 by CEO Adam Abate, Eric Chijioke and Simon Solomon, Apposit builds large-scale enterprise software for African businesses.

 

Apposit’s Abate and Paga’s Oviosu both studied in the U.S. before returning to their African countries to start businesses.

- Advertisement -

 

Abate studied at Brown University and worked in fintech in New York before returning to Ethiopia. Oviosu earned an MBA at Stanford University and worked at Cisco Systems before he went back to Nigeria.

 

The two entrepreneurs connected through mutual friend Chijioke, who would become Paga’s chief technology officer while maintaining a partner role at Apposit — which dedicate an engineering team to build and support Paga’s payment platform, Techcrunch reports.

ALSO READ  LASG Supports 23 Innovators , Tech Firms With N100m Grant

 

The acquisition allows Paga to absorb Apposit’s tech capabilities and its team of 63 engineers.

 

Paga’s workforce of around 530 people will now focus on expansion into Mexico in 2020 and Ethiopia as soon as local regulatory approval is acquired, according to Medium. Abate will then be the CEO of Paga Ethiopia.

 

Culled From TechCrunch

 

 

Comments are closed.