Nigerian digital payment platform Paga has announced its’s acquisition of Ethiopian software development company Apposit.
The Lagos based firm announced that it plans its to expand across Africa with Ethiopia being its first stop. Paga will also be launching payment products in Mexico this year.
According to TechCrunh, Paga has 14 million customers in Nigeria who are able to transfer funds from any of Paga’s 24,411 agents or through the startup’s mobile apps. Paga products work on iOS, Android, and basic USSD phones using a star, hashtag option. The company has remittance partnerships with the likes of Western Union and allows for third-party integration of its app.
Paga has processed 104 million transactions worth USD 6.6 Bn since inception. The company’s expansion plans come after last year’s Series B funding of $10 Million.
About Apposit
Apposit was founded in 2007 by CEO, Adam Abatehas. He grew the business into a team of 63 engineers and technicians and racked up a list of client partnerships. The company helped digitize the Ethiopian Commodities Exchange and has contracted on IT and software solutions with banks non-profits and brick and mortar companies.
For a decade, Apposit has also supported Paga’s payment product development.
What Acquisition Means?
- Apposit will be changing it’s name to Paga Ethiopia.
- Adam Abate will be the CEO of Paga Ethiopia, where Paga plans to go live as soon as it gains a local banking license.
- Paga will absorbs Apposit’s tech capabilities and team of 63 engineers. The new company will direct its boosted capabilities and its total workforce of 530 to support expansion.
The goal is straightforward. We want Ethiopians to use the Paga wallet as their payment account. So it’s about digitizing cash transactions and driving financial services, said Oviosu.
