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Paga launches new subsidiary

10 December 2013, 14:41Henry Ifeanyi

Lagos - Paga, the local mobile payment firm, has officially launched its agent network management subsidiary to partner other industry stakeholders for rapid increase in the number of financial services access points across the country.

According to officials, the new unit is an independent subsidiary of Paga and will deliver an open agent network for industry stakeholders to access several basic services under a shared services model.

The firm said the new subsidiary would deliver financial services and products to the over 70 percent of unbanked adult Nigerians.

Speaking about the vision of the new unit, Founder, and Chief Executive of Paga, Tayo Oviosu, said, “Our motivation is simple. We recognize the urgent need to expand access to financial services across Nigeria and our experience to date has shown us that a well-managed and sustainable agent network is the single most important factor that must be in place to make it happen.”

He said since receiving its license in 2011, Paga had successfully built a network of more than 4 000 agents across 25 states in Nigeria.

“We have developed a deep expertise in this area and now we will offer the service to the rest of the market. Our announcement will allow Diamond Bank, First Bank, Mansard, LAPO or any other firms with well thought-out plans for agency banking to offer their products directly through a strong agent network.”

According to the official, Paga and Paga Agent aggregators would take responsibility for building and managing the robust agent network for the benefit of multiple partners.

“These partners can then focus on delivering great savings, loans, insurance or investment products that the Nigerian consumers are demanding,” said Oviosu.

 – CAJ News


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