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Outlining of ‘Paga’

Paga is a mobile payment platform that allows its purchasers to transfer money and make payments through their mobile contrivances. Paga acts as a mobile wallet where any user equipped with a active device can conduct transactional activities using their device. Paga was set in Nigeria in 2009 by Tayo Oviosu and publicly launched in 2011.


The advent of innovative technology in the fiscal sector (Fintech) has seen a phenomenon whereby a cash-driven economy is at the speed of light evolving into a digital money economy. Consumers and businesses are accommodating to emergent technologies that are making financial products and services to be approachable to the general population for low costs. However, as developed economies are advancing in pecuniary technology platforms and offerings, some developing nations are lagging in this affection. Some rural areas of developing countries don’t have easy access to banks, and if they do, the reduced deposits required by the banks may be unattainable for the residents of the community. One of the initiatives of Fintech is to effect financial inclusion globally. The concept of financial inclusion seeks to register the unbanked and underbanked population in the digital banking era. Mobile banking techniques such as Paga are being implemented to combat financial exclusion.

Introduction of Paga

Paga was began in Nigeria to take advantage of the cash buildup in the system and to create a be motivated bies whereby financial services are available to all. Although the banking sector in Nigeria is not definitively accessible to everyone, the telecommunications industry has been more successful in reaching a humongous proportion of the country’s population. The collaboration of both the banking and telecom sector has confirmed rise to mobile banking platforms like Paga, where a alcohol can perform basic financial transactions with the use of a cell phone. Paga manoeuvres through a mobile phone application or online through the company’s website.

With Paga, people are able to deposit and save money, purchase pre-paid phone creditation, pay utility and cable bills, and make payments to retailers. The partnership between Paga and Western Unity also has the added benefit where Western Money transfers sent to operators can be deposited into the users’ Paga accounts.

Paga has numerous way outs across the country where its agents act as human ATMs. A Paga account holder or non-holder who needs to transfer moneyed would give the agent the recipient’s phone number. The agent turn to accounts his phone to process the transaction and debits the sender’s account for the amount to be sent and the goings-on fee. Another option that is exclusive to account holders is the online choice where the account holder can use an internet-enabled mobile device to process the records himself. The Paga account can be funded by depositing money with an delegate, at a bank, or using a debit card online. After funds attired in b be committed to been deposited and transferred, the sender and recipient both receive an SMS confirmation which serves as a sales receipt of the transaction. The SMS received by the sender confirms the amount of funds debited from the account and a withdrawal traditions required to access the funds which she or he would relay to the recipient. The heir uses the withdrawal code at an outlet or a partner bank to withdraw the filthy lucre sent.

Other Services

In addition to basic banking transactions propositioned through the mobile payments app and website, Paga has a checkout payment podium that business owners, SMEs and merchants can integrate on their own websites. Shoppers of these businesses also have the option of making and receiving payments inclusive of Paga’s mobile services and agent outlets.

In order to prevent traumatic transactions, Paga has put certain measures in place to protect its users. A consumer logging into an unrecognized device, for example, will have to serve a couple of security questions before proceeding. Again, every doings using Paga has to be finalized with a personal PIN known only to the consumer. Furthermore, each user is grouped into three levels. Bulldoze I customers are those who registered with a full name and phone bunch and are limited to a maximum transfer value of ₦30,000 (or $95, as of 2016) per day. Unfluctuating II customers have their names, phones, addresses and ID card low-down on file and can transfer up to ₦100,000 (or $300) per day. Finally, Level III clients demand a maximum transfer limit of ₦1,000,000 (or $3,000) per day and have two references and a upon check on file in addition to the Level II information provided.

A number of other animated wallet and payment service platforms are increasingly being implemented in emerging realms that have a high percentage of unbanked groups. M-Pesa, MTN Animated Money, Airtel Money and Orange Money are examples of mobile banking diligences that are being employed to include all people in the growing digital pecuniary sphere.

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