# Paga

> Source: https://docs.barcoder.ai/docs/wallets/paga
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Paga — official](https://www.mypaga.com/)

## Overview

**Paga** is **Nigeria's mobile-payment veteran**, founded **2009** <sup>[1][1], [2][2], [Nigeria report](https://docs.barcoder.ai/docs/payments/NG)</sup>. **20+ million users + monthly transaction volume exceeding $653 million in 2025**. **2024 cumulative**: **335M+ transactions totaling NGN 14 trillion (~$32B)** + **23M users**.

**2025 diaspora expansion** <sup>[3][3]</sup>: **Paga targets Nigerian diaspora with US digital-banking launch** — Paga-US (digital banking for Nigerian diaspora in US sending money home). Distinctive remittance-bridge positioning.

**Total funding raised** <sup>[2][2]</sup>: **$25.1M** (limited compared to OPay's SoftBank $400M or PalmPay's Transsion $40M+) — distinctive lean-growth vs venture-heavy peers.

## History

**2009 — Paga founded** <sup>[2][2]</sup> by **Tayo Oviosu** in Lagos.

**2009-2018 — Nigerian mass adoption** <sup>[1][1]</sup>: Distinctive lean-growth vs venture-heavy peers.

**2018 — Last major disclosed funding round**.

**2024 — 335M+ tx + NGN 14T (~$32B) + 23M users**.

**2025 — 20M+ users + $653M/month tx + US diaspora digital-banking launch** <sup>[1][1], [3][3]</sup>.

## Ownership & operator

**Operating entity**: **Pagatech Limited**.

**Founder + CEO**: **Tayo Oviosu**.

**Major investors**: Goodwell Investments, Tim Draper, Cornerstone Capital, Capricorn Investment.

**Regulator**: **CBN (Central Bank of Nigeria)** + **US FinCEN/state** for diaspora US (2025+).

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Paga mobile app (iOS + Android) + USSD + agent network + Paga-US (diaspora 2025+) |
| **Identifiers** | Phone |
| **Country expansion** | NG primary + US (Nigerian diaspora digital banking 2025+) |
| **License** | Mobile Money Operator (CBN) + bank partnerships |
| **Sub-products** | Paga consumer wallet + Paga Business + Paga Agent + Paga-US diaspora |

## Users & growth

**2025 baseline** <sup>[1][1]</sup>:
- **Users**: 20+ million
- **Monthly transaction volume**: $653+ million
- **2024 cumulative**: 335M+ tx; NGN 14T (~$32B); 23M users
- **Total funding raised (cumulative)**: $25.1M (lean vs OPay $400M or PalmPay $40M+)

## Use cases

NG P2P transfers; mobile top-ups + airtime + bill payments; agent banking + cash-in/cash-out; merchant payments; **Nigerian diaspora US → NG remittance** via Paga-US (2025+); Paga Business SME accounts.

## Implementations & partners

**Operator**: **Pagatech Limited** (Tayo Oviosu founder + CEO).

**Major investors**: Goodwell Investments, Tim Draper, Cornerstone Capital, Capricorn Investment.

**Major Nigerian competitors**:
- **[OPay](https://docs.barcoder.ai/docs/wallets/opay)** (Opera spin-off; SoftBank-backed; 58M active)
- **[PalmPay](https://docs.barcoder.ai/docs/wallets/palmpay)** (Transsion Holdings-backed; 35M registered)
- **[Kuda Bank](https://docs.barcoder.ai/docs/wallets/kuda-bank)** (Nigerian neobank; 7M+ users)
- **[Interswitch (Verve)](https://docs.barcoder.ai/docs/wallets/interswitch)** (NG payment processor + Verve)
- **[Flutterwave](https://docs.barcoder.ai/docs/wallets/flutterwave)** (Africa-wide payment processor)

**Regulator**: **CBN + US FinCEN/state**.

## Fun facts

- **2009 founding by Tayo Oviosu** — NG mobile-payment veteran (predates OPay 2018 + PalmPay 2019 + Kuda 2019 by ~10 years).
- **2025**: 20M+ users + $653M/month tx volume.
- **2024 cumulative**: 335M+ tx; NGN 14T (~$32B); 23M users.
- **Lean funding $25.1M cumulative** — distinctive vs OPay $400M Series C or PalmPay $40M.
- **2025 diaspora US digital-banking launch** — Nigerian-American remittance bridge.
- **Founder Tim Draper** is investor — Silicon Valley NG-fintech bet.

## Comparison

| Feature | Paga | [OPay](https://docs.barcoder.ai/docs/wallets/opay) (NG #1 rival) | [PalmPay](https://docs.barcoder.ai/docs/wallets/palmpay) (NG #2 rival) | [Kuda Bank](https://docs.barcoder.ai/docs/wallets/kuda-bank) (NG neobank) | [MTN MoMo](https://docs.barcoder.ai/docs/standards/mtn-momo) (multi-Africa telco-led) |
|---|---|---|---|---|---|
| Operator | **Pagatech Limited (Tayo Oviosu CEO)** | OPay (Opera spin-off; SoftBank-backed) | PalmPay Limited (Transsion-backed) | Kuda Bank | MTN Group |
| Type | **NG mobile-payment veteran + US diaspora digital banking (2025+)** | NG #1 mobile wallet + microfinance | NG #2 mobile wallet (smartphone-OEM-bundled) | NG neobank app-first | Multi-African telco-led mobile money |
| Country | NG + US (diaspora) | NG + EG + PK | NG + GH + KE + TZ | NG | 17 African |
| Users | **20M+ users + $653M monthly tx (2025)** | 58M active + 10M DAU | 35M registered + 30M active | 7M+ + ₦14.3T Q1 2025 | 60M+ MoMo |
| Funding | **$25.1M cumulative (lean)** | SoftBank $400M Series C; $3.1B-$4B valuation | Transsion-led $40M+ Series A; ~$1.5B valuation | $500M (flat 2024) | MTN public parent |
| Distinctive | **2009 NG mobile-payment veteran; 2025 US diaspora; lean funding strategy** | $4B IPO pending | Transsion smartphone-OEM bundling (>50% NG mkt); 99.5% success | App-first; flat 2024 raise | MTN African telco-led |

## Status

**Active, Nigeria's mobile-payment veteran with 2025 US diaspora expansion** <sup>[1][1], [3][3]</sup>:
- **Pagatech Limited (Tayo Oviosu founder)** since 2009.
- **20M+ users + $653M/month tx (2025)**.
- **Cumulative 2024: 335M+ tx; NGN 14T (~$32B); 23M users**.
- **2025 Nigerian diaspora US digital-banking launch**.
- **Lean $25.1M cumulative funding** — distinctive vs venture-heavy peers.
- **CBN + US FinCEN/state-regulated**.

## Sources

[1]: https://africasignal.com/paga-building-nigerias-leading-payments-ecosystem/ "Paga building NG payments ecosystem — Africa Signal"
[2]: https://pitchbook.com/profiles/company/54723-88 "Paga PitchBook profile"
[3]: https://www.ecofinagency.com/news-finances/2309-48936-paga-targets-nigerian-diaspora-with-u-s-digital-banking-launch "Paga US diaspora digital banking — EcofinAgency"
[4]: https://fintechnews.africa/45002/fintech-nigeria/top-fintechs-in-nigeria/ "Top NG fintechs 2025 — Fintech News Africa"
[ng-cro]: https://docs.barcoder.ai/docs/payments/NG

- [1] [Paga building NG payments ecosystem — Africa Signal][1]
- [2] [Paga PitchBook profile][2]
- [3] [Paga US diaspora digital banking — EcofinAgency][3]
- [4] [Top NG fintechs 2025 — Fintech News Africa][4]
- <sup>[Nigeria report](https://docs.barcoder.ai/docs/payments/NG)</sup> In-corpus: `reports/countries/NG-nigeria.md`

## Source

Biography extracted from [paga.md](https://docs.barcoder.ai/source/wallets/paga). See `matrix.md` for standards-support matrix if present.