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Paga
Paga was founded in 2009 by Tayo Oviosu and began as a mobile-money service targeting Nigeria's unbanked population through an agent network.
Paga
Paga was founded in 2009 by Tayo Oviosu and began as a mobile-money service targeting Nigeria's unbanked population through an agent network. By 2019 it had reached 14 million customers in Nigeria, and a strategic partnership with Visa that year extended its rails for global money transfers. The firm is held by Paga Group LTD UK, which licenses its trademarks to subsidiaries including Pagatech Limited, the Central Bank of Nigeria-licensed mobile-money operator, and Apposit LLC, the US-based technology arm acquired in 2020. The firm's strategy centers on its infrastructure business, Paga Engine, which lets third parties build, launch, and scale payment solutions on Paga's rails. It also operates Doroki, an SME platform that manages orders, inventory, and transactions, and a consumer app that supports multi-currency accounts. The company reports it served 150 businesses through Paga Engine by end-2024, and confirmed the consumer app launched in the United States in 2025, delivering digital banking to the African diaspora. Total value processed since inception stood at ₦21 trillion by the close of 2025, up from ₦12 trillion two years earlier. Paga acquired its long-time technical partner Apposit LLC, a Delaware company, in 2020, creating a permanent in-house engineering capability. The firm maintains its primary operating base in Lagos with a US office, and its subsidiaries are regulated by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation; US banking services are provided through Regent Bank. Its 2024 processing volume of ₦8 trillion represented a 12x increase from June 2021 levels, per the firm. Paga's structural differentiator is its dual identity as both a consumer-facing fintech and a wholesale infrastructure provider for other financial institutions. Unlike pure-play consumer wallets, Paga sells the same payments orchestration and account-management layer it uses internally to 150 external businesses, creating a licensing model that spreads development costs across its own volume and third-party fees.
General information
Firm type
Asset Manager
Year founded
2009
AUM
Undisclosed
Location
Region
Africa
Country
Nigeria
City
Lagos
Corporate office
Lagos, Nigeria
Additional offices
United States
Principals
Tayo Oviosu
Founder & CEO
Sector focus
Frequently asked questions
Who runs day-to-day operations and product strategy at Paga?
Founder Tayo Oviosu serves as CEO and is the public face of the company. The firm also maintains a board of directors, though individual board members are not disclosed on the current website. Operational leadership includes the team that runs Paga Engine, Doroki, and the consumer app, with engineering anchored by the acquired Apposit LLC unit.
How does Paga generate revenue?
Paga operates a three-sided model. It charges enterprises for access to its payments infrastructure via Paga Engine, earns transaction fees and subscription revenue from SMEs using the Doroki platform, and collects fees on consumer transactions including transfers, bill payments, and merchant purchases. The firm does not disclose revenue figures.
Is Paga a bank?
No. Pagatech Limited holds a mobile money license from the Central Bank of Nigeria and is insured by the Nigeria Deposit Insurance Corporation, but it is not a deposit-taking bank. In the United States, Apposit LLC provides technology services and partners with Regent Bank, Member FDIC, to offer banking services.
What is the relationship between Paga and Apposit?
Apposit LLC was Paga's primary technical partner from inception until Paga acquired it in 2020. It now operates as a wholly owned subsidiary of Paga Group LTD UK and serves as the firm's in-house engineering arm, based in the United States.
Does Paga operate only in Nigeria?
No. While Nigeria is its largest market, Paga launched consumer services in the United States in 2025, targeting the African diaspora. Its infrastructure business, Paga Engine, is designed to serve businesses across African markets, and the firm has indicated ongoing expansion ambitions.
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