Paga is Nigeria’s leading mobile payments company that began commercial operations in 2012 and reached $4.8bn in March 2020 (after eight years). Its CEO, Oviosu, aims to have Paga as the Paypal for Africa and searched for ways to digitize cash, stop using cash across the economy, and increase access to financial services. Paga enables small to medium businesses to make payments, manage their businesses & handle payrolls.
Ethiopia doesn’t currently have an online payment system like Paga. Therefore, by allowing Paga to operate, it will not only make life easier for small to medium-sized businesses but also develop a crypto-currency product. Paga has already acquired a license to operate in Ethiopia and intends to start operations in the 1st half of 2022. The company has employees worldwide, including 50 in Ethiopia.
Studies show that crypto is being adopted by African countries quicker than other countries in the world. In Ethiopia, blockchain technology is becoming more common. Supplying Ethiopians with digital identities is essential to get closer to the financial inclusion that aligns with the developmental agendas of both the United Nations Sustainable Development Goals and the African Union Agenda 2063 goals.
Paga will not be engaging in crypto exchange, as they are not trying to compete with Binance (an online exchange where users can trade cryptocurrencies) and other similar platforms. However, they do want their consumers to transact and hold crypto.