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Paga Nigeria Acquires Apposit While Confirming Expansion In Two Countries

Nigerian Fintech startup, Paga acquires Apposit amidst the announcement of moving into Mexican and Ethiopian markets. The purchase is likely one of the steps the company is taking towards achieving its goal of global integration.


Announcing the successful purchase on Twitter, Paga tweeted via its handle:



Apposit is a software company based in Addis Ababa, Ethiopia but incorporated in the United States. Although not much is known about the details of the purchase, Paga’s CEO Tayo Oviosu appears on CNBC Africa on 22nd January 2020 to shed more light on it.


In a statement to TechCrunch, Oviosu said that Paga would also spread its reach into Mexico first before Ethiopia. According to the article, Adam Abate CEO of Apposit knew Tayo for a long time. Adam had co-founded Apposit along with Simon Solomon and software engineer, Eric Chijioke.


The two companies had shared a close relationship for over seven years. Chijioke, for example, is Paga’s CTO while he also maintained his role in Apposit.


Paga acquires Apposit
Paga acquires Apposit. Photo: TechCrunch.
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Commenting on the bond between both companies, Abate had said:


“We aligned ourselves as African entrepreneurs…which then developed into a close relationship where we became…investors in Paga and strategically aligned.”


Over the years, Tayo Oviosu had tasked his team to integrate its electronic payment services into the daily lives of Nigerians. Now, with the efficiency of Apposit, Paga looks to fully swallow Ethiopia’s electronic payment potential.


Adam is currently CEO of Paga Ethiopia and while speaking about his plans for the country, Tayo said:


“The goal is [straightforward]. We want Ethiopians to use the Paga wallet as their payment account. So it’s about digitizing cash transactions and driving financial services.”


He also added:


“There are several very large countries around the world in Africa, Latin America, Asia where these [financial inclusion] problems still exist. So our strategy is not an African strategy…We want to go where these problems exist in a large way and build a global payments business.” 


Tayo Oviosu Paga
Tayo Oviosu, CEO of Paga. Photo: Pulse.


Paga has done well in Nigeria, processing about 104 million transactions that are worth $6.6 billion. We wait to see its performance in the global market where it will also face such giants as Alipay, PayPal and others.


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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.

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