Paga started life very early (2009) in the Nigerian fintech space, providing agency banking services in an era of high financial exclusion, which OPay and Moniepoint’s 2019 entry compressed. However, after some “sleepy” but necessary years, Paga managed to reorient itself.
Today, they are no longer just Pagatech Limited doing agency banking with a Mobile Money (MMO) licence, but they are now Paga Remit holding an International Money Transfer (IMTO) licence. In 2019, they registered a holding company in the UK, Paga Group LTD. The group houses Paga, its consumer-facing product; Doroki, its direct-to-business offering; and Paga Engine, its Banking-as-a-Service (BaaS) platform that enables financial institutions to embed Paga-issued naira wallets and payout in Nigeria. This is particularly useful for global remittance businesses like LemFi and Verto who want to issue naira accounts to their customers and/or send funds to Nigeria.
Paga Engine has done wonders for Paga Group. In the last four years, they have grown 17x. Last year alone, they processed ₦17 trillion ($12 billion), which was a 95% YoY growth, in 169 million transactions. Their 193% growth in average transaction value (ATV) from ₦34,000 in 2021 to ₦100,000 in 2025 is what propelled their TPV growth. ATV growth signals a shift upper market. Across both Paga’s consumer business and its BaaS platform, we see that happening. “Paga’s consumer business, which targets the ‘mid to upper-end market’…is positioning itself alongside neobanks like Sparkle focusing on more affluent users”, reported TechCabal in April 2025, following an interview with CEO and Founder, ‘Tayo Oviosu.
This story is for Condia Insiders only.
Keep reading free. Join the community at the forefront of African tech.
Already an Insider? Sign in
Last updated: January 29, 2026
