Paga, one of the continent’s leading fintech firms, has revealed that the value of transactions processed on its platform has grown seventeenfold over the past four years.
Tayo Oviosu, founder and CEO of Paga, said on his LinkedIn post that the company processed 35 million transactions worth N1.2 trillion in 2021, a milestone that at the time ‘felt bold’ for the then-nascent payments provider. In May 2022, Paga had matched that value, processing N1.2 trillion worth of payments across 25 million transactions.
Oviosu said that since then, the company’s scale has expanded. From those millions of transactions four years ago, Paga now handles volumes measured in the trillions of naira, reflecting its evolution from a consumer-focused payments app into a broader payments infrastructure provider across the region.
The growth has been driven in part by Paga Engine, the company’s backend platform that enables payments orchestration, bill aggregation, and Banking-as-a-Service (BaaS) solutions for a range of partner businesses.
Oviosu described this infrastructure as a ‘critical economic backbone’ that supports some of Africa’s fastest-scaling digital businesses. He reiterated that Paga is still in the early chapters of its expansion story.
