Paga: African startup teams up with Visa to provide fintech systems in Africa and beyond
- American company, Visa, has partnered with Nigerian startup, Paga, to provide payment systems and technological services
- The innovative strategy would help with the transfer of money, payment of bills and the purchase of items via its mobile app
- Paga therefore uses Visa's global platform to provide services and do business on a global scale
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Visa has partnered with Nigerian startup, Paga, to provide financial payment systems and technological solutions in Africa and abroad.
YEN.com.gh understands that Paga, which was started in Lagos, grew its business to cover the West African sub-region before heading to Ethiopia and Mexico.
Per a report by techcrunch, Paga has created a multi-channel network that caters for 14 million customers in Nigeria alone.
Source: UGC
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The system provides a means to transfer money, pay-bills and buy things digitally through its mobile-app or 24,840 agents.
With the new system, account holders of Paga are able to conduct business on the global network that Visa provides.
The collaboration is aimed at giving Visa the opportunity to expand its operations in Africa as it works with the top startups in Africa.
The partnership would not involve investment in Paga but the move would lead to larger payment volumes for both companies.
According to Paga’s Tayo Oviosu, the company would launch QR codes and payment systems into the market in Nigeria.
Source: UGC
In other news, plans are in place to get the road network repaired in Kenya as it issues its first ever road bond worth $1.5 billion.
According to the Infrastructure Principal Secretary Paul Maringa, the bond would be issued by June 2020 through the Treasury. He added that a part of the funds would be diverted towards the settlement of pending bills.
Maringa went on to say that the Kenya Roads Board has received authorization from the government to borrow funds from commercial lenders.
The funds, per a Business Insider report, would be leveraged by annual Parliamentary appropriations under the development budget.
He also noted that it would take 10 years to pay off the current outstanding commitments, which are currently estimated at US $6.4 billion in case no new projects are introduced.
Per the current plan, the balance would be used to finance works from July 1 to September 30, 2020, which would be followed by the issuance of a second bond.
The Treasury, it has been determined, would oversee the timings for the flotation and structure of the second bond.
Source: UGC
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