LAGOS: Nigeria's Paga Mobile Money gets $2 million grant for e-banking. The financial services platform Pagatech has said it had received a grant of $2 million from the Enhancing Financial Innovation and Access (EFIA), to develop and deliver low cost financial products through its network, nationwide. This was revealed by Mr. Jay Alabraba the Co-founder and Director of Sales and Business Development, Paga, while briefing the media in Lagos at the weekend. According to him, the Paga money transfer network, enables Nigerians to transfer money to anyone via their mobile phone, Internet-connected device, or at any of its agents nationwide. He said that the firm was given the grant, after a highly-competitive and rigorous application process that took several months. Alabraba also revealed that the firm had concluded an arrangement for the introduction of branchless financial services into the market. Paga will collaborate with insurance firms, microfinance banks, commercial banks, public and private organizations, to ensure that the services gets across to their customers. He explained: “Our low cost financial offerings delivered via our agents are yet another example of innovation at Paga – a Nigeria home-grown company. Through our banking, insurance and microfinance partners, we will bring savings, loans and insurance to those that need it the most in a manner that is both simple to use and easy to understand.” BM ShortURL: http://goo.gl/Kub5v Tags: Mobile Money, Nigeria Section: Tech, West Africa
