You know, innovation is not just creating something new but also partnering with people who are strong in your weakness so that you can take on more territories and do more impact things. That is the same for the tech world also.
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The Nigerian fintech space continues to break new grounds with the aim of making financial payment easy and seamless for the average Joe. With this, they continue to involve several payment options and offers to include a lot of people while keeping the trust of their customers with something as delicate and valuable as money and bank details. One of the fintech companies who has achieved another feat in the space is Paga.
Paga is a mobile payment company that is building an ecosystem to enable people digitally send and receive money, and creating simple financial access for everyone. With a refined mission and vision: To make it simple for one billion people to access and use money, Paga has acquired Apposit LLC, a US software company.
Apposit LLC, a software development company specializing in building softwares to power innovative and high impact businesses in Africa has worked with Paga as the engineering team for 10 straight years.
Speaking on the acquisition, the CEO of Paga, Tayo Oviosu said:
“Our favorite motto at Paga is that we go farther together as a team, and this is exemplified in our decision to take our trusted business relationship with Apposit one step further and have them fully become a part of the Paga family. By doing so, we not only gain a scalable world-class internal engineering team, but we also are in a stronger position to grow our global payments business…”
From the look of things, it is a win-win situation for both parties as the CEO of Apposit, Adam Abate says:
“…We are excited to join forces with Paga at a time where Ethiopia embarks in earnest on its digital transformation. As one company we will solve the use of cash and bring access to finance to millions of people in Ethiopia and beyond. Our companies are strongly aligned in terms of values, culture, and purpose, and leveraging Paga’s vast experience and robust payments platform will position us for success. We also look forward to strengthening Paga’s product team and continuing to build technology that will be used globally”.
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It is expected that with this acquisition, Paga will be able to expand its operation to similar markets around the world like Nigeria where Apposit already has its operation. For a start, operations will begin in Ethiopia which has a similar cash and payment problem like Nigeria. Adam Abate, Apposit Co-founder and CEO will become the CEO of Ethiopia and will provide an instant go-to-market strategy to launch the Paga service in Ethiopia. With a staff strength of over 530 people now and a global product development organization with teams based in Lagos, Addis Ababa, London, and Mexico City, we look forward to all the milestone Paga will reach.
I’m not one to leave you without something extra, today’s word is a beautiful one by Ameena K.G.:
“Beautiful things can be born out of darkness and chaos: And sometimes, parts of us has to decay in order to create space for new parts to blossom. This is your rebirth”
– Ameena K.G.
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