Nigeria: Adlevo Capital invests in M-money service provider, Paga
Adlevo Capital Managers, a private equity fund manager focused on investments
into technology-enabled businesses in Sub-Saharan Africa last week announced that
it has completed an investment into the parent company of Pagatech Limited (“Paga”), a leading provider of mobile money transfer services in Nigeria.
Co-investing with Adlevo Capital were Omidyar Network, Acumen Fund, Capricorn
Investment Group, and current investor, Goodwell West Africa Microfinance Development Company.
This investment will further stimulate Paga’s growth and enable it to expand its footprint across Nigeria.Nigeria presents one of the most attractive markets for transformative financial services in the region with a population of 160 million people, GDP in excess of $200 billion and a 70% literacy rate.
Paga is leveraging the deep penetration of mobile telephony – more than two-thirds of Nigerian adults use a mobile phone – to deliver innovative and universal access to financial services to both banked and un-banked customers.