Enhancing Financial Innovation & Access, a financial sector development organisation, has provided a $2m grant to Paga, a financial services platform, to develop and deliver low cost financial products to reduce the number of un-banked people in the country.

EFInA is an independent, professional and non-profit organisation funded by the Bill & Melinda Gates Foundation and the United Kingdom Department for International Development, with a purpose to promote pro-poor financial sector development and financial inclusion in Nigeria.

The Executive Director and Managing Director, EFInA, Mrs. Modupe Ladipo, said that introducing low- cost services to every neighbourhood would bring a large number of Nigerians out of poverty and improve their standard of living.

“With over 59 million un-banked adults, finding new ways of reaching out to this market and bringing  low cost financial services is a major challenge we aim to address. We have chosen Paga for this grant because of the robustness of their plans and strength of their team. We are confident that by working together we can achieve our mutual goal of universal access to financial services for Nigerians,” she added.

The Chief Executive Officer and Founder of Paga, Mr. Tayo Oviosu, said, the company would be working with partners such as Diamond Bank Plc, GT Assurance among others to develop and deliver low cost financial services to all Nigerians.

He said, “Our team is much honoured to receive this grant from EFInA. The EFInA grant will fund our work in this area and the much needed public education required for success.

“Our goal is to bring financial services to over 40 million Nigerians by 2015 – with this grant our objectives will be even more achievable.”

Paga enables Nigerians to transfer money to anyone via their mobile phone, Internet connected device, or at any agent in Paga’s nationwide network of agents.  Paga is available on all mobile networks and is delivered to customers in collaboration with banks, retailers and various other private and public sector organisations.

The Director of Sales & Business Development, Paga, Mr. Jay Alabraba, said the organisation would bring savings, loans and insurance to people through its banking, insurance and microfinance partners.

Source: Punch/Ademola Alawiye