Nigeria’s biggest mobile payments company is vying to become Africa’s next unicorn, and its ambitions now stretch beyond the continent.
Paga, whose backers include U.S. billionaire investor Tim Draper and former Goldman Sachs Group Inc. economist Jim O’Neill, boasts 17 million unique users including tech entrepreneurs, businesses and individuals in Africa’s most populous nation.
Modeled after PayPal, it processed $2.3 billion worth of transactions in 2020 and $8 billion during the past four years, according to Tayo Oviosu, the company’s chief executive officer who founded it in 2009. Paga could reach a valuation of at least $1 billion “in the next year or two,” Oviosu said in an interview…
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