Nigerian mobile payment company Paga has urged the Nigerian Communications Commission (NCC) to reconsider its regulation on data pricing.
Founder and CEO Tayo Oviosu highlighted the challenges faced by businesses in Nigeria and emphasized the need for affordable access to data to promote digital financial services.
Oviosu noted that despite the country not being a prime destination for offshore cash, Paga has processed cash transactions valued at N14 trillion over its 15-year existence, with 80% of transactions occurring in the last five years.
He praised the Central Bank of Nigeria (CBN) for its leadership in the fintech space.
To deepen financial inclusion, Oviosu stressed the importance of affordable data access, citing the high cost of data as a barrier to digital financial services adoption.
He called on the NCC to revise its data regulation to make data more affordable for Nigerians.
According to data from the Nigeria Inter-Bank Settlement Systems (NIBSS), mobile money operators in the country, including Paga, processed transactions worth N17.2 trillion between January and March this year.
Oviosu highlighted Paga’s growth, with 23 million users and 335 million transactions processed since inception.
”Beyond its financial impact, Paga has contributed to job creation, creating 1,000 direct jobs and over 100,000 indirect jobs through its agent network across the country.
”We also expanded our services to provide infrastructure for other businesses through platform-as-a-service, serving 150 businesses,” he stated.
While acknowledging the competitiveness of the Nigerian payment landscape, Oviosu emphasized the opportunity for players to carve out niches and acquire customers.
He praised the CBN’s regulatory efforts, noting that competition has spurred innovation and kept players on their toes.
Reflecting on challenges faced by the company, Oviosu highlighted the need for more funds at the inception of Paga, compounded by the absence of a supportive tech ecosystem.
”Despite these challenges, Paga has become a key player in Nigeria’s fintech industry, advocating for regulatory reforms to drive financial inclusion and digital innovation,” he added.
