In 2009, Tayo Oviosu set out to solve one of Nigeria’s most pressing problems—access to financial services. The country’s banking system was failing millions of people, with long queues, expensive fees, and limited access to basic financial services, especially in rural areas. That’s when Oviosu, a Nigerian tech entrepreneur with a background in Silicon Valley, founded Paga, a mobile payment platform that has since transformed the way Nigerians send and receive money.
Today, Paga has processed over $11 billion in transactions, providing a lifeline for over 20 million customers who rely on the platform for everything from paying bills to sending remittances. Under Oviosu’s leadership, Paga has grown to become one of Nigeria’s leading fintech companies, connecting millions of unbanked and underbanked Nigerians to essential financial services.
Growing up in Nigeria, Oviosu witnessed firsthand the inefficiencies of the country’s financial system. After completing his studies in the U.S., where he earned degrees from the University of Southern California and Stanford University, Oviosu worked at global tech companies like Cisco and Deloitte. Despite the allure of a successful career in Silicon Valley, he felt a strong pull to return to Nigeria and make a difference in the lives of everyday people. This desire led to the creation of Paga, a platform that would revolutionize how Nigerians access financial services.
At the time of Paga’s launch, Nigeria was still heavily dependent on cash, and millions of Nigerians lacked access to traditional banking services. Oviosu saw this as an opportunity to build something that would bridge the gap. Paga’s mission was simple: provide a fast, reliable, and affordable way for Nigerians to send money, pay bills, and access other financial services using their mobile phones. This was a game-changer for people living in rural areas, where banks were scarce, and accessing financial services often meant long, expensive journeys to city centers.
But launching a fintech company in Nigeria wasn’t easy. Oviosu faced numerous challenges, including a lack of infrastructure and the complexities of navigating Nigeria’s regulatory environment. Early on, he struggled to raise capital, as many investors were skeptical about the viability of mobile payments in a largely cash-based economy. Yet, Oviosu remained undeterred. He spent years building partnerships, negotiating with banks, and working closely with regulators to ensure that Paga could operate within the Nigerian financial system.
Paga’s breakthrough came when it secured key partnerships with Nigerian banks, telecom companies, and the Central Bank of Nigeria. These partnerships allowed Paga to grow its agent network and expand its reach to the country’s unbanked and underbanked population. Today, Paga boasts a network of over 140,000 agents across Nigeria, enabling millions of people to access financial services, pay bills, and transfer money without needing a bank account.
Over the years, Paga has grown from a simple mobile payment platform to a full-fledged financial ecosystem. Under Oviosu’s leadership, Paga introduced services such as microloans, savings accounts, and merchant payments, making it a critical player in Nigeria’s fintech landscape. Paga’s impact on financial inclusion has been profound, bringing millions of Nigerians into the formal financial system for the first time.
In 2020, Paga raised $10 million in funding, bringing its total investment to over $35 million. The company has attracted global investors, including the likes of Omidyar Network and Global Innovation Fund, who believe in Paga’s mission to democratize financial access. With plans to expand into other African countries and beyond, Paga is well on its way to becoming a pan-African fintech powerhouse.
Tayo Oviosu’s vision goes beyond just payments. For him, Paga is about creating an ecosystem that empowers people to take control of their financial lives. “We’re building a company that makes it easier for people to live their lives,” he often says. Oviosu is deeply committed to using technology to solve real-world problems, and through Paga, he has made it possible for millions of Nigerians to access services that were once out of reach.
Beyond his success with Paga, Oviosu is a mentor and advocate for entrepreneurship in Africa. He frequently speaks about the importance of building scalable businesses that address the continent’s unique challenges. “We need to build solutions that are for us, by us,” he often remarks, emphasizing the need for homegrown innovation in Africa’s tech and financial sectors.
Oviosu’s leadership and entrepreneurial journey have earned him numerous accolades. He has been named one of Forbes Africa’s Top 10 Most Powerful Men in Africa and Fortune’s 40 Under 40. But despite the recognition, Oviosu remains focused on the future, with plans to expand Paga’s services into new markets, including Mexico and Ethiopia. His goal? To make Paga a global brand that provides financial services to millions of people across the developing world.
Looking ahead, Oviosu is committed to scaling Paga and continuing to push the boundaries of what fintech can achieve in Africa and beyond. He envisions a world where everyone, no matter where they live, has access to financial services that empower them to thrive.
As Tayo Oviosu continues to lead Paga into the future, one thing is certain—he’s not just building a company, he’s building a financial revolution that is transforming lives, one transaction at a time.
