Nigerian start-up, Paga, recently announced its acquisition of Apposit.
This is just in a year, after the fintech start-up, secured a $10 million Series B round in funding.
The newly acquired outfit is, a software development organization, with operations in Ethiopia, with focus on, creating enterprise software, on a large-scale.
In a matter of weeks, Paga will commence operations, fully, in Ethiopia.
The Nigerian fintech start-up is moving beyond the African continent, as it will be launching its product in Mexico in 2020, but with no specific date yet.
This was revealed, by Tayo Oyiosu, CEO, Paga.
The acquisition of Apposit did not come as a surprise, as the founders of both platforms share histories.
Adam Abate, alongside Eric Chijioke, a Nigerian and Simon Solomon co-founded Apposit, in 2007.
Oviosu, who founded Paga, back in 2009, by chance, met with Chijioke in Ethiopia.
They both struck a deal, which led to an engineering team from Apposit, designed the payment platform of Paga.
Both companies have made their marks, as Apposit was the company behind the digitisation of the Ethiopian Commodities Exchange.
Paga, on its part, has built a multi-channel platform, for money transfers, with up to 14 million users in Nigeria.
According to reports, the fintech company has processed, more than 100 million transactions, amounting to, nothing, less than $6 billion, since the company was founded.
The acquisition, will see the Apposit team of engineers, absorbed by the Nigerian fintech platform, while Adam Abate, the CEO of Apposit, until now, will head the new entity called, Paga Ethiopia.
The acquisition is, one of Paga’s moves, to drive the financial inclusion narrative, in the Ethiopian market, where less than 1% of the population has embraced mobile money.
“The goal is straightforward. We want Ethiopians, to use the Paga wallet, as their payment account, so it’s about digitizing cash transactions and driving financial services”, said Oviosu.
As Paga increases its AliPay/PayPal circle, its expansion, around the global
Featured Image: pulse.ng
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