Untapped Global, an investment company focused on emerging markets, has announced a scale up of its partnership with Paga, the mobile payment and financial services company
The programme finances point-of-sale devices (POS) for merchants in Nigeria, the largest country in Africa, but still underserved when it comes to financial services.
The collaboration between Paga and Untapped focuses on empowering small businesses to accept digital payments and bring financial services to the masses. The financing is structured to lower the overall cost of entry for merchants to acquire a handheld POS terminal and other digital tools for their businesses, making it easy for them to buy, sell and get paid.
“We are excited to scale our POS rollout program with Untapped,” said Tayo Oviosu, founder and CEO of Paga Group.
“We have built the best on-ramps and off-ramps for cash in Nigeria through the Paga agent network and are further digitising merchants via our new merchant platform, Doroki. Across our ecosystem, we currently have over 33,000 merchants. Our collaboration with Untapped is accelerating our progress to reaching 120,000 merchants in the next two years by lowering the startup and onboarding costs for merchants.”
“The network of the POS devices that will be available for merchants via this partnership is powerful,” said Untapped founder and CEO Jim Chu. “It enables a seamless process for merchants and their customers to buy, sell, and get paid. We're excited to use Smart Asset Financing to greatly increase access to financial services across Nigeria with partners that know the space best, like Paga.”
“Our goal at Paga Group is to make it simple for 1 billion people to pay, get paid, and access financial services,” Oviosu added. “The team at Untapped is aligned with that goal, and the current partnership showcases its objective to ensure that entrepreneurs have the opportunity to scale to their full potential.”