The service, which recorded over 400,000 transactions that are worth N4.5 billion during the month of September 2013 alone, according to the company’s CEO Tayo Oviosu, reportedly adds about 2,000 users per day.
The service which officially launched its commercial and marketing operations in September 2011 witnessed a 790% growth in its first year of operations in terms of registered users.
While the service has witnessed tremendous growth in the past year, it is still unclear how many of its over one million registered users are active on a monthly basis, as the company has declined to reveal this information, citing “competitive reasons”.
In August 2013, Paga reportedly made 429,467 transactions that were worth N4.6 billion, which represented a 46% market share of the growing mobile payments industry which is worth N10.1 billion as of August 2013, according to the Central Bank of Nigeria.
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