(http://techloy.com/wp-content/uploads/2011/08/paga-logo.png)
Paga had announced a US$2m grant from Enhancing Financial Innovation & Access (EFInA) to bring low cost financial services to every community in Nigeria.
EFInA (http://www.efina.org.ng) is a financial sector development organization that promotes financial inclusion in Nigeria and is funded by the UK Government Department for International Development (DFID) and The Bill & Melinda Gates Foundation.
Paga is a mobile payment service launched commercially in Nigeria last September. The service crossed the 50,000 user mark on February 16, 2012.
Its parent company, Pagatech, was granted a license to deliver its mobile money service to Nigeria by the Central Bank of Nigeria (CBN) in February 2011.
Before then, the service had been in pilot testing mode, since late September 2010 and has allowed participants to use their cash to pay bills, purchase recharge cards, transfer money, etc via their mobile phones.
TechLoy