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Paga To Further Accelerate Growth With $10m Investment



Leadership Nigeria News Today

Paga, the leading mobile money company in Nigeria has just announced that it has closed a $10 million growth financing led by the Global Innovation Fund. Also participating in the round were existing investors, Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital. This new financing brings the total Paga has raised since inception in 2009 to $35 million. The company commenced commercial operations in August 2012, and recently revealed that since then it has served 9 million customers and created over 10,000 jobs through its 17,000 agents who hire staff to run their stores. “GIF is proud to lead Paga’s Series B2 round,” said Alix Peterson Zwane, GIF’s CEO. “Paga’s mission of helping people ‘make life possible” aligns with our core mission of supporting entrepreneurs and innovators that seek to improve the lives of those living on less than $5 per day.

I am pleased that GIF will help enable Paga’s next phase,” he added. Staff, Friends Eulogise Outgoing Mandilas Head Staff and friends gathered in Lagos on Wednesday evening to eulogise the outgoing group chief executive officer, Mandilas, Mr. David Edwards, for his contributions to the company he joined 13 years ago. Edward, a Crystal Palace supporter has further strengthened the company’s 70 years of providing quality service to its numerous customers. Speaking at the sent forth party, the new group chief executive officer, Mandilas Group, Ms. Ola DebayoDoherty, said the outgoing boss of the company might be retiring but not tired as he was planning to take up another challenge. According to her, “One thing I can say is that the short period I have spent with David during the transition, he is an energetic and passionate person. He maybe be retiring, I am sure he is not tired but already re-firing as we speak. “On behalf of the entire group, we wish Mr. David Edwards all the very best in his retirement. I assure you that the foundation you laid will be sustained and advanced.” Edwards on his part, noted that the company has undergone a lot of transformation most especially in the information technology space. He noted that the company has been lucky to have extremely good customers.


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