Untapped Global and Paga have partnered to improve payments for Nigerian SMEs.
Untapped Global, an emerging markets investment firm, announced its collaboration with Paga, mobile payment and financial services provider, to fund point-of-sale (POS) systems for Nigerian merchants.
Tayo Oviosu, the Founder and CEO of the Paga Group, stated, “We are excited to scale our POS rollout program with Untapped. We have built the best on-ramps and off-ramps for cash in Nigeria through the Paga agent network and are further digitizing 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.”
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About Untapped Global And Paga
Untapped Global provides asset-based firms in Africa and other emerging regions with Smart Asset Financing. Smart Asset Financing is an innovative investment strategy that offers flexible funding for fast-growing businesses like Paga by utilizing technology to manage assets and capture income in real-time, making investments safer and more rewarding for investors.
Paga’s point-of-sale devices allow businesses to take cards, mobile payments, and other types of digital payments and provide customers with other value-added financial services. Untapped’s funding is unusual in that payments are made from the money generated by the devices. Bringing the advantages of Africa’s burgeoning fintech revolution to even the tiniest businesses requires lowering the barrier to entry for adopting mobile payments.
“The network of the POS devices that will be available for merchants via this partnership is powerful,” said Jim Chu, Founder and CEO of Untapped. “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.”
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What To Expect
Paga and Untapped’s partnership allows small businesses to accept digital payments and provide financial services to the general public. The funding is designed to reduce the overall cost of entry for merchants looking to purchase a portable POS terminal and other digital tools for their companies, making it easier for them to buy, sell, and get paid.
Untapped and Paga had an initial and successful pilot in 2021. Scaling up the availability of the devices shows the impact these devices have on small businesses, particularly in emerging markets like Nigeria.
“Our goal at Paga Group is to make it simple for 1 billion people to pay, get paid, and access financial services,” Oviosu said. “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.”
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