Focused on empowering entrepreneurs in frontier markets, investment company, Untapped Global, has partnered with mobile payment and financial services company, Paga.
Together, Paga and Untapped Global seek to decentralise digital payments and financial services across Nigeria, helping small businesses achieve a wider reach, ultimately boosting productivity.
This move will make handheld POS terminals and other digital equipment needed by merchants in the sector, affordable and accessible, reducing the cost of acquisition and making it easy for them to buy, sell, and get paid.
Tayo Oviosu, founder and CEO of Paga Group noted the company’s excitement to scale its POS rollout programme with Untapped Capital.
“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.”
Leveraging Untapped Global’s financing, payments can be recouped from revenues earned on devices. One of the company’s initiatives includes Smart Asset Financing, an innovative investment model that provides flexible capital for fast-growing enterprises like Paga.
It helps investors make profitable and trusted investments by tracking assets and capturing revenue in real-time.
Commenting on the partnership, Jim Chu, founder and CEO at Untapped said the network of the POS devices that will be available for merchants via this partnership is ‘powerful’.
He further stated that the partnership will enable a seamless process for merchants and their customers to carry out financial transactions.
“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,” Chu said.
Speaking further, Oviosu stated that the goal of Untapped Global is aligned with that of Paga Group, which is to ensure ease in payments and financial access to over a billion people across Nigeria.
“The current partnership showcases its objective to ensure that entrepreneurs have the opportunity to scale to their full potential,” he concluded.