The Western Union Company, a US-based financial services company, recently partnered with Paga, a Nigeria-based mobile payment platform, to launch a mobile money transfer service in Nigeria. The service will allow Paga customers to accept Western Union money transfers directly into their Paga accounts. Customers can withdraw the money by transferring it to a bank account, withdrawing it from an automated teller machine (ATM), or retrieving it through one of Paga’s 4,000 agents or Western Union’s 4,900 agent locations in Nigeria.
As of 2012, Western Union Company reports total assets of USD 9.46 billion with operations in 200 countries and territories. As of 2013, Paga has approximately 1.3 million subscribers in Nigeria.
By Tejas Jain, Research Associate
About Paga
Paga, founded in 2009 and headquartered in Lagos State, is a Nigerian mobile payment platform with the mission of facilitating universal access to innovative financial services in Africa. Paga received its provincial operations license from the Central Bank of Nigeria in November 2010 and launched a mobile money service in February 2011. Paga’s mobile money service offers financial services such as cash transfers, mobile airtime credit purchases, and bill payment via mobile phones and the internet. Paga has approximately 1.3 million subscribers in Nigeria as of 2013. Paga’s financial information is not available.
About Western Union Company
The Western Union Company, founded in 1851, is a US-based financial services and communications company. Western Union provides money transfer, communications and network services through approximately 510,000 agent locations in 200 countries and territories as of 2012. Also as of 2012, Western Union Company reports total assets of USD 9.46 billion.
Sources and Additional Resources:
Finextra, “Western Union expands mobile money service in Nigeria,”
http://www.finextra.com/News/Announcement.aspx?pressreleaseid=54391
MicroCapital Article, August 16, 2013 “Western Union, eTranzact Launch Mobile Money Product in Nigeria,”
https://www.microcapital.org/microcapital-brief-western-union-etranzact-launch-mobile-money-service-in-nigeria/
MicroCapital Article, April 10, 2013, “Virtual Terminal Network (VTN) VCash to Allow Mobile-phone Access to Western Union Money Transfers in Nigeria,”
https://www.microcapital.org/microcapital-brief-virtual-terminal-networks-vtns-vcash-to-allow-mobile-phone-access-to-western-union-money-transfers-in-nigeria/
MicroCapital Article, November 27, 2012, “Virtual Terminal Network (VTN) Boosts Mobile Payment System in Nigeria,”
https://www.microcapital.org/microcapital-brief-virtual-terminal-network-vtn-boosts-mobile-payment-system-in-nigeria/
MicroCapital Article, October 30, 2012, “Western Union, IcIcI Bank, MasterCard Unveil Prepaid Card in India,”
https://www.microcapital.org/microcapital-brief-western-union-icici-bank-mastercard-unveil-prepaid-card-in-india/
MicroCapital Article, March 29, 2012, “Western Union, MTN Launch Mobile Mobile Transfer Service in Uganda,”
https://www.microcapital.org/microcapital-brief-western-union-mtn-launch-mobile-money-transfer-service-in-uganda/
MicroCapital Article, March 22, 2012, “Mobile Money Service Paga Receives $2m Grant from Enhancing Financial Innovation and Access (EFInA) to Promote Financial Inclusion in Nigeria,”
https://www.microcapital.org/microcapital-brief-mobile-money-service-paga-receives-2m-grant-from-enhancing-financial-innovation-and-access-efina-to-promote-financial-inclusion-in-nigeria/
MicroCapital Universe Profile: Paga
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Paga
MicroCapital Universe Profile: Western Union
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Western+Union
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