Lagos/ Hilversum, May 5th 2011 – Goodwell West Africa, a microfinance investment vehicle co-managed by investment manager Goodwell Investments and Alitheia Capital in Nigeria, announces today its investment in Paga – a mobile payments company based in Lagos Nigeria.
As part of the Financial Times "Nigeria at 50" series, the Telecoms report focuses on how mobiles may be the future of banking in Nigeria. They feature Pagatech in the report.
You can read it here
The last paragraph, which refers to Pagatech's founders inspiration, tells the story of why we believe we can truly reach the uneducated and the base of the pyramid:
On Thursday September 23rd we launched the pilot of our mobile payments service, Paga. Paga is ready to launch nationwide once regulatory approvals are issued by the Central Bank of Nigeria. In preparation for our nationwide launch, we kicked off a closed loop pilot in Lagos. This pilot gives early access to a group of individuals who will give us valuable feedback on the platform and service.
The Pagatech Management was recently interviewed by Mobile Money Africa Magazine.
Brief notes on the adoption drivers of mobile money by Paul Leishman of GSMA that we think are worth a read.
New technologies go through a hype cycle. In lay mans terms this means there are various stages in the introduction of a new technology and its wide acceptance and actual value to society. Typically it starts out with inflated expectations and when those expectations are not immediately met there is dissolution, but usually (and we stress usually), the technology offering comes out of this and becomes valuable to society. Jim Rosenberg of CGAP penned down his thoughts on the hype cycle for mobile banking post the 2009 Mobile Money Summit.
We’ve been following CGAP for over a year now and I must say this is probably one of our favourite blog postings from them. As with most articles on mobile money the focus is around mobile operator led services – though for once we get an admission into why – the GSM Association (GSMA) which is the industry group representing mobile network operators has been the primary driving force in raising awareness for mobile money globally. This one knock aside, there are still many great insights in this article, two salient ones are: