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Let Free Market Work in Mobile Money -Oviosu
Tayo Oviosu, founder and CEO, Paga (Pagatech, has over 12 years experience in a variety of technical and business roles in High-tech and Private Equity.
Oviosu, had held position as vice president at Travant Capital Partners where he was responsible for executing the firm’s investment strategy in West Africa.
Prior to joining Travant, Tayo was a manager, Corporate Development, at Cisco Systems in San Jose California, responsible for strategy, acquisitions, and private equity investments in four technology sectors – Virtual Computing, Application Networking, Security, and Network Management. Tayo also helped lead Cisco’s investment expansion in Africa.
He spoke to Chike Onwuegbuchi on issues around mobile money growth in the country.
Nigerian Mobile Payment Sub-Sector
I think it has been successful. It has been growing faster than people know. I think we are not actually telling the stories well enough.
For instance, in 2013, which was the second full year of our operations in Nigeria as Paga, we processed over 5 million transactions worth N50 billion.
In the first two months of 2014, we have already done 26% of that. So, the system is actually growing faster than people know.
We process about 15 transactions per minute. Currently, 33% of our users are active; out of 1.3 million users on the platform. And this is just Paga alone.
If we carry out a desktop research on mobile payment around the world, you will come up with M-Pesa, Globe and Smart in the Philippines.
Smart and Globe have been around for 10 years with 400,000 active users, while we, just after 2 years we have almost 300,030 active subscribers.
If you compare it very well to any scheme at this stage of its development, not too many people are doing transactions that sell 15 transactions every minute.
A lot of things are going on with the paying merchants and others.
We currently have about 1300 businesses using Paga; 4, 000 agents in 25 States and 150 towns and cities across Nigeria. When they say the proof is in the pudding; the pudding is quite good.
Telecos Exclusion and the System
To me, this is one of the best decisions the Central Bank of Nigeria has made in a long time. When you look at it from a risk management perspective, if you had told me 10 years ago that Lehman Brothers will not be around, I would say you are lying.
They have been around for 200 years. As one of the strongest banks in the United States, and globally recognized.
So, how do you mean Lehman Brothers will go bankrupt?
But, the truth is that they are not around now. I think it is very unsafe for any developing economy to set up monopoly that can not avail.
If you look at Kenya, the government of that country would never let the Safaricom fail, because it has become a monopoly.
Safaricom is there, not only in the voice services, but in the financial services; the two sectors that are very important to the economy.
What we have seen around the world is that telecos being in the mobile payment does not actually achieve financial inclusion, which is the goal of the CBN.
Therefore, CBN took the right decision. On the other hand, going into the financial services, while you control the telecommunication that is important to the country, is a way of building monopoly that will be too much for the country to bear.
It will create chaotic situation, because there will be two regulators. The situation would give a particular regulator upper-hand, which affected Nigeria’s financial services few years back based on regulatory charges involving CBN and other regulators.
It is not the kind of ‘war’ we want to go into. Actually, CBN took such a smart decision to leave us in hands of third parties and banks and to ride on our networks. Also, I think we give too much attention to telecom operators.
I can operate Paga (online) from my office. At the end of the day, we are talking about how you connect to the internet, whether through telecom operator or not.
These are services that ride on any provider of the internet services.
Collaborations with Telecos to Ride on their Customer Care Centres
How many customer care centres do they have? Etisalat has 50 branches. That is great, but it cannot serve us.
We have 4,000 agents. And we need to get to 30,000 agents in a couple of years.
So, 50 branches will not help us get to the target of 30,000. We may be thinking they can provide such services; the truth is that the existing networks of the telecos are not the kinds that can easily scale to mobile payments.
The reason is that no teleco in Nigeria controls the last mile. Thus, this is something, often; people lead out in conversation about Safaricom in Kenya.
Safaricom has direct conversation with its last mile. MTN, Glo, Airtel and Etisalat have direct relationship with their dealers.
And they are about 150 (dealers). The dealers on the other hand have built networks under then; and there are other networks.
MTN, for instance, does not have direct relationship with the people selling its recharge cards. So, if any of them is going to do this business, they have to build their own (fresh) agent network. That is different from what we are doing; we are fixed on the ground, have more than 100 people out there building Agent Networks.
We have super agents as well; where some people are building their networks in their domains. And that will scale the process.
So, could there be room for collaboration? Sure, but not the silver bullet. I will never approach the conversation from the silver bullet angle.
In fact, that is part of the problem we have.
When you enter into the conversations, the telecos may think they have a lot to bring into it. We are having conversations with other people who have wider reach than the telecos.
What are the Challenges? Some Banks Attempted to Pull out from the Process
I do not know what the challenges are for individual schemes. Fundamentally, we do not see any structural challenges to operating.
The framework makes sense. The rule is there for anyone that wants to participate and make it happen. What people are realizing is, it is a top business to be in. and they are realizing that it takes a lot of money to be executed.
Some are finding it difficult to find the right team to drive theirs. Therefore, it is not an easy business to move into. So, anyone who sought for a licence from the CBN is now realizing that this is a top business.
When you look at the banking sector around the world, there are very few banks that are in this business successfully.
The reason is that it is out of the core competencies of the banks. But, if a bank gives a focus and map out fund for it, surly there is an opportunity.
That is why we approach banks to work with them. We announced in December, 2013 that any bank or MFI (microfinance institution) or MFP can come and use our agents for cash in and cash out and account opening.
We will do this for a fee, but you will leverage on our networks. We have worked hard in building the agent network. We are hopeful they will come on. It is a win-win situation for all the parties.
The ecosystem is big enough for us to work together. In the same way, we expect the like of First Bank to open its ATM network; GTBank has already done that, FCMB and Diamond Banks are thinking along that way.
These are places we can work together for mutual good. Same thing goes with the Point of Sales (PoS); there is no reason you cannot pay with Paga when you transact business.
I think it is a matter of time; we will get over these things. So, there are about 24 licencees; I do not know about everybody, but I know it is an ideal business that keeps us awake a lot.
Constraints Based on the Cost of USSD Platform
I fundamentally believe that no regulator should have price controls in the market. I am a strong believer in a free market. Let the free market work.
There should be no regulating of the USSD pricing to telecos; there should be no regulating of our pricing to our customers.
Let the market do that itself. So, when I hear our competitors ask for a reduction in USSD price, I usually ask why? If you were MTN, why would you want someone putting a price on your USSD price?
You would want it to be commercially viable. We have gone to MTN, Airtel and Etisalat, negotiated USSD rate. And we are fine with what we negotiated.
Everyone should go and negotiate rates.
We should not force the telecos into setting the price, because if you do, why would they want to provide their services to you.
They have to deal with quality of service on their network, additional traffics, and they have to become economically viable. Of course, could the prices the telecos are coming up with be lower? Yes, who would not want to pay less?
But I do not think it is the price that kills the service. You try what you have and when the volume grows, you can go and re-negotiate.
You can ask for a discount. You cannot just be asking for discount when you have not shown the volume.
That is one of the reasons some find it difficult doing business in Nigeria; a lot of times, people ask for things that are unreasonable.
They know very well that if they were in the shoes of the telcos they would not do that.
Opportunities in the Industry
I got a phone call while coming to work that I needed to pay for a certain service. The person sent me an SMS with the account number.
Right there from my phone I went to Paga and sent the money to the bank account. There was no worry about writing a cheque, withdrawing from a particular bank to pay to the other bank. From Paga, I can send money from one bank account to another, instantly.
You must be a Paga customer to leverage on that, hence with a phone number I can send money to you. You carry out your DSTV transaction.
You can conduct e-commerce transactions using Paga. Life is simply better with Paga. It reduces the risks of carrying money around, queuing up at one place or the other.
I am in business, I have to pay a lot of people I can do that with Paga. We provide services for both businesses and individuals to benefit. Like I said there are over 130,000 businesses using Paga and with the account you can send money to anybody.
How Long Does it Take to Receive Money Sent through Paga?
It takes less than two minutes to receive money in the receiving bank account. There is no issue of 24hours clearance or what have you.
Recently I was in Abuja, and was trying to educate the cab driver on mobile money, I mentioned Paga, and he confirmed he had heard about it in Kaduna.
As we were driving to the airport, I transferred the fare to his account. Instantly (within two minutes), he received the alert from First Bank via Paga and he was shocked. He was a kind of ‘crazy’ about it.
He was interested to hear that he needs not to carry money when he wants to go shopping. He can even pay in advance.
This is the story we are not telling. The media have been focusing on ‘should the telecos be in?’ regulations here and there.
The real story is the value to the customer. Has it simplified our lives, adding value to the economy? Those are the real stories.
How True Is The Report That Banks Control The Greater Percentage Of The Market?
That is not true. We are confident, based on what we hear from the CBN, although it does not reveal the numbers publicly, we are the largest player in the market.
Now, we have to be careful on the bank side to know what is their mobile payment business and mobile banking business.
The two are different. In mobile banking business for instant, I use UBA’s U-Mobile. That is different from what we are doing on mobile payment.
When you look at the transactions in mobile payment volumes-money transfer, airtime recharge, etc, we are the largest.
Paga’s Achievement with Western Union, What Does It Mean to Your Customers?
We are very excited about the relationship with the Western Union. This is just the beginning of many things we are going to do with the Banks and similar companies.
Essentially, what we have done is: if you want to send money to Nigeria, from anywhere in the world, through Western Union, the recipient can pick it up from Paga.
They can either pick it up in their own Paga Account and go cash it out in an ATM, send it to any bank, or go cash it out through one of the Paga Agents.
Alternatively, they can go to any of our agents, open an account, operate and get the money. What this implies is that we have democratized the process.
Before this, the only way to receive your money through the Western Union is to go to the bank. All we need to do is to get the message to Nigerians in Diaspora, and to all recipients here that you can receive money through Western Union now on Paga.

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E-Business
NDPC Records 2,000 Cyberattacks in One Week

Dr Vincent Olatunji, national commissioner and chief executive officer, Nigeria Data Protection Commission (NDPC), has disclosed that hackers launched more than 2,000 attacks on the commission’s service portal within one week, highlighting the growing cyber threats facing government institutions as Nigeria expands its digitalisation efforts.

Olatunji disclosed this on Monday in Abuja at a Technical and Organisational Drill on Data Protection Measures for IT Administrators across Ministries, Departments and Agencies organised by the NDPC.
According to him, the attacks underlined the urgent need for government institutions to strengthen their cyber defences and build the human capacity required to protect sensitive information and digital infrastructure.
He said, “Within one week, we experienced more than 2,000 attempts on our service portal.
More than 2,000 within one week. You can imagine what that means.”
The NDPC boss explained that cyberattacks could be motivated by different objectives, ranging from attempts to embarrass government institutions to financial extortion and other malicious activities.
Olatunji noted that government organisations had increasingly become targets of cybercriminals as more public services migrate online.
He said, “A lot of government organisations are being targeted recently. But I don’t think there’s anyone with any major impact on the economy or citizens’ data. But we don’t have to wait until they have a certain effect before we take action.”
The commissioner said the Federal Government’s ongoing digital transformation agenda was increasing the need for stronger cybersecurity safeguards across MDAs.
He recalled that Nigeria’s digitalisation journey gathered momentum after the issuance of the National Information Technology Policy in 2001, which paved the way for various digital initiatives and strategic roadmaps across government institutions.
According to him, the government is intensifying efforts to achieve full electronic governance and seamless interaction between citizens, businesses, and public institutions.
“A major announcement was made last week that will get 35 ministries fully digitalised in Nigeria within the next few weeks. Efforts are already ongoing. Some are fully digitalised already, while others are being encouraged to come on board. Over 100 agencies of government are already being involved in this,” he said.
Olatunji explained that many government agencies had already deployed platforms that enable citizens to access services remotely without physically visiting government offices.
He cited the commission’s own digital services, saying applicants seeking licences from the NDPC could complete processes online, including application submission and payments.
The NDPC chief, however, warned that greater digital integration also increases exposure to cyber risks.
“The truth is that all these integrations are driven by a lot of technologies developed by private sector organisations. When you move to full integration or when you interact, there is every likelihood that bad actors will target your network,” he said.
To address the challenge, Olatunji called for the development of “cyber warriors” capable of defending government systems and protecting citizens’ data.
He explained that the training programme aligned with key pillars of the commission’s roadmap, including human capital development, technology ecosystem growth, and inter-agency collaboration.
The NDPC boss identified different stages of e-governance maturity, ranging from agencies that only provide information on websites to those offering fully transactional, integrated services.
He stressed that data protection measures should not wait until institutions achieve full digital integration. Olatunji reminded participants that government institutions are classified under the law as data controllers because they collect and process information belonging to Nigerians and non-Nigerians.
He urged MDAs to establish the technical and organisational safeguards required under the Nigeria Data Protection Act to secure their databases and digital platforms.
According to him, technology alone cannot guarantee security without skilled personnel to manage and protect systems.
The commissioner commended public servants, describing them as among the most capable professionals available to drive government policies and programmes.
Olatunji also disclosed that compliance with data privacy requirements across the public sector had improved significantly in recent years. “When we started, the level of compliance with data privacy in the public sector in Nigeria was just four per cent. But now we are doing about 20 per cent and even over,” he said.
He added that many MDAs now make budgetary provisions for data privacy and protection activities, including the appointment of data protection officers and deployment of technical safeguards.
The NDPC chief urged participants to share the knowledge acquired during the training with colleagues in their respective organisations and to develop implementation plans to strengthen compliance.
He said the commission had embarked on various induction programmes, certification initiatives, and training courses for data protection officers across MDAs.
According to him, some participants in the commission’s six-week certification programme were already sitting for examinations, while additional support was being provided through the National Privacy Academy.
Olatunji disclosed that participants at the training would receive free vouchers to access the academy’s self-paced learning platform on data privacy and protection. He also revealed plans to extend training to permanent secretaries and other senior government officials to deepen understanding of data protection obligations across the public sector.
The commissioner encouraged participants to embrace emerging opportunities in the data protection sector, noting that certified data protection officers and licensed Data Protection Compliance Organisations could continue to provide compliance services even after retirement from public service.
In her opening remarks, Dr Tolulope Pius-Fadipe, head of Research and Development at the NDPC, said the training formed part of the commission’s strategic roadmap for human capital development and efforts to build a strong data privacy architecture across ministries, departments and agencies.
She said the programme was designed to promote responsible data management, strengthen public trust, and protect the rights of data subjects, adding that it would help agencies test and improve their ability to protect sensitive public data and maintain critical services during crises.
Pius-Fadipe urged participants to actively engage in the sessions and implement lessons learned in their respective organisations, noting that public institutions were increasingly facing cyber threats.
Also speaking, Mr Olorunisomo Isola, head of Information Technology and Cybersecurity at the NDPC, said the workshop was organised in response to rising cyber incidents targeting public infrastructure as government institutions deepen digitalisation efforts.
He said the training would equip IT administrators with the practical skills needed to implement the technical and organisational measures required under Section 39 of the Nigeria Data Protection Act and to prevent data loss or manipulation across government systems.
According to him, participants would undergo practical sessions on governance, risk and compliance, data protection impact assessments, encryption, data classification, data loss prevention, database security, cloud security and cyber incident response.
He added that the programme would culminate in the development of actionable implementation plans to strengthen data protection governance, improve security posture, reduce cyber risks, and ensure compliance with the NDPA across government institutions.
E-Financial
Supreme Court Endorses Unity, Providus Bank Merger

Supreme Court of Nigeria delivered a landmark ruling on the merger between Unity Bank Plc and Providus Bank Limited.

By dismissing the final appeal challenging the consolidation, the apex court has dissolved the board of Unity Bank, cleared all legal obstacles, and formally sanctioned the creation of the enlarged entity,.
The apex court decision ends the legal dispute that had delayed the merger process.
The merger is expected to create a stronger and larger bank in Nigeria’s banking sector.
The shareholders of both banks had already approved the merger during a court-ordered Extraordinary General Meeting (EGM) held in September 2025.
The Central Bank of Nigeria (CBN) had also given its approval before now.
With the Supreme Court’s approval, the merger process can now be completed.
News
Easybuy Partners WAWUAfrica to Upskill 10 Million Youths and Women, Boosting Nigeria’s Economic and Financial Inclusion

Easybuy, Africa’s leading smartphone and electronics financing provider and a pioneer in the continent’s Buy Now, Pay Later (BNPL) sector, has partnered with WAWUAfrica to empower 10 million Nigerian youths and women with job-ready skills for sustainable wealth creation.

The initiative spans digital and IT literacy, financial and economic literacy, creative arts and design, business and entrepreneurship, as well as hospitality and tourism.
At a recent signing ceremony held in Lagos, Easybuy was named the Official Device Financing and Lifestyle Partner for the Federal Government of Nigeria–approved training initiative. The programme is being launched by the Office of the Vice President through the Presidential Committee on Economic and Financial Inclusion (PreCEFI), and implemented by WAWUAfrica, in collaboration with key development partners, including Ministry of Youth, Ministry of Women, Ministry of Humanitarian Affairs, Ministry of Trade & Investment, the World Bank, African Union Sixth Region Global, Economic Community of West African States (ECOWAS), and the National Information Technology Development Agency (NITDA), as well as leading professional bodies such as the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Bankers of Nigeria (CIBN), Chartered Institute of Stockbrokers (CIS), National Institute of Credit Administration (NICA), Chartered Risk Management Institute of Nigeria (CRMI), and the Nigeria Institute of Innovation and Entrepreneurship (NIIE).
“Smartphones have become essential for participation in today’s economy, yet millions of Nigerians still face barriers to accessing the devices they need,” said Abdul-gaffar Adesoji, Sales Director of Easybuy Nigeria. “As the Official Device Financing and Lifestyle Partner for this great initiative, Easybuy will support WAWUAfrica’s mission by bridging the smart device access gap, empowering underserved communities across the country, and unlocking new economic opportunities for Nigerians through inclusive financing solutions.”
“To boost Nigeria’s economic and financial inclusion drive, as part of our contribution to the initiative, Easybuy will be providing up to 10,000 of sales jobs to trained participants among the 10 million beneficiaries of this worthwhile initiative. The Easybuy team is dedicated to bringing an easier life to millions of Nigerians across the country,” Adesoji further noted.
Commenting on the partnership, Emmanuel Lennox, Chief Executive Officer of WAWUAfrica, said: “This partnership reflects a deliberate shift from skills acquisition as an end, to skills deployment as a driver of national productivity.
By integrating Easybuy’s device financing into the WAWUAfrica training ecosystem, we are ensuring that participants are not just trained, but fully equipped to participate meaningfully in today’s digital economy. It is a model designed to remove structural barriers and accelerate inclusion at scale.”
“What we are building with Easybuy is a closed-loop system for economic transformation, one that connects skills training and real earning opportunities in a continuous cycle. Individuals are given access to acquire smartphones through Easybuy, receive free training, and participate in income-generating activities from sales roles.
The result is a scalable model that doesn’t just prepare people for jobs, it actively enables new businesses, and empowers a new generation of Nigerians to earn, grow, and contribute sustainably to the economy,” Lennox added.
Despite rising connectivity, a significant access gap persists, with over 120 million Nigerians still offline, largely due to the high cost of smartphones. As mobile devices remain the primary gateway to financial inclusion, education, and commerce, affordability continues to limit market penetration.
This gap represents a substantial growth opportunity for scalable financing models to accelerate digital inclusion while unlocking new consumer markets and economic value. This is where Easybuy comes in, offering affordable device financing plans, and empowering millions of users to purchase quality mobile phones through flexible repayments.
This partnership with WAWUAfrica is a strategic response to Nigeria’s economic and financial inclusion gap. Despite steady progress, nearly 29 million adult Nigerians are still excluded from the financial system and only about 52% of the population hold bank accounts.
With rural and low-income communities disproportionately affected, the gap offers an opportunity for scalable, mobile-driven financial solutions like the partnership between WAWUAfrica and Easybuy that can unlock access, drive adoption, and accelerate inclusive economic growth.
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