Markets

‘Mobile Payment Competition Healthy’

The founder of Paga Mobile Payment Limited, Mr. Eyitayo Abiosun has said that the ongoing competition in the mobile payment industry is very healthy.
 
He made this remark in Lagos at the weekend during the organisation's fifth year anniversary.
 
He explained that competition among licenced mobile payment operators in the country have been healthy.
 
Abiosun also noted that all licenced mobile money firms are working towards efficient service delivery to their customers.
 
"There are many companies in the mobile payment industry and I think we are all going towards same business, which is how we can deliver mobile payment to Nigerians whether in your business or individuals, "he said.
 
He also pointed out that Central Bank of Nigeria (CBN) on one side as a regulator had been helpful in terms of risk management infrastructure to ensure safety of transactions.
 
"In 2013, we did five million transactions and by end of March 2014, we have done more than half of that, "he said.
 
While disclosing that presently, the firm has 4,500 agents in the country, Abiosun further stressed that his firm is targeting 7,000 agents by the end of 2014.
 
He, however, hinted that mobile payment system, especially with Paga, would support the growth of the economy. According to him, mobile payment would provide convenience for bank customers.
 
He also averred that there has been a value creation through job opportunities, adding that it had provided job opportunities for the over 4,500 agents.
"It is creating jobs. The 4,500 agents we have, many of them have hired people because Paga business, Abiosun said.
 
Meanwhile, the Co-founder, Paga, Mr. Jay Alabaraba, in a chat with journalists, said they his organisation is going in the right direction because it has already an established a brand that customers can trust and relate to.
 
He noted that it has been consistent with building the brand with the high quality service delivery they provide.
 
Speaking on the challenges faced by mobile money operators, he highlighted the infrastructure deficit, delays in SMS delivery and network downtime, which he said the firm has been able to resolve.
 
Alabaraba also pointed out that Paga’s unique selling point is its convenience.

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