#A24BehindTheTech: Tayo Oviosu

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Tayo Oviosu, the founder and CEO of Paga, a financial mobile payment platform which was founded in 2009 with the aim of solving the financial payments problem in the country. The payment platform was recently presented with an award by Nigeria Inter-Bank Settlement Systems Plc (NIBSS) for the mobile money operator’s outstanding performance and achieving the highest transaction count on the Global Mobile Regulatory & Monitoring Platform in 2017. This is the third year in a row. Tayo landed his first job with a small startup, which was into the development of digital imaging in Los Angeles, U.S.A, he later joined Deloitte Consulting in 1999, While at Deloitte, he worked on cases of five industries such as high tech, telecom, pharmacy retail, government, and healthcare. He was primarily responsible for leading technical implementation teams. He moved back to Nigeria in 2008 having worked for some 13 years in the United States, to be part of the economic development of the country. According to him, his personal mission was to help build the financial ecosystem in Nigeria.

Oviosu bootstrapped the paga startup for the first six months, relying solely on his savings from his previous job. He also employed the services of friends to work in different areas. Some early investors include his former boss, whom he worked with for about three years, friends and relatives. In his interview with Guardian Newspaper, he recalled how a friend invested $5,000 in the early days of Paga. He also acknowledged Goodwell Alitheia Capital as Paga’s real angel investor. Currently, the number has grown to over 34 investors. Since its launch, Paga has continued to grow, with 8.2 million users that processed over 2 million transactions worth over $131 million in March, 2018. It has also processed over $3 billion worth of transactions from 48 million transactions since inception. The story of Tayo and Paga story is one of the biggest positives in Nigerian tech. Currently servicing over 11 million users and generating millions of dollars in recurring revenue, Tayo’s company has defied the odds and succeeded where many others have struggled and failed.

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