ADDIS ABABA – Nigeria’s largest mobile money operator, Paga, poised for global expansion, as the company announced its acquisition of Apposit, a US technology company based in Addis Ababa.
In 2018, when announcing its 10 million US dollars raise in growth financing, Paga also made it known that it had begun exploring opportunities in other economies in efforts to build a global emerging markets payments powerhouse.
In line with this, the company said it has acquired its strategic partner, Apposit, a US software company with primary operations in Addis Ababa, for an undisclosed fee.
Founder & CEO of Paga, Tayo Oviosu, said the company’s vision is to “make it simple for one billion people to access and use money”.
“Apposit has demonstrated strong alignment with our purpose and they have some of the very best engineers I have been privileged to work with, in over two decades in technology in Silicon Valley and elsewhere,” he said. “I am very excited to have Apposit join the Paga team.”
Its global vision has led Paga to pinpoint Ethiopia as one of the viable countries with similar cash and payment problems identified in Nigeria and introduce its services to the market.
Acquiring Apposit provides Paga with an instant go-to-market strategy to launch the Paga service in Ethiopia under the vast experience and leadership of Adam Abate, Apposit co-founder & CEO, who will now become the CEO of Paga Ethiopia.
The company will now also own Apposit’s other in-house technology products, Terra and Tangio.
Terra is a digital agricultural platform that provides products & tools to collect, manage and analyze data in agricultural value chains.
The Terra platform harnesses the power of data to improve decision making in agriculture.
Tangio, on the other hand, is a sales force automation platform for manufacturers and distributors of FMCG products. It provides companies the tools and intelligence to plan and execute their route to market strategies.
Adam Abate, Apposit’s CEO, said the acquisition of Apposit by Paga “is a very natural progression”.
“We are excited to join forces with Paga at a time where Ethiopia embarks in earnest on its digital transformation,” he said. “As one company we will solve the use of cash and bring access to finance to millions of people in Ethiopia and beyond”.
The leadership team at Apposit will be absorbed into the leadership structure at Paga, retaining Eric Chijoke as the Chief Technology Officer responsible for product development, Simon Solomon becoming the Lead Systems Architect, and Gideon Abate as the Head of Product Innovation.
With this acquisition, Paga is now poised to build a global product development organization with teams based in Lagos, Addis Ababa, London, and Mexico City.