Paga CEO Tayo Oviosu Says Over 400 Fintechs Use Its Rails for $1.5 Billion Monthly

Paga processes more than $1.5 billion in transactions every month for over 400 fintech and technology companies that use its infrastructure, founder and Chief Executive Officer Tayo Oviosu said at Moonshot 2026 in Lagos. Punch Newspapers reported the remarks from the conference at the National Theatre.

Oviosu On Competition And Paga's Rails

Oviosu said rising competition in Nigerian fintech is not a threat to Paga, describing it as evidence of an expanding market. "No, it's not ( a threat). Competition is great. It keeps us on our toes. But it's also showing that the market is expanding. And the Nigeria market is a very big market," he said. He said technology companies can address different needs within financial services rather than viewing one another only as competitors.

Paga, founded in 2009, is a CBN-licensed mobile money operator and full-stack financial services platform serving consumers through its app, SMEs through Doroki and enterprises through Paga Engine across Nigeria, the US and the UK. Oviosu said the company's infrastructure lets businesses launch services without building every component themselves. "Over 400 fintechs or tech companies are using our infrastructure today. And processing over 1.5 billion dollars of transactions every month," he said.

Oviosu named capital as the main constraint on scaling. "The biggest challenge is raising capital to be able to help you scale. And the capital markets in Nigeria are deepening. So that's good. But that's the biggest challenge," he said. He spoke on a panel on evolving business models in African fintech alongside Dayo Odulate-Ademola, Managing Director of Branch International, and Chukwuma Nwanze, Managing Director of Credit Direct. Branch launched High Yield Savings for Uber Pro Card users on October 1, 2026, offering up to 3.25% APY with a $500 average daily balance, according to PYMNTS.com.

Paga's Transaction Volumes On Record

According to akta.pro company records, Paga ended 2025 with ₦21 trillion in total transaction value processed since its founding, up from ₦12 trillion ($31 billion) at the end of 2024 and ₦3.9 trillion ($12 billion) at the end of 2021. Transaction value in 2025 alone reached ₦17.1 trillion, up 96% year on year, and cumulative transactions since inception reached 432 million by the end of 2025. The same records list total funding of $46.7 million across six rounds, the last a $10 million Series B in October 2021.

Earlier Paga Announcements This Year

Paga announced a partnership with Sui, the blockchain network built by Mysten Labs, at the Sui Live event in Miami in May 2026, TechCabal reported. In May 2026, TechCabal also reported that Paga Group was packaging its payments infrastructure into Paga Engine, a service for other companies to plug into. In August 2026, Xsolla added Paga as a payment method for Nigerian game players, integrating its full suite of services, AETOSWire reported.

Moonshot 2026 Schedule

The fourth edition of Moonshot, organised by TechCabal parent Big Cabal Media, runs at the National Theatre in Lagos from October 28 to 29, 2026.