ADLEVO Capital Managers, a private equity fund manager focused on investments into technology-enabled businesses in sub-Saharan Africa, has announced that it has completed an investment into the parent company of Pagatech Limited (“Paga”), a leading provider of mobile money transfer services in Nigeria. No figure was given for the deal, which involved other investors.
Nigeria presents one of the most attractive markets for financial services in Africa, with a population of 160 million people and GDP in excess of $200 billion.
The investment will further stimulate Paga’s growth and enable it to expand across Nigeria. Paga is planning to take advantage of the deep penetration of mobile telephony in Nigeria – given that more than two-thirds of Nigerian adults use a mobile phone – to deliver innovative and universal access to financial services to both banked and unbanked customers.