How a Nigerian Entrepreneur Is Building a Cashless Economy

Nigeria faces a cash dependency issue, with only 35% of its population having bank accounts. Tayo Oviosu, inspired by his upbringing and education, founded Paga to address this by enabling mobile transactions. Despite challenges, Paga has grown significantly, offering various financial services and planning expansion into Mexico and Ethiopia.

What percentage of Nigerians have a bank account?

• 25%

• 45%

• 35%

• 55%

What inspired Tayo Oviosu to focus on bringing ideas to life in Africa?

• His mother's work ethic

• His education at Stanford

• His experiences in Lagos

• His father's business

What was the primary reason for the dominance of cash transactions in Nigeria?

• Poor banking infrastructure

• Government regulations

• Lack of mobile phones

• High transaction fees

What was the main challenge Paga faced in gaining customer trust?

• Competition from other startups

• Lack of mobile network coverage

• High transaction fees

• Convincing cash-dependent customers

How many agents does Paga have in its network?

• 46,000

• 36,000

• 26,000

• 16,000

Which country is Paga planning to expand into next, due to its similarities with Nigeria?

• Brazil

• Mexico

• India

• South Africa

What additional services does Paga offer beyond mobile payments?

• Real estate investment

• Stock trading and investment in mutual funds

• Cryptocurrency trading

• Insurance services