Nigeria’s Mobile Money Operator Acquires Ethiopia-based Software Firm
Nigeria’s largest mobile money operator, Paga, acquires Apposit, a US technology company based in Addis Ababa, Ethiopia.
This is the part of the Nigerian company’s effort in other economies in efforts to build a global emerging markets payments powerhouse.
Paga had been a strategic partner of 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.”
Following the acquisition, Adam Abate, Apposit co-founder & CEO, would become the CEO of Paga Ethiopia, while the leadership team at Apposit would be absorbed into the leadership structure at Paga. Paga will also own Apposit’s other in-house technology products, Terra and Tangio.