Paga, a Nigerian fintech startup has acquired Apposit, an Ethiopian fintech startup for an undisclosed fee.
Paga also announced that it has expanded its digital payment solutions to Mexico in South America this year.
Paga will leverage Apposit — which is U.S. incorporated but operates in Addis Ababa — to support its expansion into East Africa and Latin America.
Founded by Tayo Oviosu in 2009, the digital payment firm has created a payment channel that allows Nigerians both in rural and urban areas to transfer money, pay bills, and buy airtime among other digital transactions.
The digital pay firm has 14 million customers in Nigeria who can transfer funds from one of Paga’s 24,411 agents or through the startup’s mobile apps.
Since 2009, it has processed 104 million transactions worth $6.6 billion, according to Oviosu.
With the acquisition of Apposit, the digital payment firm can now deploy Apposit’s tech capabilities and a total workforce of 530 to boost its expansion plans.
Adam Abate, the founder of Apposit, is now CEO of Paga Ethiopia, where the digital payment company plans to go live as soon as it gains a local banking license.