Goodwell West Africa, a branch of Goodwell Investments of the Netherlands, has invested an undisclosed amount in Paga’s mobile money service with approval from the Central Bank of Nigeria.
Paga is a Nigerian company that was founded in 2009 and launched its mobile money service in February 2011. Paga operates in partnership with the nationwide network of DStv, a digital satellite television service, to offer financial services such as cash transfers, mobile airtime credits purchases and bill payment via mobile phones and the Internet.
Goodwell West Africa operates in partnership with Alitheia Capital, a Nigerian investment management company, with the purpose of investing in organizations that operate on a socially and commercially sustainable basis. Paga Founder and CEO Tayo Oviosu stated, “Goodwell and Alitheia bring a great wealth of international and local experience which will further strengthen our ability to achieve our vision as a company. We are strongly committed to bringing quality financial services to all Nigerians and truly believe that Paga will change the life of the average person for the better” [1]. Subscriber numbers and financial data on Paga are unavailable.
By: Alexandra Pattee, Research Associate
About Goodwell Investments BV: Goodwell Investments BV, based in the Netherlands, is a for-profit social investment company focused on access to finance and sustainable development. It invests in organizations that are deemed to operate on a socially and commercially sustainable basis. Goodwell Investments has built and manages microfinance equity investment companies in partnership with organizations in India and West Africa. As of April 2011, these companies have a total committed capital of USD 70 million and are managed as joint ventures between Goodwell Investments and local teams. Goodwell Investments is the lead investor in Aavishkaar Goodwell, a business development company in India. Goodwell Investments is an investor in Goodwell West Africa, a business development company in Africa. In 2011, Goodwell announced that it will expand the scope of its impact investing services to include small and medium-sized enterprise finance, water & sanitation, health care and renewable energy. As of 2009, Goodwell Investments had USD 25 million in fund assets, all of which was allocated to microfinance funds.
About Paga: Paga is a mobile money service provider based in Nigeria. Paga was founded in 2009 with the mission of delivering innovative and universal access to financial services in Africa. Paga received its provincial license to operate from the Central Bank of Nigeria in November 2010 and launched a mobile money service in February 2011. Paga’s mobile money service operates in partnership with the nationwide network of DStv, a television service provider, to offer financial services such as cash transfers, mobile airtime credits purchases and bill payment via mobile phones and the Internet. Financial information is not currently available for Paga.
Sources and Resources:
[1] Goodwell Press Release, “Paga receives institutional investment from Goodwell West Africa”, Submitted directly to MicroCaptial
MicroCapital.org Article, April 13, 2011, “Goodwell Investments Expands Beyond Microfinance to Include SME Finance, Health, Renewable Energy”, https://www.microcapital.org/microcapital-brief-goodwell-investments-expands-beyond-microfinance-to-include-sme-finance-health-renewable-energy/
MicroCapital.org Article, June 11, 2010, “KfW Entwicklungsbank (KfW) and Norwegian Microfinance Initiative (NMI) Commit Total of $11.6m to Goodwell West Africa to be Invested in Microfinance Sector in Ghana and Nigeria”, https://www.microcapital.org/microcapital-brief-kfw-entwicklungsbank-kfw-and-norwegian-microfinance-initiative-nmi-commit-total-of-11-6m-to-goodwell-west-africa-to-be-invested-in-microfinance-sector-in-ghana-and-nigeria/
MicroCapital.org Article, June 11, 2010, “KfW Entwicklungsbank (KfW) and Norwegian Microfinance Initiative (NMI) Commit Total of $11.6m to Goodwell West Africa to be Invested in Microfinance Sector in Ghana and Nigeria”, https://www.microcapital.org/microcapital-brief-kfw-entwicklungsbank-kfw-and-norwegian-microfinance-initiative-nmi-commit-total-of-11-6m-to-goodwell-west-africa-to-be-invested-in-microfinance-sector-in-ghana-and-nigeria/
MicroCapital.org Article, December 15, 2009, “Alitheia Capital, Goodwell Investments BV and JCS Investments Announce First Close of $60m Equity Fund for Microfinance in Nigeria and Ghana”, https://www.microcapital.org/microcapital-brief-alitheia-capital-goodwell-investments-bv-and-jcs-investments-announce-first-close-of-60m-equity-fund-for-microfinance-in-nigeria-and-ghana/
MicroCapital.org Article, May 12, 2009, “Alitheia Capital, Goodwell Investments and JCS Investments Limited Open West African Microfinance Fund Targeted at $50m”, https://www.microcapital.org/microcapital-story-alitheia-capital-goodwell-investments-and-jcs-investments-limited-invest-496m-in-west-african-microfinance-equity-fund/
MicroCapital’s Microfinance Universe: Goodwell Investments BV, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Goodwell+Investments+BV
MicroCapital?s Microfinance Universe: Paga, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Paga
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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