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  • Business - Companies
  • Updated: January 27, 2020

Paga Acquires Ethiopian Tech Company Apposit

Paga Acquires Ethiopian Tech Company Apposit

 

Mobile money operator Paga has announced the acquisition of an Ethiopia based technology company, Apposit.

While announcing the new development, the company said its relationship with the renowned Ethiopian company Apposit stated back in 2009 when the technology company dedicated an engineering team to Paga that helped in driving technology and software innovation in the company.

Under the new business arrangement, Apposit co-founder & CEO Adam Abate would become the CEO of the Paga subsidiary in Ethiopia, while the leadership team at Apposit would be absorbed into the leadership structure at Paga.

In addition to that, the Nigerian mobile money company Paga will also own Terra and Tangio which are the other in-house technology products of Apposit.

Reacting to the new development, Founder/ CEO, Paga, Tayo Oviosu said: “Our favorite motto at Paga is that we go farther together as a team, and this is exemplified in our decision to take our trusted business relationship with Apposit one step further and have them fully become a part of the Paga family. By doing so, we not only gain a scalable world-class internal engineering team, but we also are in a stronger position to grow our global payments business.

“Last year, we refined our mission and vision to birth our massive transformative purpose to make it simple for one billion people to access and use money.

“Apposit has demonstrated strong alignment with our purpose, and it has some of the very best engineers I have been privileged to work within over two decades in technology in Silicon Valley and elsewhere. I am very excited to have Apposit join the Paga team.” 

Apposit's CEO Adam Abate expressed his delight over the new alignment.

According to him, “The acquisition of Apposit by Paga is a very natural progression in the close relationship we have enjoyed with Paga over the last 10 years. We are excited to join forces with Paga at a time when Ethiopia embarks in earnest on its digital transformation. As one company, we will solve the problem with the use of cash and bring access to finance to millions of people in Ethiopia and beyond. Our companies are strongly aligned in terms of values, culture, and purpose, and leveraging Paga’s vast experience and robust payments platform will position us for success,”

“We also look forward to strengthening Paga’s product team and continuing to build technology that will be used globally.” 

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