Paga, a Nigerian mobile money operator, has announced the acquisition of Apposit, a technology company based in Addis Ababa, Ethiopia.
The company explained in a statement that the relationship with Apposit dates back to 2009 when it dedicated an engineering team to Paga that helped in driving technology and software innovation in the company.
Under the arrangement, 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. “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 with in over two decades in technology in Silicon Valley and elsewhere. I am very excited to have Apposit join the Paga team,” said Tayo Oviosu, Founder/ CEO, Paga.
“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,” noted Adam Abate, Apposit’s CEO.
“We also look forward to strengthening Paga’s product team and continuing to build technology that will be used globally,” he added.