Recently in a blog post on Medium, Paga celebrated having 9 million unique users on its mobile payment platform, up from 8 million users just in January 2018.
Talking about Unique Users, according to Paga ‘Unique users’ includes everyone that has transacted on the payment platform, either through its agent network or self-transaction.
Paga uses mobile numbers as a unique identifier. If someone that’s not registered on the payment platform uses an agent for any financial services, Paga recognises the person’s mobile number once and it does not count for future transactions.
However, using two different mobile numbers for separate transactions with the same or different agents would record you as two unique users.
This is a great feat for one of the top mobile money operators in the country. But recent figures from the Nigeria Inter-Bank Settlement System (NIBSS) question this claim.
From the report above, the Total number of Mobile Money Customers is 1.50 Million, with 5,304 registered Mobile Money Agents.
Speaking recently during the private launching of the app, Paga founder and CEO, Tayo Oviosu affirmed that there are 1.6 million active users on the platform.
The big question; where did CBN get its figures from?
If with 9.1 million unique users, there are 1.6 million active users on Paga, it can be assumed that the reported 8 million users translate to a 1.406 million active users in March 2018.
Even on the assumption that the 1.5 million users as quoted by the CBN are the active customers in Q1, it still questions Paga’s current active users, as it is not the only mobile payment platform in Nigeria.