Paga has announced the introduction of a transaction savings walled, adding that this is a way of redefining mobile wallets and introducing a new way to think about savings accounts.
Paga announced in a statement on Thursday that the product, developed in partnership with Sankore Securities, would allow users to fund their wallet and freely transact while still earning an interest.
The statement said, “At a competitive four per cent per annum, the interest is calculated on the client’s average daily balance and is paid monthly with no hidden fees or charges.”
It quoted the Chief Executive Officer and founder of Paga, Tayo Oviosu, as saying, “When I started Paga in 2009, I set out to solve two problems - make it easy to send money to anyone, and deliver financial services to the unbanked/under-banked Nigerians.
“Since launching our service to the market in 2012, we have been on the journey of solving these problems and making life possible for all Nigerians.
“We first focused on payments, which earned us 8.1 million unique users, and we are grateful for the place in our platform. Last week, we formally moved into digital financial services with our first product; a transaction savings wallet.
“Our goal is simple - we want to leverage our agent network and digital platforms to deliver financial services to all Nigerians and do so in partnership with banks and other financial institutions.”
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