Nigerian digital payments startup Paga has acquired Apposit, a software development company based in Ethiopia, for an undisclosed amount. Paga will leverage Apposit — which is U.S. incorporated but operates in Addis Ababa — to support that expansion into East Africa and Latin America. Apposit dedicated an engineering team to build Paga’s payment platform, Eric Chijioke became Paga’s CTO (while maintaining his Apposit role) and Apposit backed Paga. Adam Abate is now CEO of Paga Ethiopia, where Paga plans to go live as soon as it gains a local banking license. With its Apposit acquisition and plans for continued expansion, PayPal may become more than a model for Paga.
Source: Ethiopian News January 22, 2020 05:26 UTC