A Detailed Review About Pagatech
About PAGATECH
Paga is a Nigeria-based mobile money transfer service that allows customers to receive money directly into their mobile money wallets. Overseas users can transfer money to Paga wallets using partner remittance providers such as Western Union, Moneytrans, and WorldRemit.
Paga is different from traditional money transfer companies. Paga is a Nigeria-based mobile money payment service supporting over 15 million individuals and businesses, who use Paga’s services to send money through a network of more than 25,000 agents. Customers can use Paga for a variety of services, such as receiving money from overseas and making local P2P transfers, paying utility bills, buying prepaid airtime, paying merchants directly for services such as ride-hailing, or purchasing securities.
It is important to note that you can only use Paga to receive international transfers. Users cannot use the service to make cross border payments.
Paga exchange rates and fees
Customers making transfers within Nigeria do not need currency exchanges as all transactions are in Naira. For international money transfers, Paga uses its global partners who also determine the applicable rates and fees.
Exchange rates
Depending on the transfer route, overseas customers can use Paga partners like Moneytrans, MoneyGlobe, WorldRemit, Small World FS, and TerraPay to send money to their recipient’s Paga mobile wallets in Nigeria.
The exchange rate margins charged depend on the international money transfer operators being used. For instance, WorldRemit charges an exchange rate margin of about 3.6% to send money from the UK to Nigeria.
Fees
International transfer fees also depend on the money transfer platform you use. WorldRemit charges zero fees to Paga while Moneytrans charges fees starting from £2.01.
Apart from the international fees, Paga has a price list for local transactions. Here is a summary of the costs involved:
- P2P money transfer: This is free, customers would only pay 5% VAT.
- Funding a Paga account: This is free for both bank transfer and card payments except for a 5% VAT.
- Deposit to the bank: Customers pay a transaction fee ranging from 10-150 nairas.
- Merchant payments: Fees range from as low as zero to 100 nairas.
- ATM transactions: Withdrawals from an ATM or agent attract a fee of 100 nairas.
Additional costs
When making an international money transfer to Paga, the bank may charge you a cash advance fee for using a credit card to pay for your transfer. Paga to bank deposits cost 1.50% of the transfer amount in debit card fees.
Paga pros and cons
Paga’s platform has recorded tremendous growth over the years it has been in the financial services industry. Its multi-channel network has brought lots of benefits to customers. Here are some of the pros and cons to help you get a clearer picture of the service they provide.
Pros
- Low to zero fees: P2P transfers, loading money to your Paga account, and buying airtime or data is free. The other transactions attract a nominal fee starting from 10 nairas.
- A variety of platforms: Customers can transact online, through their mobile devices, or using the network of over 25,000 agents.
- Online chat: Most questions are addressed using Paga’s extensive knowledgebase. You can also create an online ticket and have your issue addressed by the support team.
- Added services: Users can pay their bills, taxi rides, buy airtime, purchase securities, and lots of other services in addition to money transfers.
- Extensive local network: With over 15.6 million customers and 25,000 agents, users enjoy a vibrant and expanded financial ecosystem.
Cons
- Cannot send abroad: Paga users can only receive funds sent from abroad into their mobile wallets and trade locally but cannot send funds overseas.
- Limited countries: Paga has partnerships with only about 15 international money transfer operators hence limiting its international coverage for users looking to send money to their loved ones in Nigeria.
- Single currency: Paga can only hold and transact in a single currency, the naira.
What kind of payments can I make with Paga?
Paga is a Nigerian digital payments system supporting over 8% of the local population. Using the service, you can make a variety of payments. Here is a breakdown of the payments and withdrawal options available on the platform.
How fast are Paga’s transfer speeds?
Local and international transfers are instant when using Paga, one of the big benefits of using the service.
Payment methods available
For international payments, the provider you choose will determine how you pay for your transfer. However, for local payments, you can fund your Paga account through any of the following methods:
- Automated deposit: Visit a partner bank like Fidelity Bank, Access Bank, or GTBank and request to fund your Paga account.
- Bank transfer: Customers can use online bank transfers to load their Paga accounts.
- Debit card: You can use your naira debit card to fund your deposit.
- GT Collections: Use your GTBank mobile app or online platform to fund your Paga account.
- GTBank 737: Dialing the *737# shortcode gives you access to the GTBank service menu to help you load your Paga account.
- Paga agent: Visit any Paga agent to load your account. There are over 25,000 agent locations across the country.
Withdrawal options available
International transfers are made directly into the beneficiary’s Paga account using their mobile number as the account number.
Local transfers can also be sent into the recipient’s Paga account, bank account, or merchants' pay bill account. Anyone with an email address or a Nigerian phone number can also receive funds using the service. Recipients can withdraw the funds sent from their Paga accounts at an agent, ATM, or POS terminal.
Paga also has a request money feature, with customers can also request money from both Paga and non-Paga users from the app or online platform using an email address or phone number.
