Home Startup Fintech Why Nigerian Fintech, Paga, Decided to Relocate Office to the UK
Fintech - Startup - September 28, 2020

Why Nigerian Fintech, Paga, Decided to Relocate Office to the UK

Paga Group recently announced that it has moved its headquarters to the  the United Kingdom (UK). Unknown to many people, the Nigerian fintech’s head office was, until this time, domiciled in Mauritius.

Disclosing this development last week, Paga’s Founder/CEO, Tayo Oviosu, said he and the rest of the team were excited about the move and looked forward to facilitating trade in the UK.

Note that Paga Group is the holding company for the fintech’s operations in Nigeria, México, Ethiopia, and the UK.

Why exactly Did Paga Leave Mauritius?

Simply put, Oviousu alleged that Mauritius is a difficult place to do business. IN May 2019, he wrote a long and almost hilarious but candid Twitter thread on why he will never do business in the East African island nation again. Part of what he wrote can be seen below.

The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year. In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.

“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”

Why Was Paga Domiciled in Mauritius in the First Place?

It is surprising that Oviosu did not have a very pleasant experience in Mauritius. But what is most surprising is the fact that the company has been operating outside of Nigeria all these years.

Perhaps, Paga’s management figured that operating from within Nigeria might come with even greater challenges. After all, Nigeria is notorious for being an equally difficult place to do business.

Note that Paga, which facilitates payments,was founded in 2009. Its Nigerian office is in Yana, Lagos.

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