patrickakpan1996@gmail.comWhile Paga is primarily known for its domestic transfer services within Nigeria, the platform also facilitates international transfers through strategic partnerships with leading money transfer companies. When sending money internationally via Paga, users have the flexibility to choose from a selection of partner companies within the app, each with their own fees and exchange rates.
To give you a comprehensive understanding of Paga’s services, we’ve analyzed key aspects such as fees and exchange rates, transfer limits and speeds, product offerings, ease of use, safety, and customer feedback.
Having been in the financial industry for several years, Paga has demonstrated steady growth and expansion, enhancing its multi-channel network to the benefit of its customers.
To provide a balanced assessment of Paga’s services, we’ve also outlined some pros and cons for your consideration:
Pros
- Certain transactions, such as peer-to-peer transfers, account reloads, and airtime/data purchases, are free. For other transactions, nominal fees starting at 10 naira apply.
- Customers can make transactions using various methods: online, via mobile devices, or through Paga’s extensive network of over 25,000 agents.
- Besides money transfers, Paga offers a range of additional services, such as bill payments, taxi rides, airtime purchases, securities purchases, and more.
Cons
- While Paga users can receive funds from abroad in their mobile wallets and trade locally, they cannot send money overseas.
- Paga’s partnerships with around 15 international money transfer operators limit its coverage for international users who wish to send money to loved ones in Nigeria.
- Paga’s services are limited to the Nigerian naira, which might not be ideal for users seeking a more versatile currency option.
COST
When it comes to international money transfers, Paga relies on its global partners to facilitate the transactions. These partners also determine the associated exchange rates and fees for each transfer, ensuring that users receive competitive and transparent pricing.
Exchange rates
Paga’s partnership with companies like Moneytrans, MoneyGlobe, WorldRemit, and TerraPay enables users to send money to recipients’ Paga mobile wallets in Nigeria. It’s worth noting that the rates will vary depending on which provider you choose. For instance, WorldRemit occasionally offers promotional rates for transfers from the US to Nigeria, providing rates that are often around 1% better than the mid-market rate.
International transfer fees
In addition to the international transfer fees, Paga also has a pricing structure for local transactions. The fees vary depending on the type and amount of the transaction, as well as the payment method used.
Here’s a brief summary:
- Account funding via card or bank debit: Fees range from free to N150, depending on the transaction amount and frequency within a month.
- P2P money transfers: Generally free, with fees ranging from N25 to N50 for larger transaction amounts.
- Deposit to bank: Fees vary from N10 to N50, depending on the transaction amount and frequency within a month.
- Merchant payments (bill pay): Fees range from N10 to N50, depending on the transaction amount.
Transfer speed
The limits on the minimum and maximum transfers that Paga users can make are determined by their account verification level. There are three verification levels, each with its own set of requirements and transaction limits:
- Level 1: Basic account, no ID required. Users can deposit up to N50,000 and transfer up to N50,000 daily.
- Level 2: Requires ID verification and a selfie. Users can deposit up to N500,000 and transfer up to N250,000 daily.
- Level 3: Requires ID verification, a selfie, and additional documentation. Users can deposit up to N5,000,000 and transfer up to N2,000,000 daily.
Product offering
Supported currencies & destinations
Paga’s services are primarily focused on domestic transactions within Nigeria, with the exception of international transfers that can be received from abroad and sent to Nigeria.
Payment and transfer methods
When making an international payment through Paga’s partners, the payment method will depend on the specific provider you select.
Funding your Paga account for local payments can be done through various methods, providing flexibility and convenience for users:
- Debit or credit card: Link your Nigerian bank card to your Paga account for easy funding.
- Bank transfer: Transfer funds directly from your bank account to your Paga wallet.
- Cash deposit: Visit any Paga agent location or partner bank branch to deposit cash into your Paga account.
- USSD code: Use the Paga USSD code *242# to fund your account directly from your mobile phone, even without an internet connection.
- Paga-to-Paga transfer: Receive funds from another Paga user to top up your account.
Receiving methods
To complete international transfers with Paga, funds are deposited directly into the recipient’s Paga account using their mobile number as the account identifier.
Mobile app
Paga’s user-friendly mobile app enables you to perform a range of financial tasks, including:
- Account registration: Easily create a Paga account directly within the app.
- Money transfers: Send funds to other Paga users, bank accounts, or merchant pay bill accounts.
- Money requests: Request funds from other Paga users with just a few taps.
- Bill payments: Pay for various services such as electricity, cable TV, and internet.
- Airtime purchases: Top up your mobile phone credit for any major Nigerian network.
conclusion
Paga app users have expressed high satisfaction with the platform, as reflected in its ratings:
- On the Google Play Store, the Paga app has earned a commendable 4.4 out of 5 rating from over 18,912 reviews.
- Similarly, the app enjoys a strong 4.2 out of 5 rating on the Apple App Store, based on 1,248 reviews.
patrickakpan1996@gmail.com
