Paga Review: Exchange Rates, Transfer Fees & Alternatives

Paga is different to traditional money transfer companies. The Nigeria-based mobile money payment service supports over 15 million individuals and businesses who use Paga for a variety of services: from receiving foreign payments to making local P2P transfers to buying prepaid airtime.

Paga can only be used to receive international transfers, you cannot use the service to make cross border payments. However, we've prepared a list of top 10 money transfer companies to send and receive money abroad. In this review, we shall focus on making payments using Paga.

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.


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 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 its pros and cons to help you get a clearer picture of the service they provide.


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.


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.
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What kind of payments can I make with Paga?

Paga is a Nigerian digital payments startup 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.

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.

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How to send and receive money with Paga

Paga has simplified both person-to-person and person-to-business payments in Nigeria, as well as for users making transfers to Paga accounts from abroad. Here is what the process of sending and receiving payment involves.

How to send money with Paga

If you are transferring funds from abroad, the money transfer company you use when sending money to a Paga wallet will define the process to follow. For local payments on the Paga platform here is the process.

1.Step 1 Sign up for an account
2.Step 2 Account verification
3.Step 3 Fund your account
4.Step 4 Transfer funds

How to receive money with Paga

Paga can transfer funds to the designated recipients’ bank accounts, Paga mobile wallets, merchants’ business accounts, or even non-Paga recipients using email addresses or their Nigerian phone numbers.

Does Paga have a mobile app?

Yes. Paga has a mobile app through which customers can do the following:

  • Sign up for an account

  • Send money

  • Request money

  • Pay bills

  • Buy airtime

  • Buy data

  • View transaction activity

Users of the Paga app appear to have a positive experience; it has a 4.4 rating on the Play Store and 4.5 on the App Store.

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.

Are there maximum and minimum transfer amounts?

The minimum and maximum transfers users can make depend on the level to which their account is verifiied. Here is a summary of the daily limits per level.

  • Level I customers: Can transfer up to₦50,000 or $138

  • Level II customers: Can transfer up to ₦200,000 or $551

  • Level III customers: Can transfer up to ₦5,000,000 or $13,780

Can I trust Paga?

Paga is a mobile payment company that has gained popularity in both Nigeria and other partner countries since it was launched in 2012. When using a service to send your money, the primary concern is whether you can rely on the platform, so here’s a quick summary of everything you need to know about Paga’s trustworthiness.


Pagatech Limited was founded in 2009 by Tayo Oviosu to help Nigerians abroad to make international money transfers to their families back home directly into their Paga mobile money wallets. Since the commercial launching of the service in August 2012, it has grown exponentially adding millions of users and thousands of agents to its network.

Regulatory compliance

The service is registered as a private limited company by the Corporate Affairs Commission (CAC) and regulated by the Central Bank of Nigeria as a provider of electronic payment systems services.

Key industry partnerships

In a bid to expand its reach, the company has partnered with the following global payment operators.

  • TerraPay

  • TransferTo

  • Transferwise

  • Small World

  • MFS Africa

  • Hellopaisa

  • ZingerPay

  • SimbaPay

  • MoneyLineUK

  • GDM Transfer

  • ImpalaPay

  • Cashpot

  • WorldRemit

  • Telcoin

  • Western Union

  • Moneytrans

Paga also has collaborations with local banks and payment rails such as Visa to help facilitate customer payments.

Encryption and customer data

Paga prioritises customer online safety and has bank-grade security measures in place. Transaction information is protected using SSL encryption technology.

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Investors and awards

So far, Paga has had 4 investment rounds- a Series A, two Series B, and an Angel round, raising a total of $34.7 million. The top investors include:

  • Unreasonable Capital

  • Adlevo Capital

  • Goodwell West Africa

  • Global Innovation Fund

  • Omidyar Network,

  • Capricorn Investment Group

  • Enhancing Financial Innovation & Access (EFInA)

  • Flourish

  • Acumen Fund

  • Jim O'Neill -Angel Investor

  • Tim Draper -Angel Investor

In 2013, Paga was shortlisted for the Financial Times & ArcelorMittal “Boldness in Business" Awards.

Customer satisfaction

Most Paga customer reviews are on Instagram and Twitter. Users speak favourably of the company, with these being some of the most common comments:


Simple to use: The Paga platform is well laid out and easy to use.
Inexpensive: Most of the transactions are either free or attract minimal charges.
Fast: Transactions are delivered instantly.


Customer service: The customer support team takes time to respond even on WhatsApp and support tickets.

Can I cancel my transfer?

No. Since transfers are instant, cancellations are impossible. In case of an erroneous transfer, you’ll have to get in touch with the recipient for a reversal.

Top destinations

The only destination for international transfers is Nigeria, the rest of the transactions on Paga are performed from within Nigeria.

Customer support

To get in touch with Paga customer support, use any of the following channels.

  • Telephone: Customers can get help within Nigeria on 07000007242 or 012777160.

  • Online ticketing: Users can create a support ticket online for further assistance.

  • WhatsApp: The WhatsApp messaging line is 08099227242.

  • Email: Customers can email the support team directly at


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.

Apart from international transfers, customers can make P2P transfers within Nigeria to their recipient’s bank accounts, merchants’ wallets, and Paga mobile wallets. However, with regional competitors like Kenya’s M-Pesa, Cellulant, Paystack, and Flutterwave around, it helps to do a quick comparison to know who is cheap and efficient.

Our money transfer comparison tool can help customers conduct a quick analysis of the major players on this transfer route. You’ll usually find Paga’s name near the top of the list when looking for money transfer services in Nigeria, but taking a couple of minutes to compare your options can help you ensure you’re getting the best deal possible.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.