Tayo Oviosu, the founder and CEO of Paga, Nigeria’s leading mobile payments company, has announced that the bank transaction limits of the platform has been increased to accommodate even more transactions.
This move was made because its customers, for the past few days, have been experiencing downtime with respect to Deposit to Bank transactions.
The reason for the downtime is simple: Paga kept hitting its transaction limits set by CBN with the banks.
“In fact, we have been hitting this limit more regularly over the past few weeks; and this is a bitter sweet situation for us,” Tayo said in an email sent to customers.
While hitting its transaction limit is a good thing – it shows that millions of Nigerians are using Paga on a daily basis – it is not good for business as it means no transaction and no transaction means no money.
Paga doesn’t like this and as such has taken steps to ensure it doesn’t ever ever happen again. One of the steps taken will lead to an increase of its limit – even doubling it.
It doesn’t just stop there. A sustainable structure for this limit to continue to increase as Paga’s business grows has been created. This simply means any downtime experienced in the future wouldn’t be as a result of hitting its transaction limit.
Also, Paga has implemented backup routing to banks. This means that if you attempt a Deposit to Bank transaction and Paga’s primary route fails, you’ll be switched automatically to another to execute your transaction.
Beginning from next week, these new enhancements will go live, making Paga transactions, especially the Deposit to Bank transactions, ever more reliable.
With this move, Paga has shown that it is committed to continually provide customers with a service that enables everyday payments in a sweet, secure and seamless way.