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Welcome back to The Startup Leap Newsletter #13—#RealTalk #RealLessons From Founders Who Took The Startup Leap 🚀

💡 This week, we’re spotlighting Tayo Oviosu, co-founder of Paga, the fintech company revolutionising payments across Africa and empowering millions with simple, accessible financial solutions.

Since its inception, Paga has built a network of over 25,000 agents, processed ₦14 trillion in transactions, and served more than 23 million users with services ranging from bill payments to international remittances.

With a background in Silicon Valley venture capital and an MBA from Stanford, Tayo combines deep technical expertise with an unrelenting passion for solving Africa’s most pressing financial challenges.

Want to connect with Tayo? Find him on LinkedIn and Twitter ✨

In this episode, we sit down with Tayo to explore:

• The inspiration behind Paga and the pivotal moment that ignited his fintech journey (00:07:00),
  

• How he navigated the early challenges of launching in a nascent market, from building trust to regulatory hurdles (00:21:00),

• The evolution of Paga’s products—from a simple SMS solution to a robust platform powering billions in transactions (00:29:00),
  

• Lessons from scaling Paga’s agent network to over 100,000 points of presence and unlocking true financial inclusion (00:40:00),

….and so much more!

Key takeaways:

TL;DR:

• Solve Everyday Pain Points: Turn personal frustrations into scalable business ideas by addressing inefficiencies that impact many.
  

• Adapt to Constraints: Pivot around challenges by building adjacent solutions that align with your vision.
  

• Turn Rejections Into Wins: Revisit partnerships with fresh perspectives to uncover unexpected opportunities.
  

• Seek Guidance: Coaches and mentors are critical for focus, resilience, and strategic clarity.

• 💡 Turning Personal Frustration into an Opportunity (00:07:06):
  
  Tayo's journey with Paga began with a relatable pain point—being banked but still needing to carry wads of cash for everyday transactions in Lagos.

  
  One defining moment? A failed card payment on a date that became the fuel for a broader mission: making it easier for Nigerians to access and use money.
  
  Tayo connected his personal experience to a massive opportunity in a largely cash-reliant economy.
  
  “We realised the problem wasn’t just about access—it was about usability. Even those with bank accounts faced significant friction in making payments.”
  
  Look for inefficiencies in your daily life—what frustrates you might also frustrate millions.
  
  

• 🚀 Pivoting to Build Around Market Constraints (00:12:08):
  
  In the early days, Paga faced strict regulatory limits, lack of digital KYC tools, and poor digital infrastructure.
  
  Instead of halting progress, Tayo adapted.

  
  The team prioritised building an agent network, empowering local businesses to act as financial hubs where users could deposit or withdraw cash.

  
  This shift not only addressed regulatory hurdles but also reduced customer education costs, as agents performed transactions on behalf of users.

  
  When facing barriers, pivot to an adjacent solution while staying aligned with your vision.
  
  Tayo describes this as “building the bridge before the road is complete.”
  
  

• Relationships Can Change the Game (00:13:52):
  
  A casual gym conversation turned into a game-changing partnership with MultiChoice, the parent company of DSTV, Africa’s leading satellite TV provider.

  
  At first, MultiChoice dismissed Paga’s idea for enabling customers to pay for DSTV subscriptions through the app.
  
  However, a few days later, they approached Paga with a different problem: managing payments from their 300 unbranded retail partners.

  
  These retailers were manually reporting payments via phone calls, which led to delays, inefficiencies, and even free TV access for some customers.

  
  Paga’s innovative solution—turning these retailers into agents who could instantly process payments digitally—solved MultiChoice’s problem and became Paga’s first “killer product.”

  
  Key takeaway? A partner’s initial rejection doesn’t mean the conversation is over.
  
  Listen carefully to their challenges; solving them could create a defining moment for your business.
  
  

• Key Resource: Coaches and Mentors (01:00:20):
  
  Tayo highlighted the importance of having a coach and a supportive network to navigate the entrepreneurial journey.

  
  “The best athletes have coaches, so why shouldn’t founders? My coach has been instrumental in helping me stay focused and grounded.”

  
  Beyond a coach, Tayo credits mentors like Tim Draper for providing game-changing support early in Paga’s journey.
  
  

Want to hear more? Dive into the full conversation on YouTube, Spotify or Apple Podcasts!

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Resources to help you take the Leap📚

🎯Nigerians are building affordable alternatives to AWS and Google Cloud

🚀Lessons from HSBC Ventures: How Africa Can Reimagine Venture Capital

📚Briter: Africa Investment Report 2024

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TSL Team 💜