Nigerian mobile payment company Paga has a new chief financial officer. The company announced that it has hired Ian Cleverly, who previously served the same role at Maistro Plc, a business-to-business marketplace for online procurement service, as its Group chief financial officer (CFO).
We are very thrilled to announce Ian Cleverly as our new Group Chief Financial Officer at Paga!https://t.co/oFkAPFqx4t
— Paga (@mypaga) January 7, 2020
Founded in 2009 by Tayo Oviosu, the company has raised $35 million so far, including $10 million series B2 led by Global Innovation Fund announced in September 2018.
According to Oviosu, the capital was raised for international expansion into countries like Ethiopia, Mexico, and the Philippines. With the experience Cleverly brings to the table, it seems hiring a CFO has been part of Paga’s expansion plan of making 1 billion people to access and use money.
“I am delighted to have joined Paga at an exciting time as the company scales and gathers momentum for its next phase of international expansion. I look forward to playing a key role in its growth and value creation, and I believe my experience will be additive to the team as we implement and execute our growth strategy,” Cleverly said on his appointment.
Cleverly’s career spans 20 years with industry experience in senior financial and operational management roles in telecommunications, FMCG, and mobile payments across. Before Maistro Plc, he was Cable & Wireless Communications, Jamaica’s CFO and executive director; and Hutchison 3G Ireland’s CFO.
As CFO, Cleverly will be responsible for Paga’s Finance, Risk, Compliance, and Internal Audit functions across all countries including future markets.
Judging by Cleverly’s CV, this is a good move by the payment company. But will this spark a trend of local startups aiming for foreign executives in their bid to raise funds or scale globally? Only time will tell.
NEW REPORT: Nigerian startups raised $28.35m in Q2 2020; only about 4.5% of that came from local investors. Find out more in the full report.
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