In this episode, we had Tayo Oviosu, the CEO of Paga, who broke down the business behind the fintech company. We discussed Paga's progress over the years, from simplifying payments to digitizing cash transactions and providing financial services to everyday people. We also talked about Paga's go-to-market strategy in Nigeria, which combines offline and online channels. Tayo shared some interesting facts and figures about Paga, including reaching ₦1 trillion annual total processed value (TPV) for the first time in 2021, with plans to double that by 2023. He also shared valuable lessons learned from more than a decade of running a business and building financial products. Don't forget to share this episode with your friends and colleagues. Subscribe to our newsletter, and follow us on Twitter @TeardownPodcast for more insightful takes and stories. Timestamp 00:00 - 00:37 Intro 00:38 - 04:00 Stories from the trenches 04:01 - 05:15 Importance of good relationship with coworkers 05:16 - 08:09 What is Paga and how has it evolved over the years 08:10 - 15:00 What the first launch with Paga was like 15:01 - 17:47 How frequently Paga released products/pushed things to production 17:48 - 18:59 Building Micro-Services 19:00 - 22:55 Evolution of business model 22:56 - 28:50 Competitors and their adoption of the agency banking model 28:51 - 31:00 Processing 7 Trillion Naira in a year 31:01 - 32:45 How much margin they had to reduce for growth 32:46 - 34:38 Technology Inflection Point that unleashed the barrage of retail agency banking 34:39 - 39:11 Can the market support all the businesses that leverage retail agency banking 39:12 - 42:05 How to get started with a retail agency banking 42:06 - 42:45 Could an agency banking be built using Paga 42:46 - 44:23 Customer Acquisition Cost and agent commission 44:24 - 45:15 At what point will an idiot be able to run Paga 45:16 - 45:55 Outro