Shago Payments
Shago Payments Limited is a Lagos-headquartered, CBN-licensed Nigerian fintech operating a one-stop digital financial services platform serving unbanked, underserved, and banked populations across 2 countries via 4,500+ agents and mobile/web applications. The platform aggregates bill payments, airtime/data, transfers, POS cash-in/cash-out, e-commerce, healthcare, and insurance.
- Company typePrivate
- Founded2020
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2B and B2C
- OfferingSoftware
What Shago Payments does
Shago Payments Limited is a Nigerian financial technology company headquartered in Lagos, founded by Sabastine Enechi in 2018 and operationally launched in January 2020 with a public launch in December 2020. The company operates as a one-stop digital financial services platform — branded as a 'one-stop e-Market Space' — that aggregates bill payments, airtime and data purchases, fund transfers, wallet services, POS-based cash-in/cash-out, e-commerce, sports betting funding, transport ticketing, education payments, third-party insurance, and healthcare plans (via Wellahealth). Its product architecture combines a mobile application (Android 'com.alerzoveedeznative' and iOS 'Veedez'), a web application, and a network of physical POS terminals distributed to agents, with integrations to 25+ billers (telecom, electricity DISCOs, PayTV), 10+ banking partners (Providus, GTBank, Zenith, Fidelity, Ecobank, Wema, Globus, Taj, UBA), and payment gateways (PayStack). Notable technical features include the C'Gate Cardless POS (cardless withdrawals via USSD reference codes), an Agent Network Management System with Principal-Agent and Sub-Account management, and a multi-biller integration platform with 99.9% uptime.
The company is licensed by the Central Bank of Nigeria (CBN) and is regulated as a payment service provider. Its business model is transaction-based: agents and users earn commissions on every successful transaction; the platform retains a share via take rates on airtime, bill payments, and transfer services. Additional revenue streams include B2B reseller markups (30+ corporate entities resell Shago services in volume), e-Shago marketplace commissions, and POS device deployment subject to minimum daily turnover thresholds (N50,000) for agent agreements. Agents failing to meet the threshold face agreement termination and POS retrieval.
Shago's distribution centers on a network of over 4,500 agents operating across 2 countries and 5 major Nigerian trade zones (South East, North Central, South West, South South, North West), supplemented by direct-to-consumer mobile/web applications and B2B2C API integrations. The customer base is segmented across unbanked/underserved Nigerian adults (primary segment), Shago agents (primary business users), corporate B2B resellers (primary), banked consumers (secondary), and rural communities (secondary). Monthly transaction volume averaged N1.7-2 billion in early reporting, with first-year (2020) transaction volume of N7.9 billion; the platform serves use cases including savings, transfers, bill payments, transport ticketing, and health insurance access. Sub-brands include Shago Bills, e-Shago, Shagovest (upcoming savings), Shago-Ondemand, and Shago Health. Management is led by Founder/CEO Sabastine Enechi with a thin disclosed executive bench (COO Linda Ahaneku, Finance Operation Lead Oluwaseyi Adeyemi, HR Lead Joy Igbinoba, Brand & Communication Lead Diana Ekpat).
Shago Payments firmographics
Firmographics- Name
- Shago Payments
- Legal name
- Shago Payments Limited
- Website
- https://shagopayments.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Shago Payments Limited is a Lagos-headquartered, CBN-licensed Nigerian fintech operating a one-stop digital financial services platform serving unbanked, underserved, and banked populations across 2 countries via 4,500+ agents and mobile/web applications. The platform aggregates bill payments, airtime/data, transfers, POS cash-in/cash-out, e-commerce, healthcare, and insurance.
- Ownership category
- akta.pro rank
Shago Payments industry classification
Industry- Product category
- Mobile Payments & Fintech Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Marketplace & Platform Seller Payouts (FSAMAKAE), Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC)
Keywords
Where Shago Payments is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Shago Payments business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction Fees and Commissions: Agents and users earn instant commissions on every successful transaction carried out on the platform. The platform processes bill payments, airtime/data sales, fund transfers, and other services with commission-based revenue.
- B2B Reseller Revenue: Corporate entities and B2B resellers (over 30) purchase and resell Shago's products and services through the platform, generating revenue through volume-based transactions.
- E-commerce Marketplace Commission: The e-Shago platform enables merchants to list and sell products/services, with Shago taking a commission on transactions. Merchants can list across categories including vehicles, properties, electronics, fashion, and services.
- POS Device and Agent Fees: POS devices are provided to agents with minimum daily transaction requirements of ₦50,000. Agents must meet turnover thresholds or risk termination of their agreement.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | POS Agent Minimum Turnover Requirement |
| Subscription | Monthly | Shago Health Insurance |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Shago Payments product offering
Product offeringCore offering
Shago Payments operates a one-stop e-Market Space fintech platform that retails digital financial services including bill payments (airtime, data, electricity, Pay TV, education), fund transfers, digital wallet management, cardless withdrawals, sports-betting account funding, transport ticketing, and micro-insurance products. Services are delivered through a mobile/web application, an agent POS network of 4,500+ agents across Nigeria, and B2B reseller partnerships with 30+ corporate entities. The platform also includes the e-Shago e-commerce marketplace where merchants list goods for sale.
Product overview
Shago Payments is a fintech platform operating as a one-stop e-Market Space that integrates multiple digital financial products and services. The platform is built around Shago Bills (comprehensive bill payment covering airtime, data, electricity, TV, betting, education, and transport), e-Shago (e-commerce marketplace), and a digital wallet system with various funding mechanisms. Additional offerings include Shagovest (savings/investment, upcoming), Shago-Ondemand (on-demand services), C'Gate Cardless POS (cardless withdrawal), Shago Health (healthcare plans), and third-party insurance. The platform also deploys physical POS terminals to its agent network. The company targets Nigeria's banked, underserved, and unbanked populations with a focus on financial inclusion, operating through both mobile/web applications and a nationwide agent network of over 4,500 agents across 5 major trade zones.
Differentiator
Problem solved
Functional benefit
Brands
- Shago Bills: Bill payment service for airtime, data, TV subscriptions, electricity, and more.
- e-Shago
- Shagovest
- Shago-Ondemand
- Shago Health
Products and services
- Shago Bills A comprehensive bill payment service that allows individual consumers and agents to pay utility bills (electricity for multiple discos), cable TV subscriptions (DSTV, GOTV, Startimes), purchase airtime and data for all Nigerian networks (MTN, Airtel, Glo, 9mobile, Smile, Spectranet, Ntel), fund sports betting accounts, and pay educational examination fees (WAEC, JAMB) through a unified platform.
- e-Shago An e-commerce marketplace platform where merchants can list and sell products across categories including vehicles, phones, tablets, properties, electronics, fashion, and services. Users can shop directly on the platform; Shago earns commissions on marketplace transactions.
- Shago POS Terminal Physical Point-of-Sale terminals deployed to Shago agents enabling cashless transactions including cash-in/cash-out, bill payments, airtime/data sales, and transfers. Features include real-time transaction processing, instant commission remittance, and a minimum daily transaction requirement of N50,000 for agents.
- C'Gate Cardless POS A cardless withdrawal and funding solution that allows users across all banks to access or fund Shago wallet funds without an ATM card by generating a USSD reference code tendered to any Shago agent nearby.
- Wallet & Transfers Digital wallet supporting multiple funding options including bank transfer, card transaction, unique linked account, instant USSD funding, GT Bank cardless withdrawal (FAC pin), and C'Gate cardless POS. Supports wallet-to-wallet and wallet-to-bank transfers with real-time processing.
- Shago-Ondemand An on-demand services payment platform that allows users to pay directly to registered service providers including government revenue services (via Saana Pay), toll payments (LCC), and insurance partners.
- Transport & Ticketing Transportation booking services including Chisco bus ticketing for local and international trips, flight booking, and visa services, accessible through the Shago platform.
- Shago Health A prepaid healthcare plan powered by Wellahealth providing affordable access to healthcare services for N1,300/month, including free medical plan, malaria test and treatment, diabetes screening, telemedicine, Covid-19 helpline, heart disease screening, and health loans through Wellahealth's network of community pharmacies.
- Third Party Vehicle Insurance Third-party vehicle insurance registration via Law Union and Rock Insurance, offering Private Motor policies from N5,000 and Commercial Vehicle policies from N7,500, purchased directly through the Shago platform.
- Sports Betting Account Funding Sports-betting account funding service supporting Bet9ja, NairaBet, 1xBet, BetWay, BetKing, SupaBet, MerryBet, BangBet, BetLion, CloudBet, LiveScoreBet, BetLand, and NaijaBet, allowing users to fund betting wallets through the Shago platform.
Quantifiable outcome
- Over N7 billion in transaction volume channelled in 2020 (first operational year)
- +4 more outcomes
Companies that use Shago Payments
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles3 records
Shago Payments technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature4 records
Shago Payments partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core.
- Providus BankcoreStrategic banking partner enabling wallet funding, transfers, and payment processing. Providus Bank's Group Head, Digital Banking participated in Shago's official launch emphasizing the importance of collaboration for product longevity and sustainability.
- Guaranty Trust Bank (GTBank)coreGTBank partnership enables GT Rescue Cardless Withdrawal service, allowing GTBank account holders to fund their Shago wallets using FAC pin generated by the bank.
- Global AccelerexcoreTechnology and payment processing partner. Director Kayode Ariyo from Global Accelerex commended Shago's resilience during COVID-19 pandemic launch at the official launch event.
- PayStackcorePayment gateway integration for card transactions and wallet funding. Available as funding option on the platform.
- MTN NigeriacoreTelecommunications partner for airtime and data services. MTN is one of 25+ billers connected to the Shago platform.
- Airtel NigeriacoreTelecommunications partner for airtime and data services.
- Glo (Globacom)coreTelecommunications partner for airtime and data services.
- DSTV (MultiChoice)corePay TV partner for DSTV subscription payments through the Shago platform.
- Ikeja Electricity Distribution Company (IKEDC)coreElectricity distribution company partner for prepaid and postpaid meter bill payments.
- Eko Electricity Distribution Company (EKEDC)coreElectricity distribution company partner for prepaid and postpaid meter bill payments.
- Abuja Electricity Distribution Company (AEDC)coreElectricity distribution company partner for prepaid and postpaid meter bill payments.
- WellahealthcoreHealthcare partner powering Shago Health insurance product - affordable prepaid health plans providing access to medical services through a network of community pharmacies.
- Chisco TransportcoreTransport partner enabling bus ticket booking for local and international trips through the Shago platform.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Shago Payments competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks1 record
Key highlights7 records
Customer concentration
Shago Payments social profiles
Digital presenceShago Payments compliance and trust
Trust signalCompliance1 record
Shago Payments financial estimates
Financial estimateRevenue estimate
Valuation estimate
Shago Payments leadership team
Management profileNumber of profiles
Profiles5 records
Shago Payments funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Shago Payments M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Shago Payments
What does Shago Payments do?
Shago Payments operates a one-stop e-Market Space fintech platform that retails digital financial services including bill payments (airtime, data, electricity, Pay TV, education), fund transfers, digital wallet management, cardless withdrawals, sports-betting account funding, transport ticketing, and micro-insurance products. Services are delivered through a mobile/web application, an agent POS network of 4,500+ agents across Nigeria, and B2B reseller partnerships with 30+ corporate entities. The platform also includes the e-Shago e-commerce marketplace where merchants list goods for sale.
Is Shago Payments a public or private company?
Shago Payments is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Shago Payments founded?
Shago Payments was founded in 2020. It employs 101 to 250 people.
Where is Shago Payments based?
Shago Payments is headquartered in Lagos, Nigeria, in the Africa region.
How does Shago Payments make money?
Four revenue lines are on record. Transaction Fees and Commissions are the primary driver. The others are B2B Reseller Revenue, E-commerce Marketplace Commission and POS Device and Agent Fees.
Does Shago Payments have an API?
Yes. Shago Payments offers an API for business partners and developers. The company has an API Request Form page (https://shagopayments.com/api_form) where companies can request API access by providing company details, contact person information, and agreeing to terms and conditions. The platform's footer also includes a link to API documentation, indicating developer-facing API availability for third-party integrations. Developer documentation is at shagopayments.com/api_form.
What industry is Shago Payments in?
Shago Payments's product category is Mobile Payments & Fintech Platform. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAGALAB, Embedded Payments (Pay-ins, Pay-outs, Wallets). Its NAICS code is 52232.