Paga Group 2021 Overview

A 2021 overview of our operations

Our Massive Transformative Purpose To make it simple for ONE BILLION people to use and access money. 1

Paga GroupWe are solving two key problems that exist - eliminating the use of cash for transactions and providing access 01to financial services.

Our Ecosystem Paga is a payments and financial services ecosystem for Africa. Our ecosystem is similar to that of Block (formerly Square, Inc.) and PayPal as we focus on helping both consumers and sellers pay, get paid, and access financial services. We also offer our platform as a service to third-party partners. Consumer ecosystem Seller ecosystem Cash P2P Request E -Commerce Inventory Point Card Money Management of Sale Paga Invoicing Instant Bill Doroki Distribution Bank Payments Developer Platform Digital Deposit/ Digital (API) Financial Transfers Financial Services Services QR Payments QR Payments Payroll ATM Agent Withdrawals Network Paga Platform-as-a-Service Used in consumer ecosystem, seller ecosystem, and by third-party partners 3

Message from Founder and Group CEO, Tayo Oviosu Africa needs better financial infrastructure - we are over a decade behind more developed regions. The Paga Group is committed to solving this for consumers and businesses by building a payments and financial services ecosystem. 2021 was a milestone year for us on our journey and we have prepared this report to share some of the key highlights. Our vision has not changed since I launched the business in 2009 - we are laser-focused on making it simple for people to access and use money. In 2021 we strengthened our position as one of the market leaders across Africa through constant innovation and transformative initiatives. We launched our seller ecosystem, Doroki, in partnership with Visa. We also opened up more services to 3rd party partners through our Platform-as-a-Service. These advancements and the growth in consumer use of Paga (our version of Cash App or Venmo) led to our first full year processing over 1 Trillion Naira! Our story is built on that African Proverb - “if you want to go fast, go alone; if you want to go far, go together”. We would not be here without our team and partners. I am grateful for the commitment of our team and partners to our mutual goal to build an institution making a significant impact across society. We are well-positioned to drive more scale and impact in 2022 and beyond - I am excited about that! Stay Orange! 4

2021 Snapshot A quick look at how the Paga Group 02performed in 2021.

2021 Snapshot We processed N1.2 Trillion in 2021! Platform-as-a-Service Enabling endless possibilities for third-party developers 19M+ 2,000% 4,000% Users Monthly TPV Growth (Jan-Dec) Monthly TPV Growth (May-Dec) 105% 100,000+ Launched Nov. 2021 Digitizing Businesses 200+ Active Wallet Growth (CAGR) Agent Points 5x 6,000+ Partners are integrated into our APIs Growth Merchants 6

We crossed 1 billion Naira in Total Processed Value (TPV) on Paga in a calendar year! 99 months to first NGN 2 Trillion Jan 2012 to March 2020 22 months to next NGN 2 Trillion Apr 2020 to Jan 2022F Our TPV is scaling exponentially! 7

PartnershipsWe had three significant partnerships this year that’ll enable us to keep delivering value to 03individuals and businesses.

Combining two powerful payment networks for Innovative approach to financing POS devices Innovating payment authentication using sound. greater convenience to consumers and SMEs. for Paga agents and Doroki sellers. A contactless and seamless way Launched Visa QR Lowering the cost of entry and in turn to make payments delivering the benefits of Africa’s Increased customer loyalty FinTech revolution to SMBs Making it easier for merchants to buy, sell, and get paid Launching Enables merchants to accept cards, Paga Visa Card mobile payments, and other forms of Q1 2022 digital payments Integrated to Cybersource for Accelerates our progress card processing towards the goal of scaling to 120,000 merchants in two years 9

04PeopleOur employees are our most important stakeholders. By attracting, retaining, and developing diverse talent, we foster a strong culture of customer champions. Learn more about our people at wearepaga.com

The people who make it all happen We seek to reinforce our core values of Collaboration, Ownership, Result Oriented, Integrity, and Innovation throughout the employee lifecycle and support an integrated approach to benefits and pay-for-performance compensation. We are particularly focused on: Talent Recruitment, Retention, and Development We focus on hiring, developing, and retaining the best people. It is an ongoing journey, and we are committed to constant engagement with our workforce while adjusting our strategy to reflect feedback. Promoting Workforce Wellness We champion a flexible, balanced work culture, comprehensive leave and benefits, and resources and tools for productivity. 11

Some of what we got up to were: Paga Academy Launch: We introduced the Paga Academy to make it easy and accessible for our employees to take control of their learning and development. 1,703 course completions Lunch & Learn Sessions: We introduced these sessions in Q2 to help employees develop their knowledge and skills across many topics, such as personal branding, cross-cultural appreciation, emotional agility, and more. 8We had sessions 51%with employee attendance. 12

Women at Paga % Growth of 53% female team numbers of the leadership team are women 43% 13

05Testimonials

Testimonials: Customers and Agents Paga agent Paga consumer Doroki merchant PaaS partner I have been a Paga Agent for 9 years now “My experience with Paga for years back Doroki is a great product that helps us We are lucky to be introduced and I am really most grateful to God for the has been so fantastic, especially in areas get our business in order because it to Paga at the very early stage ability to join Paga tin Making Life Possible of the customer relationship, prompt ensures that we don’t have instances of of our business. We were for my customers and for me at a time I response to issues, dignity, commissions failed transactions. With the Doroki dealing with customers unhappy needed an extension in my existing business. among others, just to mention but few”. app being able to work without an and complaining about bank Because of Paga, my business is now a internet connection, it’s easy to collect transfer issues. Then comes landmark, a brand name in my community! payments at any time. Also, one of the Paga. We gave it a shot, and to great features of the Doroki app is that be honest, we are now a Paga Everyone calls me “Mama Paga”! you can have all your bank accounts API addict. We never expected With Paga, other parts of business interests the less as we know the same have grown. Thank you, Paga Team, for in one place, which makes API powers the Paga apps. So reconciliation easy. making life possible for me and for my we are confident in the credibility. community! *Images: Shutterstock 15

Making Life Possible!

www.paga.com