Paga, a mobile payment service firm in Nigeria has announced the launch of its new business focused service line - Paga for Business.

The company explained in a statement that the system is suitable for large and small businesses.

'Paga For Business,' according to the statement, is a "one-stop-shop solution for any business looking for a smart way to collect payments from its customers in person, online, or remotely from anywhere in the world."

The solution, according to the company, also allows businesses to disburse cash to any phone number or bank account as well as to disburse airtime to phone numbers in real-time.

In operation since 2009, Paga is an indigenous company focused on delivering efficient payment solutions to all Nigerians - individuals or businesses.

The solution, targeted at businesses was described as the next step in Paga's evolution towards solving the payment challenges of Nigeria.

The Co-Founder and Head of Agent Network and Business Sales at Paga, Jay Alabraba said:

"With over five years of experience within the mobile payment market and a customer base rapidly approaching the two million mark, we believe that as a payments platform, Paga has already demonstrated its ability to accurately assess the payment challenges facing not just consumers but businesses nationwide; and provide innovative solutions to address them. Best of all our offering is easy to use and has zero setup costs."

On his part, the Founder & Paga CEO, Tayo Oviosu, said: "As is our approach at Paga, we have created a suite of offerings by listening to our customers.

"To date over 3,000 businesses have already signed up for our business offerings. From global brands such as Emirates Airlines who use Paga's payment gateway to accept payments from customers purchasing a plane ticket with a debit card or Paga account, to local businesses such as FoodPro who use Paga to disburse payments to staff at their cashew processing facility in Ilorin."

Furthermore, he said the firm would continue to build on its offerings, adding that he expects to announce additional products to the suite soon.

The statement explained that with the rapid growth of SMEs and online commerce within the economy, Paga believes using technology to create payment solutions that are low cost, convenient for entrepreneurs and most importantly accessible for their customers is the key to boosting economic development within our emerging economy.

The company's aim is to constantly develop and deliver on new and beneficial services to both individual consumers and businesses alike.