OPay, founded in 2018, is a Chinese-backed and Africa-focused fintech company. It raised about $400 million Series C in August 2021, led by SoftBank Vision Fund, scaling its worth to $2 billion.
Olu Akanmu, former executive director at First City Monument Bank (FCMB), is the co-CEO of the firm.
A payment service provider, food delivery and loan services firm, OPay, has been approved by the Central Bank of Nigeria to commence international money transfers in Nigeria.
The Director, of Remittances Services, OPay, Mr Kunle Olamuyiwa, said in a statement that OPay’s infrastructure in Nigeria would make partnerships for global remittance companies easier and faster to help customers receive money directly into their bank accounts or mobile wallets.
He said, “The plan is to distort the remittance space and ensure that international money transfer into Nigeria is safer, faster and more affordable.
“Also, recipients can go cash out their funds from their OPay wallets at any of over 100,000 OPay mobile money agents in Nigeria. We are already working with major global remittance companies around the world and will start facilitating remittances to Nigeria with these partners, ensuring the best fees and exchange rates, speed, and security.”
The National Information Technology Development Agency (NITDA) is a government agency with the mandate to create a framework for the planning, research, development, standardization, application, coordination, monitoring, evaluation, and regulation of Information Technology practices in Nigeria.
Following a thorough and meticulous review of the different fintech players based on innovation, products, and excellent service delivery to customers, OPay was selected as the winner in the Fintech category. This prestigious Awards Gala which celebrates excellence within Nigeria’s financial technology sector is dedicated to recognizing outstanding individuals and organizations for their significant contributions to various facets of information technology development. OPay’s victory in the fintech category further reinforces the platform’s genuine contribution by transforming and simplifying payments for Nigerians.
The event was held at the International Conference Center on October 26, 2023, drawing distinguished attendees, including high-ranking government officials, industry experts, NITDA staff, and members of the media. Notably, the growing demand for seamless digital payment solutions in Nigeria also contributed to this win, positioning OPay as a remarkably fast, secure, and dependable platform for a wide array of financial transactions amidst an evolving fintech landscape marked by funding challenges and cost-cutting measures.
OPay’s mission to make financial services more inclusive through technology remains unwavering, and the fintech giant remains committed to directing its efforts towards creating tailored products and services that empower customers and deliver unique, customer-focused experiences for its tens of millions of users. Furthermore, OPay further reiterated its full compliance with CBN guidelines to provide secure, fast, and convenient financial services to our valued customers through advanced technology for KYC onboarding, risk control, and innovative products.
