OPay a
provider of payment, ride-hailing, food delivery and loan services have been
given approval by Nigeria’s Apex Bank Central Bank of Nigeria (CBN) to commence
international money transfer in Nigeria. With the approval, OPay will start
facilitating remittance B2B, B2P and P2P remittance services into Nigeria. This
is coming off the heels of the earlier announced $50 million fundraised from
major venture capitalist some months ago.
“The plan is to distort the remittance space and ensure that
international money transfer into Nigeria is safer, faster and more affordable”
according to Kunle Olamuyiwa, Director of Remittances Services at OPay. With
OPay’s infrastructure in Nigeria, it will be easier and faster for global
remittance companies to partner with OPay to help their customers to receive
money from their business partners, customers and loved ones directly into
their OPay wallet and any bank account or mobile wallet in Nigeria. 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,” said Kunle.
When asked how this will benefit the recipients of money
transfers in Nigeria, Kunle said “ There is a plan to commence a big-bang promo
in December with lots of prices for recipients of money transfer who receive
their money directly into their OPay wallets. I can only advise everyone who
has families around the world to get an OPay Wallet. They will get better value
for these funds doing transfers to any bank, paying their bills, buying food
and also using our on-demand transport services i.e. Oride, OBus and Otrike.
And on top of all, they can channel unused funds to OWealth and earn interest
on it daily. It is indeed better times for recipients of international money
transfers in Nigeria”
OPay launched its mobile payment service in August 2018,
creating infrastructure on which the company is now also adding new
services. The agent-centric mobile payment operation focused on reaching the massive unbanked population of Nigeria. Currently, OPay has expanded into other
verticals like ride-hailing
(ORide and OTrike), and online food delivery
(OFood), as well as facilitating access to third-party provided microloans (OKash)
and wealth management (OWealth) and there will
be more to come in the coming months.
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