OPay, a service provider of payments, ride-hailing, food delivery, and loans has recently been authorized by Nigeria’s Apex Bank, the Central Bank of Nigeria (CBN) to commence international money transfers in Nigeria. With this approval, OPay will commence B2B (Business to business) and P2P (Peer to peer) remittance services into Nigeria.
This is coming off the heels of the earlier announced $50 million fund-raised from major venture capitalists few months ago.
“The plan is to distort the remittance space and ensure that international money transfer into Nigeria is safer, faster and affordable” Kunle Olamuyiwa, Director of Remittance Services at OPay, said.
With its infrastructure in Nigeria, it will be easier and faster for multinational remittance corporations to partner with OPay in helping customers receive money from their business partners, customers and loved ones directly into their OPay wallet and any bank account or mobile wallet in Nigeria.
This also allows for recipients cash out funds from their OPay wallets at any of the over 100,000 OPay mobile money representatives in Nigeria. When asked how this will benefit the recipients of money transfers in Nigeria, Kunle said “there is a schedule 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 ask everyone with families around the world to get an OPay Wallet. They will get better value for these funds such as transfers to any bank, pay bills, food purchases 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 commenced its mobile payment service in August 2018, creating an infrastructure on which the company is now also adding new services. The agent-centric mobile payment operation is focused on reaching the vast unbanked population in Nigeria.
Presently, it has expanded into other verticals like ride-hailing (ORide and OTrike), an online food delivery (OFood), as well as enabling access to third-party provision of microloans (OKash) and wealth management (Owealth), with more to be unveiled in the coming months.