Telnet Nigeria Limited is reportedly near closing a deal to sell controlling stakes in its mobile money business subsidiary, Paycom, to Opera Software, maker of the popular internet browser Opera Mini.
There are reports that Opera has been in negotiation with Telnet on the acquisition of its mobile money platform and barring any last minute change, Telnet and Opera will formally sign an agreement.
What this means for Opera
This acquisition by Opera will help extend its mobile payment platform OPay(Opera Pay) into the Nigerian market after its launch in Kenya. OPay allows a user to fund a wallet from various sources including mobile money, and funds in the wallet could be used for various types of payments.
The company aims to take advantage of the high penetration of mobile phones and Opera Mini’s market share to drive digital innovation on the continent.
Opera recently announced plans to invest $100 million over the next two years to facilitate the growth of African digital economy. The company will use the investment to speed up internet adoption in Africa and strengthen the internet ecosystem with local partners.
Paycom Nigeria Limited a subsidiary of Telnet was granted license by the Central Bank of Nigeria CBN in 2011 to operate in the mobile payment sector. Recall that the apex bank in its bid to drive financial inclusion granted license to 21 mobile money operators across the country.
Opera Software AS is a Norwegian software company, primarily known for its desktop opera web browser, and mobile web browser Opera Mini. It recently launched Opera News, a new AI-powered app which enables people to access their favorite news articles and hottest trending videos.
