The Senior Executive team of OPay has disclosed that the leading mobile payment and financial service company grew its total gross transaction value on its platform 4.5 times to over $2 billion in December.
The managing Vice President for OPay in Nigeria, Joshua Yau, made this revelation at a press conference in Lagos, noting that amidst the global pandemic, lockdown which triggered global uncertainty, OPay had its most impactful and transformative year yet in 2020.
Highlights
- The point-of-sale (POS) terminals deployed by OPay’s mobile money agent and merchant network represented roughly 1/5 of offline payments in Nigeria at year-end 2020.
- The mobile wallets have more than 2 million wallets with balances, totalling over $17 million.
- Opay network in recent time has over 300,000 agents and 5 million registered app users.
READ: OPay and WorldRemit partner to offer International Mobile Money Transfer Service
Iniabasi Akpan, the Country Manager of OPay who reviewed OPay’s operations and performance in 2020, provided insights on how the company was able to serve Nigerians by providing convenient access to cash.
Akpan in his statement at the press conference revealed that OPay had done impressively well in engaging Nigerians, creating jobs and means of livelihood for its agents and micro-merchants, through innovation.
He explained that the company through its keen focus to jumpstart digital wallet adoption in the country provided easy-to-access financial services for more than ten million Nigerians across all corners of the country.
According to him OPay’s agents also provided financial services for the unbanked population and those who are far from bank branches and ATMs, often in the outskirt of cities, or in rural areas.
READ: Access Bank’s Wigwe has high hopes for fintech companies
What they are saying
- Speaking on the key role OPay played in sustaining the sources of income of its agents and merchants through its partners, Akpan said:
- “We believe that the impact we have made so far could not have been without our most important partners – our agents and merchants. By providing their customers with convenience, they were able to earn a solid income with many expanding their businesses, even in the difficult pandemic.”
- Akpan however made time out to correct the misconception of some Nigerians that OPay is a ride-hailing company, following sentiments on the shutdown of its ride-hailing segment in June 2020, he said:
- “Due to the visible brand of ORide – including its iconic green helmets – and its frequent everyday use, many customers gradually gained an impression that OPay is a ride-hailing company. We just want to take the time today to clarify and emphasise that OPay was and remains a payment and financial service company – a Payments Fintech. Our businesses are licensed and regulated by Central Bank of Nigeria – like any established financial institutions – and OPay is today one of the leading Fintechs in Nigeria.”
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Greetings,
I’m an Opay Agent (Merchant).
I have a business Opay POS registered with my business name under International Consultancy.
My clients around the world several times would will want to make payment with other currencies such as US Dollars, Euro etc.
My question is can I use my Opay business account to receiver payment with other currency while it will automatically convert to Naira currency before I cash out?
I await your quick response.
Thanks, (Merchant) Victor Obihele Amos