OPay Gets Approval for Int’l Transactions

Payment services provider, OPay, has secured the approval of the Central Bank of Nigeria (CBN), to operate international money transfer services in Nigeria.

This is coming shortly after the company announced that it had raised $50 million from major venture capitalist.

By this license, OPay would be able to carry out remittance business to business, business to person and person to person remittance services into Nigeria.

According to the company, this aims to distort the remittance space while ensuring that international money transfer into the country was safer, faster and more affordable.

Speaking on this development, Director of Remittances Services at OPay, Kunle Olamuyiwa, said: “With our infrastructure in Nigeria, it will be easier and faster for global remittance companies to partner with us 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 wallets at any of our over 100,000 mobile money agents in the country”.

Olamuyiwa added that the company planned to roll out big-bang promo next month as part of its commitment to customers.

“I enjoin 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. Moreso, they can channel unused funds to OWealth and earn interest on it daily”, he said.