Multi-billion-dollar OPay Group Is Delivering Innovative Fintech Solutions To MENA

Founded in 2018, fast-growing fintech company, OPay Group, has quickly risen to become a top financial services provider, operating in Nigeria, Egypt, and Pakistan.

The company’s early success is credited to its dedication to making financial services accessible to everyone, and now the group is eyeing expansion across the rest of the Middle East and North Africa this year.

OPay provides a suite of bespoke, customercentric financial solutions that include offline and online payment options and a digital wallet service using the power of AI. Notably, OPay’s online gateway (OPay checkout) hosts a set of high-quality services, integrated solutions, and an excellent commission scheme, which enable small- and mediumsized businesses to achieve profit growth. For customers, OPay delivers an easier way to pay bills and other expenses through an app available on iOS as well as Google Play. The app also enables users to send money free of charge to other banks or to friends and family, with recipients receiving the money instantly.

Key to the company’s success is the inclusivity and accessibility of its services–to open an OPay account, users only need a phone number. In fact, OPay has become a key driver of financial inclusion in Africa, managing to fast track the adoption of digital services through cashless and contactless payments while also improving financial and information security. In particular, OPay’s mobile payment service provides a convenient financial solution to the unbanked population in Africa, with 160 million active users currently generating around $3 billion in monthly transactions.

OPay Group’s continued success follows a $400 million funding round last August, which increased the company’s valuation to $2 billion. The successful round motivated OPay to venture towards territories in North Africa—particularly Egypt, where the group has achieved monumental success in less than a year, delivering the best possible financial solutions for customers, merchants, and small and medium businesses.

After its launch in Egypt at the start of 2021, OPay Group quickly gained the confidence of thousands of merchants that utilize its points of sale (POS) to collect bills and other payments. The successful launch is attributed to the support of the local government and is in line with the vision of Egyptian President, Abdel Fattah El-Sisi, as the country embraces digital transformation and cashless transactions.

Support from Tarek Amer, Governor of the Central Bank of Egypt, has paved the way for the faster digital transformation of the Egyptian banking sector. Under Amer’s leadership, the central bank has made the transition to cashless transactions easier, reduced the reliance on cash, and expanded the provision of mechanized services. A number of initiatives have also provided opportunities for many electronic payment companies to enter the Egyptian market and offer customers an array of digital services.

Looking ahead, OPay plans to expand to more territories by the end of the year, including the U.A.E. It also aims to enhance its current suite of financial services and adapt to new security standards to keep customer data safe and secure.