Nigerian fintech startup, OPay, has disclosed its intention to expand its payments service operations to North Africa early next year.
This follows a spike in the volume of monthly settlements on the platform. The Covid restrictions saw the firm do settlements worth $ 1.4 billion in November up from $ 363 million in January according to Bloomberg.
“We plan to reach transactions value of about $2 billion by the end of this year,” Akpan, who is also the country head, said. The company will leverage its network of 300,000 offline agents to deepen the adoption of its payments service in the next six months, he said.
Earlier on, they had planned to expand to Kenya and South Africa having raised $ 190 million last year, but the plans were put on hold due to the Covid 19 pandemic.
OPay, is a one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other services. With over 60% of people in Africa remaining unbanked with limited access to basic financial services, OPay is making financial services more efficient for millions of its users.
OPay is currently piloting a digital overdraft product called CreditMe where users are able to borrow from 5k to 100k naira. The overdraft attracts 3% interest for the first seven days and 1% every day after that. The credit platform will be launched as soon as they get approval from the central bank. OPay currently processes about 80% of bank transfers among mobile money operators in Nigeria and 20% of non-merchant point of sales transactions, Akpan said