OPay providers of payment, ride-hailing, food delivery and loan services have been given approval by Nigeria’s Apex Bank Central Bank of Nigeria (CBN) to commence international money transfer in Nigeria.
With the approval, OPay will start facilitating remittance B2B, B2P and P2P remittance services into Nigeria.
Truetellsnigeria gathered that this is coming off the heels of the earlier announced $50 million fundraised from major venture capitalist some months ago.
According to Kunle Olamuyiwa, Director of Remittances Services at OPay, With OPay’s infrastructure in Nigeria, it will be easier and faster for global remittance companies to partner with OPay 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 OPay wallets at any of over 100,000 OPay mobile money agents in Nigeria.
“The plan is to distort the remittance space and ensure that international money transfer into Nigeria is safer, faster and more affordable”
“We are already working with major global remittance companies around the world and will start facilitating remittances to Nigeria with these partners, ensuring the best fees and exchange rates, speed and security,” He said
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