NEWS PROVIDED BYOPay
May 10, 2024, 00:31 ET
SINGAPORE, May 10, 2024 /PRNewswire/ — OPay, the leading Fintech company focused on emerging markets, today announced its landmark first monthly profitability, with daily active trading users soaring past 9 million and poised to breach the 10 million mark. This marks a significant milestone in OPay’s remarkable journey.
Since its inception in 2019, OPay has been providing cutting-edge payment, digital wallet, and other financial services to customers across Africa and Asia. Leveraging the power of AI and big data, OPay offers innovative financial technology solutions that reshape the traditional financial landscape. Currently, OPay’s services span countries including Nigeria, Egypt, Pakistan and other countries.
By integrating advanced financial technology into local financial ecosystems through technological innovation, OPay has been instrumental in supporting the digital transformation of local businesses and providing convenient financial services to vast populations in Africa and the Middle East who are under-served or lack traditional banking access. After five years of relentless innovation and growth, OPay has established itself as a market leader in Nigeria and Egypt, playing a pivotal role in promoting inclusive finance in emerging markets.
Yahui Zhou , Chairman of OPay, commented, “OPay’s mission is to make financial services more inclusive through technology. We will continue to uphold our long-term perspective, remain grounded in our principles, create value for our customers, and strengthen our capabilities in four key areas: security, data analytic, monetization, and compliance. Our aspiration is to become the most respected, popular, and socially valuable Fintech company.”
OPay’s rapid growth and outstanding performance in Africa and the Middle East have garnered international media attention and industry recognition. In February 2022, Forbes reported that OPay provided innovative financial technology solutions in the Middle East and North Africa. In June 2022, CNN conducted an in-depth report on OPay’s development in Nigeria, recognizing it as a leader and pioneer in business transformation in Africa. Additionally, OPay has been selected as one of the CB Insights Global Fintech 250 for three consecutive years. In 2023, OPay was also named in the CNBC Global Fintech 200.
In a strategic move in May 2022, OPay forged a partnership with Mastercard, solidifying its status as a trusted partner of the world’s leading financial institutions. This collaboration significantly expanded digital commerce opportunities for millions of individuals in the Middle East and Africa, promoting greater financial inclusion, economic growth, and the further establishment of a robust financial ecosystem.
In early 2023, Pakistani President Arif Alvi met with OPay Chairman Yahui Zhou to discuss the vast potential of Pakistan’s digital economy. The two sides engaged in insightful discussions on how OPay’s cutting-edge Fintech technology could assist Pakistan in achieving a cashless society and embracing the digital economy with AI. The Pakistani President expressed his profound admiration for OPay’s achievements and aspirations, hoping that OPay could bring advanced Chinese Fintech technology to contribute significantly to Pakistan’s digital economy and inclusive finance development.
Since its inception, OPay has attracted investments from numerous top-tier domestic and international investment institutions. In November 2019, OPay successfully closed a B-round financing of 120 million dollars, with investors including Long-Z Investments, Source Code Capital, IDG Capital, and HongShan (formerly known as Sequoia China). In 2021, OPay raised a 400 million C-round financing led by SoftBank Vision Fund, with follow-on investments from Long-Z Investments, HongShan(formerly known as Sequoia China), Redpoint China Ventures, Source Code Capital, SoftBank Asia Fund, and 3W Capital, post-investment valuation reached $2 billion.
By April 2024, OPay has established a robust foothold in emerging markets, serving over 50 million users and 1 million merchants, boasting monthly transaction volumes surpassing $12 billion. With daily active trading users approaching the 10 million mark, OPay has also created a significant impact, fostering 400,000 direct and indirect job opportunities.
A recent report by BCG and QED Investors titled “Global Fintech 2023: Reshaping the Future of Finance” forecasts a sixfold growth in Fintech revenues, from 245 billion dollars in 2021 to a staggering 1.5 trillion dollars by 2030. Notably, Africa is poised to emerge as one of the fastest-growing regions in the global Fintech landscape, with a projected compound annual growth rate of 32% for Fintech revenues.
Looking ahead, OPay remains committed to expanding its reach in emerging markets such as Nigeria, Egypt, and Pakistan, while also venturing into new countries and regions. The company aspires to provide safer, more convenient, and inclusive financial services to its users, contributing significantly to the development of local digital economies. OPay’s vision is to serve 1 billion users and 10 million merchants, ultimately creating 3 million job opportunities by 2031.