Nigerian-based Fintech Startup, Opay is Making Waves in Egypt

According to a press report published by Forbes Middle East, OPay has received widespread support in Egypt.

The Nigeria-based fintech firm is unquestionably one of Africa’s fintech unicorns and one of the continent’s most valuable startups.

Since its initial launch in Egypt at the beginning of 2021, it has also been regarded as one of the fastest-growing companies in the Egyptian market. According to OPay, it accomplished this by “quickly gaining the trust of thousands of merchants who use its points of sale (POS) to collect bills and other payments.”

Another factor contributing to its rapid adoption in the North African country is the Egyptian government’s digital transformation policies and the adoption of digital accessibility platforms.

OPay’s mobile payment service, in particular, provides convenient financial solutions to a large swath of Africa’s unbanked population, with 160 million active users currently generating around $3 billion in monthly transactions on the platform.

OPay was founded in Nigeria in 2018 and has since grown to become a leading financial services provider with operations in Nigeria, Egypt, and Pakistan. The company’s early success can be attributed to its commitment to making financial services accessible, and the company now plans to expand across the rest of the Middle East and North Africa this year.

Customers can pay bills and other expenses more easily with OPay’s app, which is available on both iOS and Google Play.

OPay Eyes the UAE for Further Northern Expansion

OPay Group’s continued success comes on the heels of a $400 million funding round in August, which raised the company’s valuation to $2 billion.

The successful round motivated OPay to expand into North African territories, 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, and OPay plans to expand into more territories by the end of the year, including the UAE.

OPay says it intends to improve its current suite of financial services and adapt to new security standards in order to keep customer data safe and secure.