OPay – the mobile money payment start-up company unveils the in-depth penetration of its FinTech operations in Nigeria. OPay’s financial inclusion affirms the fiscal impact the FinTech start-up has imbibed on the underserved communities restrained from the money distribution network.
The underbanked population of the country mark-up a higher margin of OPay’s penetration to drive financial inclusion via emerging technology. The FinTech start-up business motive is committed to frontline high-end mobile money payment innovation in Africa. West Africa pinpoints on OPay’s operational map — this denotes Nigeria as a lucrative marketplace to showcase technology innovation.
OPay’s report reveals several users have been recorded as additional merchants, individuals, and SMEs patronizing the mobile money transfer solution. The FinTech company skyrocketed user base is influenced by the shortage of Naira note circulation due to the null policies imposed by the government.
“OPay customers should continue to enjoy OPay’s reliable, fast, and safe transactions anywhere and anytime through OPay platforms. We are committed to providing inclusive financial services to all Nigerians that ensure no one is left behind no matter their social situation or geographic location,” OPay CEO Olu Akanmu said.
Recall selected Naira notes were redesigned to redirect an altered circulation of cash to touch down the nooks and crannies of the country which turned out otherwise whereby several commercial banks, capitalists, politicians, and other public figures were reported to hoard the currency to disrupt the 2023 presidential election.
“We express our appreciation to our over 30 million registered app users, 500,000 agents, and 100,000 merchants who use OPay daily to make transactions and ultimately spread OPay’s mission of shared prosperity to all,” Akanmu said.
The shortage in the redesigned Naira note circulation had the Nigerian tech-savviest population thrive more than the other Nigerian fraction. The cashless policy by the Central Bank of Nigeria stirred an approach to financial inclusion via a digital banking system
It is a no-brainer OPay’s FinTech services recorded more users due to the seamless cash remittance infrastructure – perfect timing to transition into the digital landscape for fiscal inclusion. While other behemoths FinTech start-ups are faced with possible bankruptcy such as Chipper Cash.
OPay’s seamless banking impacted the Nigerian economy at large where the government and the traditional banking system are yet to sanction cash hoarders. However, hoarding cash makes the cashless policy an optimal tool to drive financial inclusion.
It becomes less intriguing realizing OPay’s increased user base will alter its behemoth status that exceeds a start-up unicorn. Ever since SoftBank led the mobile money start-up to complete the $400 million fundraiser, OPay’s start-up status became a FinTech unicorn ready to face expansion and penetrate the African digital landscape.