CBN Approves OPay for International Money Transfer Services

The provider of payment, a ride-hailing company, food delivery and loan services firm, OPay, has been granted an approval by the Central Bank of Nigeria (CBN) to commence international money transfer services in Nigeria.

In response to this approval, OPay will start facilitating remittance business to business, business to person and person to person remittance services into Nigeria.

This is coming on the heels of the earlier announced $50 million the company raised from major venture capitalist some months ago.

Director of Remittances Services at OPay, Kunle Olamuyiwa said, “The plan is to distort the remittance space and ensure that international money transfer into Nigeria is safer, faster and more affordable.”

“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.” He stated.

“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,” Olamuyiwa added.

Olamuyiwa asked how this would benefit the recipients of money transfers in Nigeria, and he said, “There is a plan to commence a big-bang promo in December with lots of prices for recipients of money transfer who receive their money directly into their OPay wallets.

“I can only advise everyone who has families around the world to get an OPay Wallet. They will get better value for these funds doing transfers to any bank, paying their bills, buying food and also using our on-demand transport services i.e. Oride, OBus and Otrike. And on top of all, they can channel unused funds to OWealth and earn interest on it daily”. He explained.

He concluded and said, “it is indeed better times for recipients of international money transfers in Nigeria”.

OPay launched its mobile payment service in August 2018, creating an infrastructure on which the company is now also adding new services.