SINGAPORE, May 9, 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.
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SOURCE OPay