Opay Receives Money Transfer Licence

  • Opay Receives Money Transfer Licence

OPay, a subsidiary of Opera that facilitate payments, has just received an international money transfer licence from the Central Bank of Nigeria (CBN).

The financial technology company said with the approval it will commence B2B, B2P, and P2P remittance services into Nigeria.

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

He said with the company’s presence in Nigeria and the recently raised $50 million, it will be easier to facilitate remittance into the country with strategic partnerships with global payment companies.

Customers can receive money directly into their OPay wallet, any bank account or mobile wallet in Nigeria.

He noted that recipients can also cash out their funds from their OPay wallets at any of the company’s 100,000 mobile money agents in the country.

“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,” Kunle added.

Speaking on how this will benefit Nigerians, Kunle 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. It is indeed better times for recipients of international money transfers in Nigeria.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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