Nigerian Fintech Giant OPay Expands Operations to Five New African Countries

OPay, one of Nigeria’s leading financial technology companies, has announced a major expansion of its operations into five new African markets. The move, revealed in a press conference held in Lagos yesterday, marks a significant step in the company’s pan-African growth strategy.

The expansion will see OPay launch its mobile money and digital banking services in Ghana, Kenya, Uganda, Tanzania, and Rwanda over the next six months. This ambitious move comes on the heels of the company’s successful $400 million Series C funding round last year, which valued the start-up at over $2 billion.

Olu Akanmu, OPay’s CEO, expressed enthusiasm about the expansion: “This move represents a pivotal moment in OPay’s journey. We’re taking the success and lessons learned in Nigeria to new frontiers, with the goal of fostering financial inclusion across the continent.”

The company plans to leverage its innovative technology stack and experience in navigating regulatory environments to quickly establish a foothold in these new markets. OPay’s suite of services, including mobile payments, savings, and micro-lending, will be tailored to meet the specific needs of each country.

Industry analysts view this expansion as a significant development in Africa’s fintech landscape. Yele Bademosi, a prominent tech investor, commented, “OPay’s move could reshape the competitive dynamics in these markets and potentially accelerate the adoption of digital financial services.”

The expansion is expected to create hundreds of jobs across the new markets, with OPay planning to hire local talent for key positions in each country. The company also announced partnerships with local banks and telecoms to ensure smooth integration into each market’s financial ecosystem.

As OPay sets its sights beyond Nigeria’s borders, the move is seen as a testament to the growing global ambitions of Nigerian tech companies. The success of this expansion could pave the way for more Nigerian startups to venture into other African markets, further cementing Nigeria’s position as a tech hub on the continent.