A Federal High Court in Lagos has granted Chinese-owned fintech behemoth OPay permission to freeze customer accounts across thirty banks. This decision is part of an initiative to retrieve ₦714 million that was erroneously credited to customers due to a system malfunction. According to court filings reported by TechCabal, the glitch, which spanned from December […]
Opera initially valued its stake at $269 million in December 2023 but revised it in subsequent filings due to a smaller financing transaction. OPay experienced significant growth over the past year, partly driven by a currency redesign that caused cash scarcity, prompting more people to turn to fintech apps like Moniepoint and OPay for transactions. […]
Making significant strides towards enhancing financial inclusion and diversifying services, Nigerian fintech firm Moniepoint (formerly TeamApt) is stepping into consumer banking, aiming to rival OPay and PalmPay. Established in 2019, Moniepoint has swiftly emerged as a leader in Nigeria’s financial services domain. The company offers a comprehensive array of digital financial tools encompassing payments, banking, […]
Opay, a prominent fintech heavyweight focusing on emerging markets, is contemplating growth in the Egyptian market. This move comes after it reportedly sought a license to form a digital bank in North Africa. Mahmoud Khedr, the Head of Business Development and Strategic Partnerships at Opay, shared his enthusiasm via an email statement sent to Techloy: […]
Nanobank, a lending business formed by combining its micro-lending business with Mobimagic’s point-of-sale business, sold out most of its business in Asia to Opay in exchange for shares for an undisclosed private equity firm. For Opera, the consumer internet brand to increase its stakes in Opay, it sold the 42% quota it owned in Nanobank […]
The recent redesign of the Nigerian currency has drastically dropped the efficiency of digital banking in Nigeria, which also resulted in a cash shortage. However, people’s reliance on banking apps and USSD platforms has caused significant pressure on the already unstable digital banking infrastructures, resulting in issues such as delayed bank transfers and unresolved failed […]
After selling Nanobank for $127 million in 2022, Opera, a Norwegian consumer internet brand, has raised its share in the Africa-focused neo-bank OPay from 6.4% to 9.5%. Opera used to own 42% of Nanobank, which was made when Opera’s microlending business and Mobimagic’s point-of-sale business joined together. In 2022, Opera sold its share of Nanobank […]
A report from Disrupt Africa says that a Rwandan startup called HeptaPay now lets users instantly transfer money from their debit or credit card to mobile money accounts in East Africa. Users can send money to Rwanda, Kenya, and Burundi on all major telcos from anywhere in the globe using the new product, HeptaPay, which […]
TechInAfrica – OPay Egypt, the leading fintech and electronic payments company, has announced that the Central Bank of Egypt has granted it the initial approval to issue prepaid cards through its OPay app. The prepaid cards will be issued with cooperation with the Egyptian Cards Company, the largest card distributer in the local and regional […]
The Egypt-based fintech and e-payment company opens premier store in the country, targeting individuals and corporates on its products and services
TechInAfrica – OPay Egypt, the leading fintech and electronic payments company, has announced the opening of its first “OPay” store in Egypt in the Downtown area in the 5th Settlement, to offer all the company’s services and products for individuals and corporates. The move comes as part of OPay’s expansion plan in the Egyptian market […]
Forbes Middle East praises the development of OPay’s business in the region, describing it as the fastest growing and most popular financial technology company in the Egyptian market
TechInAfrica – According to a press report published by Forbes Middle East magazine, OPay is one of the most prominent companies that have appeared on the electronic payments scene in Egypt as a result of these policies followed by the Egyptian state. It is also considered one of the fastest growing companies in the Egyptian […]
Africa fintech OPay has received a $400 million funding round led by the SoftBank Vision Fund 2 valuing the Nigerian mobile money payments provider at $2 billion.
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