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Another O is Coming! OPay Gets Approval For International Money Transfer From CBN

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OPay is about to add another ‘O’ to its unending list of services-it already offers payment, loans, and ride-hailing services.

Barring any last minute changes, Opay will soon commence international money transfer as it has received express clearance from the Central Bank of Nigeria (CBN).

The approval would enable OPay to start facilitating 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” Kunle Olamuyiwa, Director of Remittances Services at OPay, said.

“We are already working with major global remittance companies around the world and will start facilitating remittances to Nigeria with these partners in December ensuring the best fees and exchange rates, speed and security,” Kunle added.

When asked how this will benefit the recipients of money transfers in Nigeria, Kunle said that there is a plan to commence a 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,” he added.

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OPay launched its mobile payment service in August 2018. Currently, OPay has expanded into other verticals like ride-hailing (ORide and OTrike), an online food delivery (OFood), as well as facilitating access to third-party provided microloans (OKash) and wealth management (OWealth).

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