Africa Finance Financial Inclusion Fintech Nigeria Startup

Fintech Opay plans expansion to Northern Africa following successful Nigerian operations

Opera founded, Nigerian fintech start-up, OPay, has announced expansion plans to include Northern African in their service operations come 2021 after a US$1.4B rise in the transaction for November 2020 from US$363M in January 2020.

Iniabasi Akpan, Opay Managing Director, in an interview with Bloomberg, shared that

“The process has begun, and we will see how the first quarter turns out. We plan to reach a transaction value of about US$2B by the end of this year.”

Also read: Africa’s top Fintech Companies of 2020

Prior expansion plans to South Africa and Kenya were put on hold due to the ongoing global COVID-19 pandemic but the lockdown has had a tremendous impact on transaction volume on their platforms.

In addition to their existing service offering is the launch of a new product called “Credit Me” that provides digital overdrafts from 5,000 to 100,000 naira to working individuals with a steady income and a 30-day repayment period.

Original article on Tech Gist Africa

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