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July 12, 2019

Nigeria’s OPay raises $50m to drive growth

Nigeria’s OPay, a mobile payment service and consumer platform, has raised $50m in total funding.

The companies which participated in the funding round include IDG Capital, Sequoia China, Source Code Capital, Meituan-Dianping, GSR Ventures and Opera.

OPay fundraising: Future plans

With the new funding, OPay plans to further strengthen its position in Nigeria as well as expand to neighbouring markets.

It also aims to utilise the funding to foray into new market-verticals including motorbike ridesharing and food delivery services.

OPay rolled out its mobile payment service in August last year to cater to the unbanked population of Nigeria.

As of last month, OPay had more than 40,000 active agents with daily transaction volume of more than $5m.

Besides making payments, customers can also use OPay for transportation as well as food and grocery delivery.

Sequoia China partner Qingsheng Zheng said: “OPay has successfully built a leading mobile payment business in Nigeria in a short period of time.

“We are excited to be part of its continued growth, as it provides access to better mobile banking services for Nigeria’s 200 million population, and expands into new areas.”

Commenting on OPay fundraising, Opera chairman and CEO Yahui Zhou said: “The additional capital will allow OPay to accelerate its growth in mobile payment services and the growth into new verticals, such as motorbike ridesharing and food delivery.

“Further, the strength of Opera’s brand and OPay’s emerging position will benefit both companies’ and their visions to lead many internet verticals across Africa.”

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