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NIGERIA: OPay Gets CBN Approval For International Money Transfer Services



OPay Gets CBN Approval For International Money Transfer Services

OPay, a firm known for providing ride-hailing services, payment services, and food delivery has been recently approved by the Central Bank of Nigeria (CBN) to start international money transfer services in Nigeria.

The approval is said to give OPay the right and responsibility to facilitate business to business (B2B), business to person (B2P) and person to person (P2P) remittance services into Nigeria.

This development is as a result of the earlier announced $50 million the company realized from major capitalist some months ago.

The Director of Remittances Services at OPay, Mr. Kunle Olamuyiwa, revealed that the plan is to bring innovation into the remittance market by distorting the remittance space and ensuring that international money transfer into Nigeria is safer, faster and more affordable. He said;

“With OPay’s infrastructure in Nigeria, it will be of utmost convenience for international remittance companies to partner with OPay to help their customers receive money from their business partners, customers and loved ones straightly into their OPay wallet and any bank account or mobile wallet in Nigeria. Additionally, recipients can go withdraw their funds in cash from their OPay wallets at any of over 100,000 OPay mobile money agents in Nigeria.”

Mr. Olamuyiwa also added that OPay is already working with major global remittance companies around the world and will start facilitating remittances to Nigeria with these partners, ensuring the best fees and exchange rates, speed and security.

While he was revealing how the plan would benefit the recipients of money transfers in Nigeria, Mr. Olamuyiwa said that the firm is on a plan to commence a booming promo in December with lots of prices for recipients of money transfer who receive their money directly into their OPay wallets. He said;

“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.”

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