Financial institutions

International Financial Institutions Boost Fintech in Emerging Markets

Lagos, Nigeria, June 10, 2022 /PRNewswire/ — More and more international financial institutions are participating in the development of fintech in emerging markets. MasterCard recently established a strategic partnership with OPay, a fintech unicorn in emerging markets.

On May 19, 2022MasterVSard and OPay, a fintech company focused on emerging markets, announced a strategic partnership to enable OPay consumers and merchants across the region (including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africaand the United Arab Emirates) will be connected to brands and businesses around the world through the OPay Wallet. This decision will open the door to digital commerce for millions of people around the world. Middle East and Africapromoting broader financial inclusion and economic prosperity.

MasterVSard has significantly deepened its financial inclusion initiatives around the world, pledging to enable 1 billion people to reap the dividends of the digital economy by 2025, including helping 50 million small and medium-sized businesses and providing solutions to the business development needs of 25 million solution entrepreneurs.

Over the past three years, OPay’s business has grown rapidly, covering markets such as Nigeria, Egyptand Pakistanbecoming one of the largest fintech companies Africa and the Middle East. OPay provides customized services for different users, including financial services such as offline payment, online payment and digital wallet. Currently, OPay serves over 15 million wallet users and over 600,000 merchants, and has a monthly transaction volume of over $6 billion.

In Nigeria Alone, where OPay has held a significant market share since its inception in 2018, users have saved billions of dollars over the past four years through credit-linked savings accounts in mobile wallets and microloans provided by the platform. At present, OPay’s business card has expanded to most emerging markets, in addition to Nigeria and Egyptit also includes Indonesia, Pakistan, Mexicoand other countries.

OPay continues to win favor with capital. The last round of financing in C was completed in August 2021for a total amount of 400 million US dollars. The investment was led by SoftBank Vision Fund II. Since then, OPay has become a fintech unicorn in emerging markets. estimated at $2 billion.

OPay not only provides mobile payment services, but also brings advanced financial technology into the financial ecology of emerging markets in the fields of technology services, artificial intelligence, software and information services. Through the power of science and technology, we will contribute to financial inclusion in emerging markets and bring services to all. In the future, OPay plans to land in more markets within three to five years, vigorously promote the digital popularization and expansion of e-commerce, and at the same time bring more OPay users into the ‘Mondial economy.

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SOURCEOPay