Finance

Nigerian payment company OPay plans to raise $400 million to pursue expansion

Tuesday, 01 June 2021 18:18
Nigerian payment company OPay plans to raise $400 million to pursue expansion

(Ecofin Agency) - Nigerian fintech company OPay, which specializes in the provision of mobile payment services, has entered into discussions with investors to raise nearly $400 million, media sources reported. Once confirmed, the deal would make OPay an African unicorn valued at over $1.5 billion.

The company, which has recently expanded its activities in North Africa and more specifically in Egypt, could use the resources to pursue its expansion strategy. Due to the Covid-19 pandemic, the company founded in 2018 by Norwegian Opera previously said it would suspend its expansion plans in South Africa and Kenya, two attractive markets.

Opay raised in June 2019 a total of $50 million and secured a $120 million commitment from investors, mostly Chinese, in November of the same year. These transactions brought the total funds raised by the company in 2019 to $170 million.

OPay, which ventured with great difficulty into the transportation, food delivery, and microfinance sectors in Nigeria, finally focused on its payment business, which continued to grow, despite the health crisis in 2020. Its monthly transactions reached over $2 billion in December 2020. The fintech also claims to have processed 80% of bank transfers from mobile money operators in Nigeria.

Chamberline Moko 



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.