Opay Raises $50 Million To Develop Mobile Money In Nigeria

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Opera has finally found a way to prove to Nigerians that it is more than just a browsing App, as it has flooded the Nigerian space, Lagos at the very least with its bike-hailing service.

In June 2019, when the Lemon Bike service started, the brand gave Nigerians the incentive they always long for in a brand, rides were at a flat  ₦ 100 notwithstanding the distance.

In July 2019, the prize two a double turn and rested at  ₦ 200 notwithstanding the distance of the rider.

While this might be applauded as a catch-the fish strategy in penetrating a market already owned by Max.ng and Gokada, the pivotal question would be what the motive of this cutdown ride was, as all these discount applies to rides made and paid for from the App.

As it stands, the Norwegian owned Opera Mini has secured a $50 million in funding to expand its tenets in Nigeria.

This round of funding was led by, Sequoia China, IDG Capital, and Source Code Capital seeded the fund to the brand to see it expand its business modules across, betting, Oride and O food.

It may be important to ask why the brand is taking up such a task in Nigerian, which is the most populous country in Africa, it is a very visible case of proper visibility.

Opera Mini, which is the mother company of OPay has been reported as the second most used App in Africa. Thus, with a huge level of success on the African space, it is only logical that the brand hoist its flag and gain acceptance in the most populous country on the continent.

Considering the payment platform and the module the brand has to offer, OPay in last 10 months, has scaled in Nigeria with about 40,000 active agents and $5 million in transaction volume in 10 months.

The $50 million investment in OPay is more than just another big round in Africa. It has significance for the continent’s tech-ecosystem on multiple levels.

Although, the country is not doing extremely well in terms of P2P (Peer-to-Peer) payment, which is majorly restricted by stern Central Bank Policies on non-traditional banks and funds, which has now been a lot eased by the system earlier this, which has now given access to Telecos to deal in money, which initially they could not do.

Opay raising funds to float in Nigerian and by extension, other African countries might become the death of other start-ups and tech-based solutions.

 

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