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OPay Announces First Monthly Profit With Nearly 10 Million Daily Active Trading Users

SINGAPORE, May 11, 2024 /PRNewswire/ — OPay, the leading Fintech company focused on emerging markets, today announced its first historic monthly profitability, with daily active trading users surpassing 9 million and on track to cross the 10 million mark . This marks a significant milestone in OPay’s remarkable journey.

Since its establishment in 2019, OPay has provided industry-leading payment, digital wallet and other financial services to its customers around the world. Africa And Asia. Leveraging the power of AI and Big Data, OPay offers innovative financial technology solutions that reshape the traditional financial landscape. Currently, OPay’s services cover countries including Nigeria, Egypt, Pakistan and other countries.

By integrating advanced financial technology into local financial ecosystems through technological innovation, OPay has been instrumental in supporting the digital transformation of local businesses and providing convenient financial services to large populations across the country. Africa and the Middle East who are underserved or lack access to traditional banking services. After five years of relentless innovation and growth, OPay has established itself as a market leader in Nigeria And Egyptplaying a central role in promoting inclusive finance in emerging markets.

Yahui ZhoYou, OPay President commented: “OPay’s mission is to make financial services more inclusive through technology. We will continue to maintain our long-term perspective, stay grounded in our principles, create value for our customers and strengthen our capabilities in four key areas. : security, data analysis, monetization and compliance. Our aspiration is to become the most respected, popular and socially valuable Fintech company.

OPay’s rapid growth and exceptional performance in Africa and the Middle East have attracted international media attention and industry recognition. In February 2022Forbes reported that OPay provides innovative financial technology solutions in the Middle East And North Africa. In June 2022CNN carried out an in-depth report on the development of OPay in Nigeriarecognizing him as a leader and pioneer in business transformation in Africa. Additionally, OPay has been selected as one of the CB Insights Global Fintech 250 for three consecutive years. In 2023, OPay was also named in the CNBC Global Fintech 200.

As part of a strategic approach May 2022, OPay has formed a partnership with Mastercard, thus consolidating its status as a trusted partner of the world’s largest financial institutions. This collaboration has significantly expanded digital commerce opportunities for millions of people around the world. Middle East And Africapromoting greater financial inclusion, economic growth and the further establishment of a strong financial ecosystem.

At the start of 2023, the Pakistani president Arif Alvi met the president of OPay Yahui Zhou to discuss the vast potential of from Pakistan Digital Economy. Both parties engaged in in-depth discussions on how OPay’s cutting-edge fintech technology could help Pakistan to achieve a cashless society and embrace the digital economy through AI. The Pakistani President expressed deep admiration for OPay’s achievements and aspirations, hoping that OPay can bring advanced Chinese Fintech technology to significantly contribute to from Pakistan digital economy and development of inclusive finance.

Since its inception, OPay has attracted investments from many leading domestic and international investment institutions. In November 2019OPay successfully closed a Series B financing of $120 million, with investors including Long-Z Investments, Source Code Capital, IDG Capital and HongShan (formerly known as Sequoia China). In 2021, OPay raised $400 million in funding led by SoftBank Vision Fund, with follow-on investments from Long-Z Investments, HongShan(formerly Sequoia China), Redpoint China Ventures, Source Code Capital, SoftBank Asia Fund, and 3W Capital, post-investment valuation achieved 2 billion dollars.

By April 2024OPay has established a strong presence in emerging markets, serving over 50 million users and 1 million merchants, with monthly transaction volumes exceeding 12 billion dollars. With daily active trading users approaching the 10 million mark, OPay has also created a significant impact, fostering 400,000 direct and indirect employment opportunities.

A recent report from BCG and QED Investors titled “Global Fintech 2023: Reshaping the Future of Finance” forecasts a six-fold increase in Fintech revenues from $245 billion in 2021 at a staggering level $1.5 trillion by 2030. In particular, Africa is poised to become one of the fastest growing regions in the global Fintech landscape, with an expected compound annual growth rate of 32% for Fintech revenue.

Looking ahead, OPay remains committed to expanding its reach in emerging markets such as Nigeria, EgyptAnd Pakistan, while venturing into new countries and regions. The company aspires to provide safer, more convenient and inclusive financial services to its users, thereby significantly contributing to the development of local digital economies. OPay’s vision is to serve 1 billion users and 10 million merchants, ultimately creating 3 million job opportunities by 2031.

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SOURCE OPay