Fintech company, Interswitch has announced its partnership with Opay. This announcement was made via its Twitter handle on Monday.
The partnership will effectively enable OPay users to seamlessly make direct payments for goods and services on merchants’ websites from their OPay Wallets.
We're thrilled to roll out our pivotal integration with @OPay_NG through our #InterswitchPaymentGateway (IPG), which effectively enables OPay users to seamlessly make direct payments for goods and services on merchants' websites from their OPay Wallets.https://t.co/0IMfgELG7p pic.twitter.com/SxuZBysCdP
— Interswitch Group (@InterswitchGRP) January 22, 2024
Read Also: NIBSS Bans Opay, Paystack From Fund Transfers
The Partnership of Interswitch and OPay
The partnership between Interswitch and OPay which has been trending since this morning will bring about faster and secure transactions for customers.
“We are confident that Pay with Opay which is a 2-step payment solution will bring about faster and secure transactions for customers. It is a closed-looped solution that ensures a higher success rate with good network uptime. More exciting is the level of adoption this product has witnessed in the market; this will encourage us to continue to build better solutions for offline and online payments,” the Vice-President of App and Cards at OPay, Elizabeth, said.
On his part, the Managing Director of Digital Commerce & Merchant Acquiring (Paymate) at Interswitch, Mr Muyiwa Asagba, emphasized the significance of this partnership in advancing the growth of digital payments in the country.
“At Interswitch, our commitment is to cater to the evolving needs of consumers and merchants, fostering a more inclusive and dynamic digital payment ecosystem. Through our latest collaboration with OPay, we are excited to introduce a new dimension of payment convenience to users and merchants.” Muyiwa Asagba
“This partnership reflects our dedication to introducing innovations that enhance the digital payment experience, and we are eager to witness the positive impact it will have on the entire payment ecosystem,” Muyiwa Asagba added.
Recently, Nigeria’s Interbank Settlement System Plc (NIBSS) instructed banks in the country to remove non-deposit-taking financial institutions, including switching companies, payment solution service providers, and super agents such as Opay, Paystack, moniepoint from their NIP fund transfer channels.
According to the circular issued by NIBSS, including these non-deposit-taking financial institutions on NIP funds transfer channels violates the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria from February 2014.
The circular clarified that while these entities are prohibited from receiving inflows, they are allowed to process outflows as inflows to banks.
