The ultimate reason why OPay partnered with Worldremit is to provide a fast, convenient, and affordable way to receive money from abroad without leaving the comfort of your home.
Before going deeply into the reasons why OPay partnered with Worldremit, let’s briefly summarize all about OPay.
OPay is a one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other important services. OPay is more than a payment company, they believe everyone should be able to enjoy financial and social inclusion, without regard for physical borders, boundaries, or even social status. OPay has been making the rounds in and outside Nigeria’s tech echo chamber.
Why OPay partnered with Worldremit:
Firstly, OPay entered the remittance sector in partnership with an international money transfer company, WorldRemit, in September 2020. The partnership allows people to receive money from over 50 countries directly into their OPay wallets. The company said it would be leveraging its extensive agent network, which it has successfully scaled since its launch in 2018, to help people send/receive remittances more easily and affordably.
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Interestingly, sending money within and from several African countries is expensive. According to Brookings, it cost 20% to send money from Ghana to Nigeria as of Q4 2019.
Secondly, there is a commitment by OPay to make sending money between several sub-Saharan countries cheaper. Although, Dotun Adekunle, Vice President, Product and Engineering at OPay, did not clarify if OPay’s recent partnership will offer cheaper options for sending money to Nigeria and other African countries.
OPay believe they can do a whole lot more than a lot of their traditional financial institutions,
We’re also working to develop the payment infrastructure to support cross-border payments across different countries in Africa, but for now we acknowledge the difficulty in that sector,
All these developments are aimed at increasing financial inclusion in Africa.