OPAY is the most used mobile money app in Nigeria. The app is very common in the Nigerian household because of its swift inter-bank transfers speed. Meanwhile, as popular as OPay is, many of its users don't know when it was founded.
In this article, I will point a shining light to when OPay was actually founded in Nigeria. So, without wasting much of your time, let's dive into the primary reason of this article.
The beginning of OPAY in Nigeria
In 2013, a company named PayCom Nigeria Limited was established by Telnet Nigeria Limited, a Nigerian IT infrastructure company. The primary purpose of PayCom was to provide mobile payment solutions that facilitates financial transactions such as utility bill payments, airtime purchases, and peer-to-peer transfers.
In 2017, Opera Group, a Norwegian browser company founded by Yahui Zhou, talked things out with Telnet NIgeria Limited and acquired PayCom. This acquisition marked the beginning of OPay as a fintech company under Opera.
Founding Date
The answer is simple. Opera Group acquired PAYCOM in 2017, rebranded it to OPAY and launch it in 2018 after gotten an approval by the Central Bank of Nigeria (CBN).
Currently, OPay is operating under a mobile money operator (MMO) license and has diversified its services offerings -- focusing majorly on providing digital banking solutions, including money transfers, bill payments, and debit cards, particularly in emerging markets.
In a nutshell, OPAY, officially founded and licensed in 2018, is a predecessor entity of PAYCOM Nigeria Limited which was established in 2013 by Telnet NIgeria Limited. This shows that OPay has been in existing since 2013, and has been operating as a digital mobile payment service in the country since inception.
FAQs
Which Bank Is OPAY Under?
OPay is not under any bank in Nigeria. In fact, OPay is not a bank. OPay is a digital payment company or you can call it a Fintech. The company is operating under a mobile money operator (MMO) license which allows it to offer primary banking services like inter-bank transfers, bill payments and debit card services to users. It's important to know that OPay cannot offer core banking services to customers.
What is the full meaning of OPAY?
OPay simply means Opera Pay. The Opera Group acquired the company in 2017 and rebranded it to reflect it name. So, OPay simply means OperaPay.
