How Opay’s Partnership with Mastercard Will Expand Nigeria’s Digital Economy

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When an entire process of buying and selling is done online without any human intervention, digital commerce has taken place. In other words, if eCommerce were to be fully automated, right from marketing and sales to product delivery, it would be digital commerce

Fintech company, Opay, is working with Mastercard to open digital commerce and create an interconnected global payments ecosystem that will benefit Nigerian consumers with unique needs.

With a Mastercard virtual payment solution linked to OPay eWallet, customers will be able to complete various day-to-day needs, including sending and receiving money, ordering food and groceries, organizing transport, lending, investing, and listing items they wish to sell.

The collaboration will significantly boost wider financial inclusion and economic prosperity by opening up digital commerce to millions of Nigerians while engaging with brands and businesses anywhere across the globe.

The new partnership will expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and support the next generation of super-apps.

Amnah Ajmal, Executive Vice President for Market Development, Mastercard EEMEA, said “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale.

Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”

TechEconomy understands that in Nigeria alone, where OPay takes a significant market share, users have saved billions of US dollars in the last four years through credit-linked savings accounts from their mobile wallets and small loans from lenders that use its platform.

Since its operations started in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. The company processes millions of transactions per day on average.

In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services, and more.

The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.

Yahui Zhou, CEO of OPay, said “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across the Middle East, and Africa.”

Plans are in place to launch OPay services in other markets in the next three to five years, significantly driving the growth of digital inclusion and digital commerce, while at the same time widening OPay customer inclusion into the global economy.

Mastercard has made a worldwide commitment to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses – with a focus on 25 million women entrepreneurs – into the digital economy by 2025.