OPay sets lofty Africa goal after bagging $120M - Mobile World Live

OPay sets lofty Africa goal after bagging $120M

20 NOV 2019

The CEO of Nigeria-focused mobile wallet, ride sharing and food delivery app OPay targeted creation of the best fintech ecosystem Africa has ever seen, after securing $120 million in funding.

In a statement, OPay boss Yahui Zhou said the company would become a “key contributor to expanding financial inclusion in Africa … helping local businesses and workforces to thrive from opportunities created by new, digital business models.”

He added the new cash would be allocated to operations in countries with supporting regulation, citing opportunities in its existing market of Nigeria alongside Ghana, South Africa and Kenya.

The company launched its mobile payment service in August 2018 and has since added a number of other consumer-facing products. Its latest cash injection comes less than five months after netting $50 million from investors.

Its latest backers include a SoftBank-run investment fund, DragonBall Capital, GaoRong Capital, Source Code Capital and IDG Capital.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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