Opera’s Opay, the leading payments company in Nigeria, to put it mildly, is performing.
Last week, Opay announced that its core businesses (the Opera browser, and Opera News) and its new initiatives in payments are seeing accelerating growth.
In the light of this potential, Opay raised its revenue growth expectations to nearly 40% year over year.
Albeit the potential of its initiative, there’s another option that creates significant upside potential for Opera shareholders, and it is often overlooked: the value of our investments in OPay, Nanobank, and Starmaker.
Over the near-term, Opay plans to speak more about the potential of these investments.
Opera incubated OPay in 2018, and since then the company has raised over $170 million in new capital from outside investors (including well-known VCs SoftBank, Sequoia, IDG, Redpoint and Source Code) thanks to OPay’s ability to rapidly scale to become a dominant platform in the Nigerian market.
OPay hosted a press conference on March 1st, and offered a performance report.
Total gross transaction volume at OPay grew 4.5 times (to over $2 billion in the month of December alone) during 2020
Point of Sale (POS) terminals deployed in OPay’s money agent and merchant network represented 20% of offline payments in Nigeria at year-end.
OPay’s mobile users have more than 2 million wallets with active balances.
The company announced plans to launch a debit card and credit features to expand the functionality of the mobile wallet
OPay is one of, if not the leading platform for payments in the largest economy in Africa.