A new payments service provider has been granted a license to provide its services to Nigerian-based businesses.
One Payment Limited is a subsidiary of Pan-African digital payments giant the DPO Group. They now have permission from the Central Bank of Nigeria to provide its services to Nigerian businesses.
The local bank issued the license to One Payment Limited on Friday, February 4, 2022. It’s reported that the payments provider has similar agreements in place with at least 20 other countries in Africa.
OPL a Trusted Partner
Currently, more than 60,000 active companies and merchants use One Payment Limited as a financial service and payments facilitator. Several airlines, travel agents, merchants, resellers, and e-commerce companies, including Nigerian betting sites, are amongst the customer base. The provider is a trusted partner in payment solutions because of its enormously robust network. The sheer size and scope of the network allow merchants to accept payments in a wide variety of world currencies.
E-commerce has experienced huge growth in Nigeria in recent years. Several reasons can be credited for this unrivaled boom. However, most notable are the increasing levels of internet availability and general use in commerce and trade.
Digital payments are now thought to account for the majority of payment volumes in Nigeria. In fact, volumes are anticipated to reach 7.7 billion annual transactions by the year 2025. This marks a 45 percent increase when compared to 2019.
Nigeria Focused on Digital
According to DPO Group chief executive Eran Feinstein, Nigeria is a key market for businesses with a focus on the digital landscape. He also called Nigeria one of the most progressive and innovative countries in Africa in e-commerce and fintech.
Feinstein said the license signals an exciting and promising development. It’s one that will authorize the group to offer seamless payment services and solutions to Nigerian businesses interested in reaching more customers. This growth can now be achieved by offering a secured payment service to clients, he explained.
About the DPO Group
In what would become a landmark deal for payments and e-commerce on the African continent, Network International acquired the DPO Group in 2021.
The group will soon be launching a new payment solution specifically tailored to serve the needs of businesses across Africa. “DPO Pay” will offer a more comprehensive payment solution to Nigerian businesses than ever before.
What’s more, the product will create healthy competition for companies like Paystack and Flutterwave that currently dominate the local market.