Mastercard, OPay has announced a partnership that will open up digital commerce to millions of people across Middle East and Africa.
The collaboration enables OPay consumers and merchants in the region – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the UAE – to engage with brands and businesses anywhere across the globe, thanks to a Mastercard virtual payment solution linked to the OPay eWallet.
This partnership is the latest milestone in Mastercard’s emerging market strategy where the technology company is collaborating with growing fintechs such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and support the next generation of super-apps.
OPay customers will be able to use the Mastercard virtual payment option linked to their OPay wallets in the initial phase. This allows them to shop at global brands such as OPay for entertainment, travel, accommodation and streaming services. This service is available to all customers regardless of whether they have a bank account. This service allows small businesses to make international purchases and pay via secure virtual payments.
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.”
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 Middle East and Africa.”
Since its operations started in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. On average, the company processes millions of transactions each day. OPay has a significant market share in Nigeria, and users have saved billions of dollars through credit-linked savings accounts using their mobile wallets, as well as small loans from the lenders who use its platform.