OPay International Pte Ltd, a comprehensive mobile payment service provider, is gearing up to introduce its financial services in Pakistan. The company is optimistic about expanding its presence in Pakistan’s digital financial landscape. Notably, the State Bank of Pakistan (SBP) recently granted approval to OPay for the acquisition of FINJA Pvt Ltd, a commercially active Electronic Money Institution (EMI) licensed company.
Plans for Launch
Ali Mubashir Kazmi, President of OPay, expressed confidence in commencing services in Pakistan within the next three months. OPay’s commitment to providing accessible digital financial solutions aligns with its vision for Pakistan.
Recognized in the Global Fintech Arena
OPay recently earned recognition as one of CNBC’s ‘Top 200 Global Financial Technology Companies’ and holds a valuation of $2 billion. The company initially invested $4 million in Pakistan but now intends to significantly increase its investment, potentially reaching up to $100 million, as outlined by Kazmi. In terms of Point of Sale (POS) infrastructure, OPay is on track to achieve its initial goal of deploying 20,000 POS terminals.
Expanding Digital Financial Services
OPay offers a wide array of digital payment solutions and digital wallets to emerging market customers across Africa and Asia. Mr. Kazmi emphasized OPay’s comprehensive perspective on Pakistan and its readiness to contribute to the growth of the financial industry, which holds immense potential. OPay aims to serve the unbanked population and leverage digital technology to enhance financial inclusion. This expansion could potentially attract $100 million in foreign direct investment (FDI), contributing to Pakistan’s economic progress.
Creating a Digital Ecosystem
Operating under the EMI license, OPay intends to establish a digital ecosystem that includes 1.6 million wallet users. The company also plans to steadily increase the penetration of POS terminals by adding 5,000 machines each year.
Kazmi pointed out that Pakistan has a substantial demand for digital wallets, yet this demand remains unmet due to limited awareness about such products. OPay’s entry into the market aims to address this gap and provide convenient digital financial solutions to a wide range of users.
This expansion not only presents opportunities for job seekers in the digital sector but also holds the potential to contribute to Pakistan’s global economic advancement.