OPay International Pte Ltd, a one-stop mobile payment service provider, is all ready to provide its financial services to Pakistan. The company is confident to expand its footprint in the country’s digital financial landscape. Just recently, the State Bank of Pakistan (SBP) also approved OPay to acquire FINJA Pvt Ltd, a commercially active Electronic Money Institution (EMI) licenced company.
Ali Mubashir Kazmi, President of OPay, is hopeful to start its services in the country in the next three months.
OPay has been recognised by CNBC recently as the ‘Top 200 Global Financial Technology Companies’. The fintech platform has a valuation of $2 billion. OPay first invested $4 million in Pakistan, but now it intends to invest up to $100 million, according to the statement issued by Kazmi. In terms of POS, he predicted that the business would reach its initial goal of 20,000 POS pretty soon.
OPay provides digital payment, digital wallet, and other financial services to emerging market customers in Africa and Asia
Mr. Kazmi also stated that “OPay has an extended perspective on Pakistan. We are prepared to do our part in the development of the financial industry, which presents huge potential. OPay intends to enter the unbanked market and have an experience with digital technology.” So, according to the commercial perspective, Pakistan should receive $100 million in (foreign direct investment).
Under the EMI licence, OPay plans to create a digital eco-system comprising 1.6 million wallet users. It further ramps up POS penetration by an additional 5,000 machines each year.
“Pakistan has a high demand for wallets, however, it remains unmet due to a lack of awareness regarding the product,” said Kazmi.
It will be a great opportunity for people who are looking for jobs and have an interest in the digital sector. Furthermore, it will be beneficial for the global progress of the country as well.