OPay International Pte Ltd, a comprehensive mobile payment serviceprovider, is poised to enter the untapped Pakistani market and broaden itspresence in the country’s digital financial landscape. Recently, OPayreceived approval from the State Bank of Pakistan (SBP) to complete theacquisition of FINJA Pvt Ltd, a commercially active Electronic MoneyInstitution (EMI) licensed company.
Ali Mubashir Kazmi, President of OPay, expressed optimism about thecompany’s prospects, stating that they expect to operate as an EMI withinthree months. Notably, OPay has gained recognition by CNBC as one of the’Top 200 Global Financial Technology Companies’ with a valuation of $2billion. Furthermore, OPay aspires to evolve into a fully-fledged digitalbank in the future.
OPay’s core offerings encompass digital payment solutions, digital wallets,and various financial services tailored to emerging markets in Africa andAsia, including countries like Nigeria, Egypt, and now Pakistan. In astatement, OPay reaffirmed its commitment to Pakistan despite facingmultiple challenges and expressed a strong desire to replicate itssuccessful performance in other markets.
Ali Mubashir Kazmi emphasized OPay’s strategy of promoting financialinclusion, particularly in Pakistan, where there exists a substantialunbanked population that they aim to target and serve.
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The entry of OPay into the Pakistani market represents a significantdevelopment in the country’s digital financial sector. With the backing ofthe SBP and a track record of success in other emerging markets, OPay ispoised to play a pivotal role in extending financial services tounderserved populations, ultimately contributing to greater financialinclusion in Pakistan
