OPay International Pte Ltd, a leading mobile payment service provider, is poised to bring its array of financial services to Pakistan, marking a significant step in the country’s digital financial sector. Recently, the State Bank of Pakistan (SBP) granted approval for OPay to acquire FINJA Pvt Ltd, a commercially active Electronic Money Institution (EMI) licensed company.
Ali Mubashir Kazmi, President of OPay, expressed optimism about commencing operations in Pakistan within the next three months.
OPay has garnered recognition from CNBC as one of the ‘Top 200 Global Financial Technology Companies.’ This fintech powerhouse boasts a valuation of $2 billion. While OPay initially invested $4 million in Pakistan, Kazmi disclosed the company’s intention to inject up to $100 million into the Pakistani market. He confidently predicted that they would soon achieve their initial goal of deploying 20,000 point-of-sale (POS) devices across the country.
OPay specializes in offering digital payment solutions, digital wallets, and a range of financial services to customers in emerging markets across Africa and Asia. Kazmi emphasized OPay’s extensive vision for Pakistan, stating, “OPay envisions a transformative role in Pakistan’s financial sector, which holds immense potential. We aim to reach the unbanked population and introduce them to the benefits of digital technology.” From a commercial standpoint, this move could bring about a substantial influx of $100 million in foreign direct investment to Pakistan.
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Operating under the EMI license, OPay intends to establish a robust digital ecosystem, encompassing 1.6 million wallet users. Additionally, they plan to ramp up POS penetration by deploying an extra 5,000 machines annually.
Kazmi noted, “Pakistan exhibits a significant demand for digital wallets, yet this demand remains unmet due to a lack of awareness about the product.”
This development presents a promising opportunity for job seekers interested in the digital sector and contributes to Pakistan’s global advancement.
As OPay International prepares to make its mark in Pakistan, it holds the potential to reshape the nation’s financial landscape and foster financial inclusivity among its people.
