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4 IMPORTANT THINGS TO KNOW ABOUT CBN’S APPROVAL TO OPAY TO DO INTERNATIONAL MONEY TRANSFER

A few days ago, Business Day reported that OPay has been given approval by the Central Bank of Nigeria to start international money transfer in Nigeria.

OPay is a one-stop mobile-based platform for payment, transportation, food, and grocery delivery.

What does this mean for you as a Nigerian?

  1. The mobile platform will start making business to business, business to persons and person to person money transfer services into Nigeria.
  2. You will be able to receive funds from international parties in your Opay wallet.
  3. You will also be able to cash out funds from their wallets at any OPay mobile money agents in Nigeria.
  4. You can also channel unused funds to OWealth and earn interest on it daily.

According to Kunle Olamuyiwa, the director of Remittances Services at OPay, the company is already working with major global remittance companies and will start doing transfers to Nigeria in December while ensuring the best fees, exchange rates, speed and security.

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