OPay Reports 161% Revenue Growth, Pursues Egypt Digital Banking Licence
OPay has reportedly applied for a digital banking licence in Egypt while posting 161 percent revenue growth, signalling an ambitious cross-border expansion by one of Nigeria's largest fintechs. A separate account of the company's town hall reveals ongoing reputational stress, with OPay publicly defending itself over trust concerns and a disputed ₦1.2 billion education claim.
OPay's Egypt Move: 161% growth at home, and they still need to earn trust from scratch abroad
OPay's Nigerian numbers are genuinely striking — $536 million in revenue, a $358 billion gross transaction value, real profit. That's not a startup story anymore.
But Egypt's Central Bank has been running a near-freeze on new licences, quietly forcing consolidation among the players already in the market. OPay is walking into that environment as an outsider, submitting shareholder structures and marketing plans to a regulator with no prior relationship with them.
And then there's the town hall. A company that just spent a week hosting industry groups and legal counsel to convince its own customers it won't shut down is, simultaneously, asking a foreign regulator to trust it with Egyptian depositors.
The numbers say OPay has earned the right to expand. The trust problem says the harder work is still ahead — and Egypt won't be easier than home.
2 sources
- Inside OPay’s town hall: Trust, legal threats and the ₦1.2 billion education story most people missed · technext24.com · T2
- OPay reportedly applies for digital banking licence in Egypt · thecondia.com · T2