the Central Bank of Nigeria Friday, February 4, granted digital payment platform One Payment Limited a license that will allow the company to offer certain types of payment services to businesses across the country, according to a report by FinTech Times.
The license allows the DPD Groupthe subsidiary to “operate as an independent payment solutions service company in the country,” according to the report, which notes that One Payment Limited has similar setups in more than 20 other African countries.
DPO Group provides merchant aggregation services to over 60,000 active merchants, including e-commerce companies, airlines and travel agents. Its network enables merchants to accept payments in the currency of their choice across local and international channels.
Digital payments make up the vast majority of payment volumes in Nigeria and are expected to reach 7.7 billion per year by 2025, a 45% growth from 2019.
“Nigeria represents a key market for any digitally-focused business as one of Africa’s most innovative FinTech and e-commerce countries,” said the DPO Group CEO. Eran Feinstein.
“This new license is an exciting development that will allow us to offer an even smoother payment process for Nigerian businesses looking to grow and reach more customers through secure digital payments,” he said.
Related: Nigerian FinTech Brokerage App Bamboo Notches $15 Million Series A
Nigerian brokerage app Bamboo raised $15 million in Series A funding last month which it plans to use to accelerate its growth while entering new markets and launching more products. .
The Bamboo investment platform allows Africans to buy and trade US stocks in real time using local currency. Bamboo has over 300,000 accounts in Nigeria and its API can be integrated to enable asset managers, FinTechs and financial institutions to offer their clients global access.
Bamboo has more than 50,000 people from Ghana on a waiting list after announcing in April 2021 that it planned to launch there.