Nigeria’s financial sector has just welcomed a new player into the payment services subsector following regulatory approval given the firm by the Central Bank of Nigeria (CBN).
The CBN granted operating licence to One Payment Limited, a subsidiary of the leading Pan-African digital payments group, DPO Group to provide certain types of payments services to businesses across Nigeria.
This licence enables the DPO Group to operate as an independent payment solutions services company in Nigeria as it does across over 20 other countries in Africa, the digital payment form announced on Friday.
DPO offers merchant aggregation services to over 60,000 active merchants, including eCommerce companies, airlines and travel agents.
The statement read, “Local and global businesses trust DPO Group because its robust and reliable network allows merchants to accept payments in the currency of their choice. Working across local and international channels, DPO also offers strong protection against fraud and helps merchants manage refunds, chargebacks and more.”
eCommerce has seen significant growth in Nigeria in recent years, due to high levels of internet penetration combined with being one of the largest digital economies on the continent
Digital payments make up the large majority of payment volumes in the country, and volumes are expected to reach 7.7 billion by 2025, representing a growth of 45 per cent from 2019.
Eran Feinstein, CEO of DPO Group, commented, “Nigeria represents a key market for any business with a digital focus, as one of the most innovative African countries when it comes to fintech and eCommerce. This new licence is an exciting development which will allow us to offer an even smoother payment process for Nigerian businesses looking to grow and reach more customers through secure digital payments”.
DPO Group was acquired by Network International in 2021 in a landmark deal for the African payments space. It continues to operate under the same brand in existing territories, and will be launching a new comprehensive payment solution, ‘DPO Pay’ for businesses across Africa and other territories.
DPO’s country manager in Nigeria Chidinma Aroyewun said, “This licence provides an exciting opportunity for us at DPO. It allows us to work with tens of thousands of Nigerian businesses and help them achieve their growth goals through secure payment technology”.