LAHORE: Opay, a Chinese company present in various countries including Nigeria, plans to invest $100 million in Pakistan’s digital payments sector by increasing points of sale (POS) from 10,000 to 100,000, its country president told Dawn on Tuesday.

It also plans to buy a microfinance bank and has applied for the requisite licence, Ali Mubashir Kazmi said. “Opay entered Pakistan with an initial investment of $4m but now plans to invest up to $100m,” Mr Kazmi said. As for points of sale, the company would attain the 20,000 POS target in the first phase, he said.

Opay fintech raised $400m from international investors led by Japan’s SoftBank, and the company is valued at $2 billion. The investment was aimed at capturing emerging markets like Pakistan.

With a changing financial landscape amid technological development, fintech and digital banks in Pakistan are working to tap the immense potential in a large unbanked market.

“Opay has a long-term view on Pakistan. There is a great opportunity in the financial sector development, and we are geared to play our role. Opay has digital expertise and plans to penetrate the unbanked segment. The commercial view is to bring an investment of $100m into Pakistan as [foreign direct investment],” he said.

Opay Pakistan is already operating with over 200 employees and now plans to increase the number significantly. It is providing financial services as a third party and has already installed over 10,000 POS. Its parent has already invested $4m in POS machines and related infrastructure and is now waiting for a licence from the State Bank of Pakistan.

Published in Dawn, December 7th, 2022

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

A grave tragedy
Updated 08 Feb, 2023

A grave tragedy

It is hoped that Pakistan continues to send as many personnel and relief goods as needed to Turkiye, Syria.
Pharma shutdown
08 Feb, 2023

Pharma shutdown

IN the midst of an economic and political maelstrom, a fresh crisis threatens the availability of drugs in the...
PSL season
Updated 08 Feb, 2023

PSL season

PSL has provided a launching pad for several of the team’s current stars, and for them, hitting top form will be key.
No pardon for rape
Updated 07 Feb, 2023

No pardon for rape

Cultural filters and biases can often lead to faulty applications of the law.
Health insurance
07 Feb, 2023

Health insurance

THE planning ministry is reported to have raised objections to Punjab’s flagship universal health coverage...
The people’s demands
07 Feb, 2023

The people’s demands

AS the people of KP are literally on the frontline of the battle against terrorism and violent extremism, they are...