A subsidiary of the Pan-African digital payments group DPO Group is to operate as an independent payment solutions services company in Nigeria following licencing approval from the country’s central bank.
One Payment Limited will now be able to provide certain types of payments services to businesses across Nigeria, having been granted a licence by the Central Bank of Nigeria.
This licence will enable the DPO Group to operate as an independent payment solutions services company within the country, just as it currently does across over 20 other countries in Africa.
Providing merchant aggregation services to over 60,000 active merchants, including eCommerce companies, airlines and travel agents, DPO has retained its clients’ confidence because its 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, assisting merchants in managing refunds and chargebacks.
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.
Speaking on the new licence, DPO Group’s CEO Eran Feinstein comments: “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.”
The African payments space saw a new landmark deal made in 2021, when DPO Group was acquired by Network International. 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.”