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FinTech

DPO gets Nigerian payments services license

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Pan-African digital payments company, DPO Group, has been granted a license by the Central Bank of Nigeria to provide certain types of payments services to businesses across Nigeria, through its subsidiary One Payment Limited.

This license 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.

DPO offers merchant aggregation services to over 60,000 active merchants, including e-commerce companies, airlines and travel agents.

The DPO network allows merchants to accept payments in the currency of their choice. Working across local and international channels, DPO says it also offers strong protection against fraud and helps merchants manage refunds, chargebacks and more.

E-commerce 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.

"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," said DPO Group CEO Eran Feinstein in a statement.

A report from ACI Worldwide predicts that Nigeria will witness a transition to digital payments over the next five years, and real-time volumes will reach 7.7 billion by 2025.

"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," added Chidinma Aroyewun, DPO's country manager in Nigeria.

DPO Group was acquired by Network International in 2021 in a deal worth US$291.3 million. It continues to operate under the same brand in existing territories, and will be launching a new comprehensive payment offering, called DPO Pay, for businesses across Africa and other territories.

*Top image source: Business card vector created by vectorpocket - www.freepik.com.

— The Staff, Connecting Africa

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