A subsidiary of the DPO Group – One Payment Limited – has received approval from the Central Bank of Nigeria to provide certain types of payment services to businesses across Nigeria.
The licence now enables the DPO Group to operate as an independent payment solutions services company in Nigeria, as it currently does across over other 20 countries in Africa.
The Payments group offers merchant aggregation services to over 60,000 merchants, including eCommerce companies, airlines and travel agents.
DPO Group says local business trust them because of their robust and reliable network that 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 7.7bn by 2025, representing a growth of 45% 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.”