— 01 Strategic turnaround
Yahui Zhou’s life trajectory is full of strategic turns. From a game entrepreneur to an Internet investor, and then to the helm of an overseas enterprise, his identity has been constantly changing.
In 2020, Yahui Zhou made a pivotal decision: to resign from his position on the board of directors of Kunlun Tech and devote 60% of his working time to the businesses of Opera and OPay. For him, this was not only a shift in career focus but also an expansion of cognitive boundaries.
“Investment serves as a window through which we learn about the business world.” Yahui Zhou explained his transformation in this way. In 2021, he was awarded the “Innovative Entrepreneur Award”, which not only recognized his past achievements but also affirmed his spirit of exploration.
02 Precise layout
Yahui Zhou’s insight into the African market began many years ago. In 2016, through the acquisition of the veteran browser Opera, he chose Africa as his first stop in his overseas expansion. At that time, the African fintech market was still in its infancy, but it held tremendous potential.
OPay initially aimed to build a diversified platform encompassing travel and food delivery, but soon made strategic adjustments. “No entrepreneurial venture can afford to fail,” admitted Yahui Zhou . After careful consideration, OPay decided to abandon non-core businesses and focus on its primary business of payment.
This decision proved to be wise. With strategic contraction and organizational optimization, OPay’s payment business experienced rapid growth starting from March 2020. Even during the pandemic, it returned to a high-speed growth trajectory after the second quarter.
03 Market breakthrough
OPay’s growth rate is impressive. As of April 2024, the company has served over 50 million users and 1 million merchants in emerging markets, with monthly transaction volume exceeding $12 billion.
In the fiercely competitive Nigerian market, OPay has even achieved a dominant position, leading the mobile wallet market with a 51% market share.
The company’s success is not only reflected in its user base, but also in its industry recognition. OPay has been selected for the CB Insights Global Fintech 250 for three consecutive years, and in 2023, it was also included in the CNBC Global Fintech 200 – 4.
04 Global Expansion
With its foothold in the Nigerian market solidified, OPay began expanding into broader markets. In April 2022, the company obtained approval from the Central Bank of Egypt to collaborate with the largest local card supplier to issue prepaid cards-3.
This marks a significant step in OPay’s strategic expansion. The Egyptian prepaid card market is projected to grow at a compound annual growth rate (CAGR) of 16.2%, with the market size expanding from $2.75 billion in 2022 to $5 billion by 2026.
In addition to Egypt, OPay has expanded its business to countries such as Pakistan and established a strategic partnership with MasterCard in early 2024, opening the door to digital commerce for millions of people in the Middle East and Africa.
05 Technology Empowerment
Yahui Zhou is well aware that technology is the core competitiveness of a fintech company. He works 14 to 15 hours a day, from 7 am until around 12 pm, and this work rhythm has become his daily routine.
“I have a sense of crisis, worrying about being marginalized, and I want to be mainstream,” said Yahui Zhou . Under his leadership, OPay actively explores artificial intelligence and big data technologies to provide users with innovative fintech solutions.
In early 2023, Pakistani President Arif Alvi met with Yahui Zhou , and the two sides engaged in in-depth discussions on the development prospects of the digital economy in Pakistan. This marked the recognition of OPay’s technological strength at the national level.
06 Social value
On January 19, 2024, Yan Yuqing, the Chinese Consul General in Lagos, met with Zhang Jin, the Deputy General Manager of OPay Nigeria, and his delegation. Consul General Yan spoke highly of OPay’s efforts in expanding the mobile payment market in Nigeria.
During the meeting, Consul General Yan hoped that the enterprise would actively respond to the eight action initiatives for high-quality joint construction of the Belt and Road, and continuously make breakthroughs in areas such as mobile payment, inclusive finance, and social welfare.
Zhang Jin stated that the company will continue to invest in its traditional strengths in mobile payment, maintain a strong foothold in the local market, adhere to compliant operations, and “tell the story of innovative development of Chinese fintech enterprises well” -9.
07 Future Vision
Regarding OPay’s future, Yahui Zhou has a clear vision. He has proposed a vision of “serving 1 billion users and 10 million merchants, creating 3 million job opportunities by 2031.”.
This vision is not utopian. According to a report released by BCG and QED Investors, global fintech revenue is expected to increase sixfold from $245 billion in 2021 to $1.5 trillion by 2030.
It is particularly noteworthy that the compound annual growth rate (CAGR) of fintech revenue in Africa stands at 32%, making Africa one of the fastest-growing regions for fintech globally[4]. This provides a vast market space for OPay’s sustained development.
Contact Info:
Name: Bob
Email: Send Email
Organization: Opay
Website: https://www.opayweb.com/
Release ID: 89181804
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