Opera, the global web innovator, recently announced that its payments platform, Opera MiniPay, has amassed over 1 million users in Nigeria, Kenya and Ghana. This milestone, achieved with partners Celo Foundation and Mento Labs, comes as Opera continues its drive to expand access to digital assets in Africa.
Launched in September 2022, MiniPay is a dollar-pegged stablecoin wallet integrated seamlessly into Opera's popular Mini browser. By leveraging both blockchain infrastructure and Opera's extensive mobile user base, it aims to reduce barriers to decentralized finance across the continent.
Specifically, MiniPay enables instant, low-cost transfers between any phone number using digital dollar equivalents. Simple onboarding powered by Google Key Backup, along with deep integration, allows users to easily store, send, or receive funds. MiniPay also helps users earn money through cashback rewards or facilitated payments.
To enable this, the platform runs on Celo, an open blockchain optimized for zero-carbon mobile use. Opera and Celo share the goal of reshaping global finance through โpermissionless paymentsโ accessible to anyone with a smartphone.
This aligns with an important need in Africa, where more than 70% of sub-Saharan adults lack bank accounts. The instability of national currencies also erodes purchasing power and savings. Stablecoins like Celo's cUSD, which tracks the US dollar, provide reliability amid this uncertainty.
Recognizing this opportunity, Opera sought to leverage decentralized solutions for the unbanked through an intuitive, mobile-centric offering. Its lightweight browsers are already used by hundreds of millions across Africa, providing a ready-made user base.
A seamless user experience was vital to overcoming cryptocurrencies' often confusing interfaces. Opera developed a simple registration using only phone numbers and Google credentials. Behind the scenes, partners like Bitmama and Fonbnk enabled conversion from fiat currency to cUSD.
Additionally, Mento Lab's token bridging infrastructure enabled interoperability between Celo and other blockchains. These synergistic collaborations brought together specialized expertise into an integrated platform.
The results are promising so far. In just five months, MiniPay has reached seven-figure users, even with limited marketing. Adoption continues to increase exponentially.
Opera Executive Vice President Jรธrgen Arnesen attributes its success to solving real problems related to financial access. High fees, unreliable uptime, lack of transparency around transfers โ these issues are prevalent despite existing solutions. By combining the advantages of cryptocurrency with an intuitive design, MiniPay drives widespread mobile adoption.
With growth capital from recent funding rounds, Opera appears poised to drive MiniPay's participation in Africa and beyond. Mento and Celo also plan to provide infrastructure and joint marketing support as adoption increases.
In short, Opera and its partners represent a pioneering attempt at decentralized financial inclusion. Making digital currencies work on a global scale is a challenge, but by combining specialized expertise with local market knowledge, MiniPay has charted a promising path forward. Its acceptance by millions of people highlights blockchain's potential to empower populations left behind by traditional finance.
