Rédaction Africa Links 24 with Sylvia Duruson
Published on 2024-02-19 22:18:38
Opera, a global web innovator, has recently celebrated a major milestone with their payments platform, MiniPay, reaching over 1 million users in Nigeria, Kenya, and Ghana. In collaboration with partners Celo Foundation and Mento Labs, Opera has been able to expand access to digital assets across Africa. The achievement comes as a result of the launch of MiniPay in September 2022, a dollar-pegged stablecoin wallet integrated into Opera’s popular Mini browser. By utilizing blockchain infrastructure and Opera’s extensive mobile user base, MiniPay aims to break down barriers to decentralized finance on the continent.
MiniPay enables instant, low-fee transfers between any phone number using digital dollar equivalents. Its simple onboarding process, powered by Google Key Backup and deep integration, allows users to easily store, send, or receive funds. Additionally, MiniPay also provides opportunities for users to earn money through cashback rewards or facilitating payments, further enhancing its appeal to users.
The platform operates on Celo, an open blockchain designed for carbon-neutral mobile usage. Opera and Celo share the goal of reshaping global finance through “permissionless payments” accessible to anyone with a smartphone. This is particularly important in Africa, where over 70% of sub-Saharan adults lack bank accounts and unstable national currencies erode purchasing power and savings. Stablecoins like Celo’s cUSD, which tracks the U.S. dollar, provide reliability amidst this uncertainty.
Recognizing the opportunity to leverage decentralized solutions for the underbanked, Opera aimed to create an intuitive, mobile-centric offering. With hundreds of millions of users already using its lightweight browsers across Africa, Opera had a built-in user base to introduce MiniPay to. The platform’s smooth user experience was essential for overcoming the often confusing interfaces of cryptocurrencies, with easy sign-up using just phone numbers and Google credentials. Behind the scenes, partners like Bitmama and Fonbnk enabled fiat currency conversion into cUSD, while Mento Lab’s token bridging infrastructure allowed interoperability between Celo and other blockchains, bringing together specialized expertise across an integrated platform.
Despite limited marketing, MiniPay has rapidly reached seven figures in users within just five months. Opera EVP Jørgen Arnesen attributes this success to solving real pain points around financial access, such as high fees, unreliable uptime, and lack of transparency around transfers. By combining crypto’s advantages with intuitive design, MiniPay has been able to drive mainstream mobile adoption.
With growth capital from recent funding rounds, Opera is well positioned to further engage MiniPay across Africa and beyond. Mento and Celo also plan to provide infrastructure and co-marketing support as adoption continues to rise.
In summary, Opera and its partners have successfully pioneered decentralized financial inclusion with MiniPay. Their collaborative effort has demonstrated the potential of blockchain to empower populations left behind by traditional finance. By combining specialized expertise with local market knowledge, MiniPay has charted a promising path forward, as evidenced by its million-strong user base.
