TechPression

Tag: Opera

  • Opera MiniPay hits 1 million users in Africa 

    Opera MiniPay hits 1 million users in Africa 

    Opera Minipay, the payment platform offered by the innovative global web company Opera, has reached a milestone of one million users in the Nigerian, Kenyan, and Ghanaian markets. 

    The Africa Money and DeFi Summit, happening from February 14th to the 15th in Nairobi, Kenya, marked this important milestone today, which was made possible with the help of Celo and Mento Labs.

    For Android users, the Opera Mini browser now has Opera MiniPay, a self-custodial dollar stablecoin wallet built on the Celi blockchain.

    Users can take advantage of the platform’s special features to send and receive money quickly and cheaply via mobile phone. With MiniPay integrated into Opera Mini, Celo and Mento Labs want to make financial tools accessible and bring millions of users to Web3 in Africa.

    Read also: Opera reaches new crypto heights with Minipay in Africa

    How Opera MiniPay makes payment easier

    With the goal of giving Africans a simple way to save money and make transactions in dollars without going through any tedious process, Opera MiniPay, a stablecoin wallet built by Opera on the Celo blockchain, was launched in September 2023. There is an opportunity for users to make money on the platform as well.

    With the help of decentralised finance (DeFi), MiniPay aims to bring millions of African users onto the Web3 platform and make financial tools more accessible. Through its stablecoin wallet that is integrated into the Opera Mini browser, MiniPay facilitates quick, easy, and inexpensive payments. With plans to expand into South Africa and beyond, MiniPay is now live in Ghana, Nigeria, and Kenya, offering sub-cent fees through the Celo network.

    Through the Celo Foundation, the company’s goal is to make DeFi available and affordable to mobile users all over the globe in order to facilitate permissionless payment. The currency situation in Africa is quite precarious. The South African Rand, one of the most powerful currencies in the continent, is still ranked among the most undervalued in the world. When it comes to digital asset storage and transfer, Opera thinks its solution offers a once-in-a-lifetime chance to provide a more secure option.

    Developed by Opera and the Celo Foundation, MiniPay facilitates low-cost, instantaneous transfers of funds between digital wallets via mobile phone numbers and simple onboarding and key backup via Google. A stable asset on the Mento Protocol that tracks the US Dollar (USD) value, cUSD, was integrated into on-ramp solutions with the help of Celo’s strong network of FiatConnect partners, including Fonbnk and Bitmama.

    By eliminating the need for the “Connect Wallet” button that is standard on many cryptocurrency user interfaces and providing a straightforward user experience, this wallet makes it easy for users of all skill levels to safely and quickly transfer digital assets for everyday use. With a size of only 68 megabytes, it is one of the smallest Web3 wallets; Coinbase Wallet is 194 megabytes. The interface is simple, and the process is frictionless. Users in South Africa, Ghana, Nigeria, and Kenya were the first to get the update, and it works with a tonne of low-powered mobile devices.

    One million users in Africa have used Opera MiniPay. 5 months subsequent to its debut

    According to Jørgen Arnesen, the Executive Vice President of Mobile at Opera, users in South Africa, Ghana, Nigeria, and Kenya have expressed dissatisfaction with their current payment solutions due to issues such as high fees, unpredictable service uptimes, a lack of visibility into the progress of transactions, and limited mobile data access, even when they are satisfied with their current solutions.

    About the Partnership

    The three companies—MiniPay, Celo, and Mento Labs—have joined forces with the goal of bringing financial inclusion and economic stability to Africa.

    One of the many benefits of the Mento decentralised cUSD (Celo Dollar) stablecoins is that they are a dependable store of value and a hedge against currency volatility. These coins are part of the MiniPay ecosystem. Stablecoins provide a decentralised and easily accessible alternative to conventional financial services, which is particularly important in areas hit by hyperinflation and economic instability.

  • Opera reaches new crypto heights with Minipay in Africa

    Opera reaches new crypto heights with Minipay in Africa

    Africa has often been at the forefront of embracing and adapting to new technologies, and today, the continent is witnessing a surge in grassroots crypto adoption. Much like the transformative role played by mobile money platform M-Pesa in Kenya, Africans are harnessing the potential of crypto and Web3 technologies to challenge traditional financial systems.

    Read also: Vella Finance to discontinue crypto trading and focus on SME banking

    Africa’s Crypto Adoption Growth

    The Global Crypto Adoption Index highlights Africa’s substantial growth in grassroots crypto adoption. African countries are progressively becoming hotspots for crypto and Web3 innovations, driven by the increasing adoption of digital payments.

    In line with this trend, the web platform Opera has introduced a non-custodial stablecoin wallet integrated into its mobile web browser, catering to its extensive user base across the African continent. Opera conducted a survey of more than 5,000 Opera Mini users, with over 90% expressing a strong interest in having a digital wallet seamlessly integrated into their browser.

    The Influence of M-Pesa

    M-Pesa, initially launched in 2007 by Vodafone and Safaricom in Kenya, was a pioneering platform that aimed to serve “the unbanked” population. This innovation significantly reduced poverty levels in Kenya, extending financial access to previously marginalized individuals.

    Over time, M-Pesa’s influence has grown, with over 98% of Kenyans using some form of mobile money. Ghana, Nigeria, and South Africa are also experiencing significant increases in digital payments, with adoption rates of 96%, 66%, and 43%, respectively.

    MiniPay in Nigeria

    Understanding the high rate of grassroots crypto adoption, openness to new technologies, and Nigeria’s status as a digital payments leader in Africa, Opera recently launched MiniPay in Nigeria. MiniPay has been designed to address specific barriers to accessible payment options, including high transaction fees, the cost of mobile data, and complex navigation.

    MiniPay offers users affordable transactions, each costing less than 1 Naira (£.001), and provides flexible fund withdrawals through local payment methods, such as airtime and bank transfers. Funds in MiniPay are stored in cUSD, a stable asset on the Mento Protocol that tracks the value of the US dollar (USD), offering a potential hedge against inflation and local currency devaluation.

    The lightweight MiniPay app, only 2MB in size, ensures that users can experience the benefits of Opera’s complimentary data programs without compromising their browsing experience. Transactions can be completed in under five seconds using just a phone number, simplifying the onboarding process.

    M-PESA, Microsoft equip African entrepreneurs with digital skills

    Web3 and Crypto in Africa

    As Africa continues to lead the way in the adoption of transformative technologies, Opera’s integration of MiniPay reflects the region’s growing influence in the crypto and Web3 space. With mobile money and digital payments already embedded in the daily lives of millions of Africans, the transition to crypto and Web3 technologies is a natural evolution, offering new opportunities and challenging the traditional financial system.

    In 2023, Africa is emerging as a key player in the world of crypto and Web3, where decentralized finance, NFTs, and blockchain are expected to play a prominent role. Opera’s move to incorporate MiniPay in its browser represents a significant step forward in empowering users across the continent to engage with these innovative technologies seamlessly.

    The pioneering spirit that led Africa to embrace M-Pesa is now driving its leadership in the world of Web3 and crypto, setting the stage for a dynamic future of financial inclusion and technological advancement on the continent.

    Africa’s diverse cultures, entrepreneurial spirit, and shared history of colonial exploitation are coming together to fuel the adoption of transformative technologies that offer new possibilities for economic empowerment, financial inclusion, and global leadership.

    As Web3 and crypto continue to gain momentum in Africa, it is a testament to the continent’s adaptability and resilience. Just as M-Pesa revolutionized financial access and poverty reduction, the rise of Web3 and crypto technologies in Africa promises to reshape traditional financial systems and create new opportunities for individuals and businesses alike. Africa’s journey of technological innovation is far from over, and its impact on the global tech landscape is set to be profound.

    As the world looks to Africa for inspiration and leadership in the crypto and Web3 space, Opera’s integration of MiniPay serves as a powerful example of Africa’s dynamic role in shaping the future of finance and technology. In a world where digital innovation continues to transform the way we live and work, Africa’s trailblazing spirit remains at the forefront of change.