Opay

Opay
Native name
Opay Digital Services Limited
IndustryBanking, mobile banking
FoundedJanuary 1, 2018; 8 years ago (2018-01-01)
Websitewww.opaybank.com

OPay is a fintech company focused on emerging markets[1]. Since its establishment in 2018[2], OPay is providing convenient digital wallet and payment services to the unbanked population in Africa[3]. Currently, its business has expanded to Nigeria, Egypt, Pakistan, Indonesia[4], and other countries, providing inclusive and convenient financial services such as loans, payments, digital wallets, and innovative solutions powered by AI and big data[5].

History

OPay was established in 2018, and licensed by the Central Bank of Nigeria (CBN) in 2018[6].It was insured by the Nigeria Deposit Insurance Corporation(NDIC). In May 2019, OPay launched its Point of sale service, which was mostly dominant in Nigeria during the naira cash strike. In November 2021 Olu Akanmu was appointed the co-CEO of OPay until his resignation in 2023[7]. On December 1, 2025，has announced key management appointments，the newly formed management team includes Lars Boilesen as Co-CEO, Stephen as Co-CEO and COO, and James Perry as CFO[8].

In September 2021, OPay received an international funding led by Soft bank.[9] OPay extended to Egypt in 2021, and was approved by the Central Bank of Egypt as well as to issue prepaid cards.[10] In May 2022, OPay Nigeria partnered with the Verve International to enrol its verve debit card.[11]

OPay customers rallied at the company's headquarters in Lagos, over a leaked scam alert from an agent. The company however refuted this claim.[12] In 2023 Sharia court in Kano State sentenced an OPay's agent to nine months imprisonment over breach of trust and stealing from an online customer.[13]

OPay was one of the Four Fintechs asked to stop onboarding of customers by the CBN in April 2024.[14] This was due to an increased scrutiny of these banks on their KYC processes. The restriction, however, was lifted in June of the same year 2024[15]

Scholarship initiative

In mid‑2025, OPay partnered with Olabisi Onabanjo University (OOU) to launch a ₦1.2 billion scholarship programme spanning ten years. The scheme, benefitting 20 students annually with ₦300,000 each, makes OOU the ninth beneficiary of OPay’s long‑term educational support drive.[16] The Nation also reported the announcement, highlighting OPay’s intent to remove financial barriers to tertiary education and promote youth empowerment.[17]

See also

References

  1. ^ OPay. "How OPay partnered with MasterCard: International Financial Institutions Boost Fintech in Emerging Markets". www.prnewswire.com (Press release). Retrieved 2026-04-03.
  2. ^ Onukwue, Alexander (2021-08-26). "A $2 billion fintech startup has become Africa's fastest unicorn". World Economic Forum. Retrieved 2026-04-03.
  3. ^ "Nigeria's Best Mobile Payment Platform: OPay Brings Inclusive Finance to Millions of People". Huawei Cloud. Retrieved 2026-04-03.
  4. ^ "Nigerian fintech OPay eyes expansion in North Africa and UAE". Electronic Payments International. February 28, 2022. Retrieved 2026-04-03.
  5. ^ "OPay secured 22% share of Nigerian e-wallet market in last 3 years". tabinsights.com. Retrieved 2026-04-03.
  6. ^ Abimbola, Oluwakemi (January 16, 2024). "OPay highlights achievements, plans improved security". Punch Newspapers. Retrieved 2026-04-03.
  7. ^ Michael, Chinwe (July 31, 2023). "Olu Akanmu steps down as President of Opay - Businessday NG". Businessday NG. Archived from the original on 2026-01-14. Retrieved 2026-04-03.
  8. ^ "OPay Forms Global Core Management Team, Appoints Four Executives to Lead New Strategic Chapter". AP News (Press release). January 19, 2026. Retrieved 2026-04-03.
  9. ^ "Africa-focused payment firm OPay raises $400 million in funding round led by SoftBank". Yahoo Finance. August 24, 2021. Retrieved June 7, 2024.
  10. ^ "OPay obtains approval of CBE to issue prepaid cards". Dailynewsegypt. April 14, 2022. Retrieved June 7, 2024.
  11. ^ "OPay partners Verve to roll out OPay Instant Debit Card". TheCable. October 7, 2022. Retrieved June 7, 2024.
  12. ^ Oamen, Samuel (October 3, 2023). "FACT CHECK: Video of OPay agents protest in Ikeja FALSELY shared as recent". The Nation. Lagos, Nigeria. Retrieved June 7, 2024.
  13. ^ Muhammad, Khaleel (April 8, 2023). "Kano court sentences Opay agent to nine months in jail for stealing". Daily Post. Lagos, Nigeria. Retrieved June 7, 2024.
  14. ^ Oladunmade, Muktar (April 29, 2024). "Exclusive: CBN directs four fintechs to stop onboarding new customers". Techcabal. Retrieved September 5, 2024.
  15. ^ Oni, Aderonke (June 3, 2024). "OPay, Kuda resume onboarding of new customers as CBN lifts restriction". TheCable. Retrieved September 5, 2024.
  16. ^ "OPay partners with Olabisi Onabanjo University in groundbreaking ₦1.2 bn 10‑year scholarship drive". Premium Times. Retrieved 7 August 2025.
  17. ^ "OPay partners OOU in ₦1.2b 10‑year scholarship scheme". The Nation. Lagos, Nigeria. Retrieved 7 August 2025.

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