WEF Lauds OPay for Revolutionising Financial Inclusion in Nigeria

By Modupe Gbadeyanka

One of the leading digital and mobile banking institutions in Nigeria, OPay, has been praised for revolutionising financial inclusion in the country and Africa.

This commendation came from the World Economic Forum (WEF), which said OPay’s ascent in the financial inclusion landscape stands as a testament to its unwavering commitment to innovation and customer-centricity.

In its recent report titled Here’s Why Africa is the World Leader in Digital and Mobile Banking, OPay was lauded for leveraging cutting-edge technology to democratise access to vital financial services, such as money transfers, bill payments, airtime purchases, and merchant transactions, reaching tens of millions of users across Nigeria.

“Many areas have leapfrogged straight to mobile banking to give greater access to the unbanked, meaning that over the past two decades, millions of Africans have gained access to banking services without ever visiting a typical bank branch. And Africa looks set to remain a trendsetter for digital banking as new services and players disrupt the market,” a part of the report stated.

It further disclosed that, “Mobile banking in Africa started as a facility for transferring airtime between mobile accounts. But with many countries lacking well-developed nationwide banking networks, this facility soon became an alternative money transfer system.”

The impact of OPay’s commitment to financial inclusion has been particularly transformative in rural and underserved areas where traditional banking infrastructure is often lacking.

The firm has positioned itself as a leading force in financial technology. The company is licensed and regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).

OPay’s success story is further underlined by its provision of accessible financial solutions to tens of millions of users and thousands of businesses of all sizes.

As the WEF recognises OPay’s pivotal role in advancing financial inclusion, the company solidifies its position as a catalyst for positive change in Africa.

It said the recognition serves as an inspiration for other organizations striving to leverage technology for social impact and inclusive economic growth.