OPay Recognized by World Economic Forum for its Financial Inclusion Impact on Digital and Mobile Banking in Nigeria

December 12, 2023
2 min read

Lagos, Nigeria - OPay, one of Nigeria’s leading digital and mobile banking institutions, has earned high recognition from the esteemed World Economic Forum (WEF) for its groundbreaking role in revolutionizing financial inclusion across Africa amongst other banking institutions in Africa, particularly in Nigeria. The WEF, globally recognized for its insights into economic and societal trends, spotlighted OPay's exceptional growth and innovative approach in its recent report, "Here's why Africa is the world leader in digital and mobile banking."

OPay's ascent in the financial inclusion landscape stands as a testament to its unwavering commitment to innovation and customer-centricity. By leveraging cutting-edge technology, they have democratized access to vital financial services, such as money transfers, bill payments, airtime purchases, and merchant transactions, reaching millions of users across Africa. This recognition from the WEF underscores OPay's dedication to narrowing the financial inclusion gap and empowering underserved communities in Nigeria.

In the report, the World Economic Forum stated that “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.

They further stated 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.

Mobile payment services such as Kenya’s M-Pesa – initially a vehicle for micro-loans – and OPay from Nigeria have since expanded across the continent, and eventually into other developing markets.

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. Operating globally, with a significant presence in Asia, Africa, and Latin America, OPay has positioned itself as a leading force in financial technology. The company is licensed and regulated by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation, boasting the largest merchant network in the country, covering all 36 states.

OPay's success story is further underlined by its provision of accessible financial solutions to over 30 million consumers and 1 million businesses of all sizes. As the WEF recognizes OPay's pivotal role in advancing financial inclusion, the company solidifies its position as a catalyst for positive change in Africa. The recognition serves as an inspiration for other organizations striving to leverage technology for social impact and inclusive economic growth.

About OPay

OPay, a leading global payment and financial service platform dedicated to driving financial inclusion, operates in emerging markets across Asia, Africa, and Latin America. In Nigeria, where their journey began in 2018, they hold a license from the Central Bank of Nigeria and insurance from the Nigeria Deposit Insurance Corporation. Today, OPay boasts the largest business network in the country, serving merchants across all 36 states.

About the World Economic Forum

The World Economic Forum is an international non-governmental and lobbying organization. The forum engages the world's top leaders from business, government, and civil society to shape global, regional, and industry agendas.

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