The World Economic Forum (WEF) recently spotlighted OPay, a mobile banking institution, in its comprehensive report titled “Here’s why Africa is the world leader in digital and mobile banking.” Recognizing OPay’s pivotal role in advancing financial inclusion within Nigeria, the WEF highlighted the transformative impact of digital banking services across the continent.
The report underscored Africa’s significant strides in digital banking, emphasizing how regions have swiftly adopted mobile banking, facilitating access to financial services for millions previously unbanked. It recognized OPay and similar services as instrumental in extending banking services to individuals without relying on traditional bank branches. Notably, the report highlighted OPay’s expansion beyond Nigeria, marking its influence in other developing markets.
In response to the recognition, OPay released a statement, expressing pride in its contributions to financial inclusion. The mobile payment platform attributed its success to relentless innovation and customer-focused services, which democratized access to essential financial services like money transfers, bill payments, airtime purchases, and merchant transactions for millions of users across Nigeria.
OPay emphasized its commitment to narrowing the financial inclusion gap, especially in rural and underserved areas where conventional banking infrastructure is often lacking. The company highlighted its licensing and regulation by the Central Bank of Nigeria and insurance coverage by the Nigeria Deposit Insurance Corporation, reaffirming its commitment to adhering to regulatory standards while continuing to innovate in the financial technology sector.
This recognition from the World Economic Forum signifies OPay’s pivotal role in advancing financial inclusion in Nigeria and reflects its dedication to empowering underserved communities through accessible and innovative financial services.
