OPay marks eight years in Nigeria as digital finance adoption expands

OPay, a digital financial services company, has marked eight years of operations in Nigeria, highlighting the expansion of its services beyond payments and transfers as more Nigerians adopt digital channels for everyday financial transactions.

The company, which began operations in Nigeria in 2018, said it has expanded its offerings to include merchant services, cards, savings, bill payments and other digital financial services.

OPay said its Nigerian operations were built on the acquisition of Paycom, a Central Bank of Nigeria-licensed Mobile Money Operator, and that it now also has a National Microfinance Bank licence.

The company said its growth has been driven by efforts to make financial services more accessible through technology, while investing in customer support, security and its digital infrastructure.

Read also: OPay reaffirms commitment to Nigeria, financial inclusion in new pledge

For customers, the company’s expansion has translated into wider use cases beyond money transfers.

Saliu Oluwabukola, who began using OPay in 2019 after discovering the platform on social media, said her initial transfer experience encouraged her to use the service for airtime, data purchases and electricity payments.

She recalled using the platform to settle an electricity bill when officials were at her property to disconnect the service over an unpaid bill.

Dahiru Haruna, a former corps member, said he first encountered OPay around 2020 through ORide, the company’s ride-hailing service at the time.

After completing a ride in Lagos, he discovered that his payment had been deducted through OPay.

“Wow, we are progressing. Nigeria is moving with OPay,” Haruna said.

Latifat Ajoke Muftau said her experience with the platform changed after she was debited by an ATM without receiving cash.

A neighbour introduced her to OPay, allowing her to open an account and receive money digitally.

“Money just entered. I was like, ah. This is easy,” she said.

Read also: OPay steps up compliance investment as digital fraud risks rise

Beyond its commercial operations, the company said it has committed N1.2 billion over 10 years to scholarships for young Nigerians.

It said its wider social impact initiatives have also focused on youth development, women’s empowerment, skills development and community support.

The company said it would continue investing in technology, security and customer service as Nigeria’s digital financial services market evolves.

Eight years after entering the Nigerian market, OPay said its focus remains on expanding access to financial services while supporting individuals and businesses that increasingly rely on digital payments in their daily activities.

Folake Balogun is a technology journalist covering Africa’s digital economy, with a focus on startups, fintechs, venture capital, artificial intelligence, and emerging technologies. Her work explores the intersection of technology, business, and society, highlighting how innovation is reshaping industries and everyday life across Africa and global markets. She translates complex trends into insightful and impactful stories for a wider audience.