OPay Receives Recognition From The World Economic Forum For Its Notable Contribution to Financial Inclusion Across Africa
Fintech company Opay has received recognition from the World Economic Forum (WEF) for its notable contributions to financial inclusion across Africa, through its transformative impact of digital and mobile banking.
The WEF in its recent report titled, “Here’s why Africa is the world leader in digital and mobile banking”, spotlighted OPay’s exceptional growth and innovative approach to financial inclusion.
In the report, the World Economic Forum wrote,
“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.”
“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.”
Opay through its remarkable and user-friendly offerings has seen it become one of the leading global payment and financial service platform, dedicated to driving financial inclusion in markets where it operates.
In Nigeria, for many citizens who have been burdened with multiple charges on their bank accounts, OPay came as a huge relief with its improved financial service model. The startup has built a robust digital infrastructure that ensures seamless and hassle-free financial transactions on its platform.
As of 2022, OPay said it has grown active users to 15 million in dozens of markets since its debut four years ago and processes millions of transactions per day on average. The startup has a significant market share in Africa, where it said users have saved billions in USD using its credit-linked savings accounts via mobile wallets and small loans from lenders that use its platform.
