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The Central Bank of Nigeria (CBN) awarded OPay, a financial institution in Nigeria, with the IFIC Award for Financial Inclusion Innovation. This award was given at the 2024 IFIC event, which brought together important people from around the world, financial regulators, and people from the industry to talk about how to make financial services available to everyone in Africa and beyond.
OPay’s recent accolade from the Central Bank of Nigeria (CBN) serves as a testament to the company’s adherence to regulatory standards and its crucial role in advancing the country’s financial inclusion objectives. This recognition aligns with the CBN’s mission to achieve a 95% financial inclusion rate by 2024, a goal that OPay has consistently supported through its secure and innovative digital financial services.
OPay’s success can be attributed to its steadfast dedication to security and regulatory alignment. By prioritizing the safety and trust of its users, the company has built a robust platform that ensures secure transactions, fostering confidence among customers and contributing to the overall growth and development of Nigeria’s fintech sector.
“The award from the Central Bank of Nigeria shows that OPay is committed to providing new, legal, and inclusive financial solutions,” said Dauda Gotring, the CEO of OPay.
The conference focused on increasing the number of people who have access to financial services, teaching people about digital technology, and improving cooperation between government organizations and private businesses like OPay.
OPay has worked closely with the Central Bank of Nigeria (CBN) and other government organizations to show that they are committed to helping the country achieve its financial inclusion goals and to align with the CBN’s goal of reaching a 95% financial inclusion rate by 2024. By offering secure, innovative, and accessible digital financial services to millions of Nigerians, OPay has played a pivotal role in overcoming barriers that have long impeded inclusion efforts.
The IFIC’s rigorous award selection process evaluated key metrics, including regulatory adherence, technological innovation, customer impact, and contributions to advancing the CBN’s financial inclusion agenda. OPay’s recognition at the conference highlights the company’s dedication to meeting regulatory standards and driving measurable improvements in access to financial services, positioning it as a leader in Nigeria’s fintech sector.
As Nigeria progresses toward its financial inclusion target, OPay remains dedicated to harnessing technology within a compliant regulatory framework. This award recognizes OPay’s important contributions and highlights the need for cooperation between government organizations and private businesses in creating a safe, new, and inclusive financial system that drives sustainable economic growth.
OPay – A Leading Financial Institution in Nigeria
OPay was founded in 2018, and since then it has been leading the fintech industry in Nigeria. The company’s mission is to make financial services more accessible by using new technology. Offering a wide range of payment services, including money transfers, bill payments, airtime and data purchases, card services, and merchant payments, OPay is renowned for its rapid and dependable network. Licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC) with equivalent coverage to commercial banks, OPay ensures a secure and trustworthy experience for its users.
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