OPay, a leading mobile banking institution, has received acclaim from the World Economic Forum (WEF) for its role in revolutionizing financial inclusion in the country.
The WEF highlighted OPay in its recent report, titled ‘Here’s why Africa is the world leader in digital and mobile banking.’
The report from the World Economic Forum lauds Africa’s leapfrogging advancements in digital banking with a particular emphasis on mobile banking solutions that have enabled millions of previously unbanked individuals to access financial services seamlessly.
The report highlights OPay’s significant contribution to this digital transformation, positioning it as a key player in the evolution of mobile banking services across the continent.
“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,” states the report.
It acknowledges the expansive reach of mobile payment services such as OPay, which have extended beyond Nigeria, influencing other developing markets.
In response to the recognition, OPay issued a statement on Sunday expressing gratitude for the acknowledgment from the World Economic Forum.
The company emphasized its commitment to innovation and customer-centricity, leveraging cutting-edge technology to democratize access to essential financial services.
These services include money transfers, bill payments, airtime purchases, and merchant transactions, collectively impacting tens of millions of users across Nigeria.
The report underscores OPay’s dedication to narrowing the financial inclusion gap, particularly in rural and underserved areas where traditional banking infrastructure is often lacking.
By fostering financial empowerment in these regions, OPay has positioned itself as a leading force in financial technology, holding licenses and regulatory approval from the Central Bank of Nigeria and insurance coverage from the Nigeria Deposit Insurance Corporation.
The impact of OPay’s commitment to financial inclusion resonates as a transformative force, empowering communities and individuals who were previously excluded from mainstream financial services.
The recognition from the World Economic Forum further solidifies OPay’s standing as a trailblazer in driving financial inclusion and technological innovation in Nigeria and beyond.
