OPay is a Lagos, Nigeria-based fintech company founded in 2013 as Paycom Nigeria Limited and later renamed as OPay Digital Services Limited. As a subsidiary of China's Opera Group, OPay is committed to promoting financial inclusion in Africa by providing secure, convenient and low-cost financial services through technology.
Company OverviewDate
- of Establishment: 2013Headquarters
- : Lagos State, Nigeria IkejaFounder
- : Zhou YahuiRegulatory
- License: Obtained a mobile payment operation license issued by the Central Bank of Nigeria (CBN) and is insured by the Nigerian Deposit Insurance Corporation (NDIC).
Core Products &
ServicesOPay offers a comprehensive mobile payment solution that allows users to transfer funds, pay bills, recharge bills, and top up data through its app. In addition, users can apply for an OPay debit card with no maintenance fee and 10 free ATM withdrawals per month.
OWealth is a savings product launched by OPay, which allows users to earn daily interest income while maintaining liquidity of funds. The service is powered by BlueRidge Microfinance Bank and is designed to help users grow their capital.
OPay provides POS terminals and checkout services for merchants, allowing both physical and online merchants to accept a wide range of payment methods. In addition, OPay provides invoice generation and fast checkout capabilities to improve merchants' operational efficiency.
Market Positioning &
StrategyOPay's mission is to democratize financial services through technology, with a particular focus on underserved populations in emerging markets such as Africa. By providing convenient financial services, the company helps users better manage their funds and promotes the development of the local economy.
In terms of market expansion, OPay has entered countries such as Egypt and obtained permission from local regulators to launch products such as prepaid cards. In addition, the company plans to further expand into other African countries to expand its market share. Wikipedia
Compliance &
SecurityOPay attaches great importance to compliance and user data security, is licensed by the Central Bank of Nigeria, and complies with the relevant regulations of the Nigerian Data Protection Commission (NDPC). The Company implements a number of technical, physical and administrative security measures to protect the User's personal data from unauthorized access, disclosure and alteration.
However, OPay has also been penalized by regulators for compliance issues. In 2024, the Central Bank of Nigeria imposed a fine of 1 billion naira on OPay due to problems in its customer identification (KYC) process.
As a leading fintech company in Africa, OPay has met the needs of a wide range of users and promoted the development of financial inclusion by providing diversified financial services. It has performed well in technological innovation, market expansion and user experience, and has won wide recognition from users.
However, with the rapid expansion of the business, OPay also faced compliance and regulatory challenges. The company needs to further strengthen internal control and risk management to ensure that it continues to provide high-quality financial services while complying with the laws and regulations of various countries.
For more information, visit the OPay website at https://www.opayweb.com/
