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Opay (trade name: Opay Digital Services Limited), formerly Paycom Nigeria Limited, is a fintech mobile money operating company founded by Zhou Yahui in 2013 with headquarters in Ikeja, Lagos State, Nigeria.[1] It is among the four major fintech companies in Nigeria: Moniepoint Inc., Kuda, and PalmPay.[2]

History

Opay was formerly known as Paycom Nigeria limited. It was established in 2013, and licensed by the Central Bank of Nigeria in 2018.[3] It was insured by the Nigeria Deposit Insurance Corporation. In May 2019, Opay launched its Point of sale service, which was mostly dominant in Nigeria during the naira cash strike.

Controversy

Opay customers rallied at the company's headquarters in Lagos, over a leaked scam alert from an agent.[4] In 2023 Sharia court in Kano State sentenced an Opay's agent to nine months imprisonment over money cheating to an online customer.[5] In November 2021,[6] Olu Akanmu, Formal FCMB director, was appointed as the co-CEO of Opay Nigeria and later resign on the 31 of July 2023.[7] In May 2022, Opay Nigeria partnered with the Verve International to enrol its OPay Nigeria verve debit card.[8][9][10]

Opay was further launched in Egypt in 2021.[11] In April 2022, Mahmoud Khade, Head of Business Development and Strategic Partnerships at OPay Egypt, announces the company approval from Central Bank of Egypt to issue Opay Egypt prepaid cards.[12]

In September 2021, Opay received $400 funding internationally and had been praised with over 160 million active users in Africa since its inception in 2018.[13]

Award and nominations

Year Award ceremony Award description Result Ref
2021 The Global Economics Awards New POS Payment Services Provider In Egypt Won [14]
2023 NITDA Awards Prestigious Digital Fintech Category Won [15]
2023 Advan African Awards Consumer Choice Won [16]
2023 World Economic Forum Financial Inclusion Won [17]
2023 CNBC And Statista Awards Global Ranking In Digital Payment Won [18]

See also

References

  1. ^ "Opay Digital Services Limited (Formerly Paycom Nigeria Limited)". Central Bank of Nigeria. Retrieved June 7, 2024.
  2. ^ Solomon, Folu (May 8, 2024). "Nigeria: Opay, PalmPay face scrutiny amid rising appeal". The Africa Report.com. Retrieved June 7, 2024.
  3. ^ Abimbola, Oluwakemi (January 16, 2024). "OPay highlights achievements, plans improved security". Punch Newspapers. Retrieved June 7, 2024.
  4. ^ "FACT CHECK: Video of OPay agents protest in Ikeja FALSELY shared as recent". The nation newspaper. Retrieved 3 October 2023.
  5. ^ "METROKano court sentences Opay agent to nine months in jail for stealing". Daily post newspaper. 8 April 2023. Retrieved 8 April 2023.
  6. ^ "OPay shakes up leadership in push to scale mobile banking in Nigeria". Business day newspaper. 15 November 2021. Retrieved 15 November 2021.
  7. ^ "Olu Akanmu steps down as President of Opay". Business day newspaper. 31 July 2023. Retrieved 31 July 2023.
  8. ^ "OPay partners Verve to roll out OPay Instant Debit Card — get yours anytime, anywhere, instantly". The cable newspaper. Retrieved 7 October 2022.
  9. ^ "Opay Faces Backlash from Dissatisfied Customers over Unresolved Card Disputes". This day newspaper.
  10. ^ "OPay to block accounts not linked to BVN March 1". Business day newspaper. 24 January 2024. Retrieved 24 January 2024.
  11. ^ "Multi-Billion-Dollar OPay Group Is Delivering Innovative Fintech Solutions To MENA". Middle east forbes. Retrieved 18 February 2022.
  12. ^ "OPay obtains approval of CBE to issue prepaid cards". Daily news egypt newspaper. 14 April 2022. Retrieved 14 April 2022.
  13. ^ "Africa-focused payment firm OPay raises $400 million in funding round led by SoftBank". Yahoo finance. 24 August 2021. Retrieved 24 August 2021.
  14. ^ "OPay wins The Global Economics 2021 Award for best new POS payment services provider in Egypt". Business africa online. 31 January 2022. Retrieved 31 January 2022.
  15. ^ "OPay Wins In FinTech Category At NITDA's Digital Nigeria 2023 Awards". Leadership newspaper. 3 November 2023.
  16. ^ "OPay wins ADVAN consumer choice award for Best Fintech 2023". Vangaurd newspaper. Retrieved 23 December 2023.
  17. ^ "OPay gets WEF recognition on financial inclusion". The punch newspaper. 11 December 2023. Retrieved 12 December 2023.
  18. ^ "Opay Earns CNBC And Statista Global Ranking In Digital Payment Category". Leadership newspaper. 13 August 2023.
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