Opay Digital Services Limited
About Company
OPay (Opay Digital Services Limited) is a leading fintech company specializing in mobile money and digital financial services. Founded in 2013 as Paycom Nigeria Limited by Chinese entrepreneur Zhou Yahui (through his ownership of the Norwegian software company Opera), it rebranded to OPay and launched its core services in Nigeria in 2018.
Headquartered in Ikeja, Lagos State, OPay is licensed by the Central Bank of Nigeria (CBN) as a mobile money operator and insured by the Nigeria Deposit Insurance Corporation (NDIC), ensuring regulatory compliance and customer fund protection. The company’s mission is to make financial services more inclusive through technology, emphasizing secure, affordable, and user-friendly solutions for payments, transfers, and savings.
History and Growth
- Early Years: Established in September 2013, OPay initially focused on basic payment services. It received its CBN license in 2018, enabling full mobile money operations.
- Rapid Expansion: In 2019, OPay raised $170 million in venture capital (including $50 million and $120 million rounds), fueling its growth. By August 2021, it achieved unicorn status with a $2 billion valuation, becoming Africa’s fastest-growing fintech startup at the time.
- International Reach: OPay expanded to Egypt in 2021, where it was approved by the Central Bank of Egypt to issue prepaid cards and offer bill payment services. It now supports merchants in both Nigeria and Egypt via its international dashboard.
- Milestones: In 2025, OPay partnered with Olabisi Onabanjo University (OOU) in Nigeria for a ₦1.2 billion, 10-year scholarship program benefiting 20 students annually with ₦300,000 each—marking OOU as the ninth university in its educational initiative. As of late 2025, it processes billions in monthly transactions and boasts over 300,000 agents in Nigeria alone.
Services
OPay operates primarily through its mobile app (available on iOS and Android), offering a “beyond banking” ecosystem. Key features include:
| Category | Services | Highlights> |
|---|---|---|
| Payments & Transfers | Instant money sends/receives via phone number or bank account; supports all major Nigerian banks (e.g., Access, Zenith, GTBank). | 100% success rate; real-time notifications; no charges for debit card usage. |
| Bill Payments & Top-Ups | Airtime/data for MTN, Airtel, Glo, 9Mobile; electricity, TV, water, internet bills. | Up to 6% cashback; exclusive deals. |
| Savings & Investments | OWealth (daily interest on balances), Spend & Save, Fixed Savings, Target Saving, SafeBox. | Free deposits/withdrawals; higher returns for locked funds; powered by OPay Microfinance Bank. |
| Loans & Cards | Flexible low-interest loans; physical/virtual debit cards. | Chip & PIN security; nationwide delivery; accepted at POS/ATM/web, including international merchants like Netflix and Uber. |
| Business Solutions | Merchant collection accounts, POS terminals, QR code payments. | Real-time POS applications with 48-hour delivery; supports online/offline collections. |
| Security Features | Biometric login, transaction shields, NightGuard, account blocking via USSD | Private mode to hide balances; multi-level encryption. |
OPay also provides agent banking, where individuals use POS machines to act as mini-banks, which surged in popularity during Nigeria’s 2023 naira cash crunch.
Recent Developments
In November 2025, OPay addressed viral social media rumors claiming account wipes, deposit losses, or a shutdown, attributing them to brief technical glitches that were quickly resolved. The company reaffirmed that all funds are safe and threatened legal action against misinformation spreaders, while emphasizing its CBN-regulated status. User reviews generally praise its speed and UI but note occasional customer service delays.
For more details, visit OPay’s official site at [www.opayweb.com](https://www.opayweb.com) or download the app.