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Opay

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Opay
Native name
Opay Digital Services Limited
IndustryBanking, mobile banking
FoundedSeptember 12, 2013; 11 years ago (2013-09-12)
FoundersZhou Yahui
Headquarters
Ikeja, Lagos State
,
Nigeria
Websitewww.opayweb.com

Opay Digital Services Limited commonly called Opay, and 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

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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. In November 2021 Olu Akanmu was appointed the co-CEO of Opay until his resignation in 2023.[4]

In September 2021, Opay received an international funding led by Soft bank.[5] Opay extended to Egypt in 2021, and was approved by the Central Bank of Egypt as well as to issue prepaid cards.[6] In May 2022, Opay Nigeria partnered with the Verve International to enrol its verve debit card.[7]

Opay customers rallied at the company's headquarters in Lagos, over a leaked scam alert from an agent.[8] In 2023 Sharia court in Kano State sentenced an Opay's agent to nine months imprisonment over money cheating to an online customer.[9]

OPay was one of the four Fintechs asked to stop onboarding of customers by the CBN in April 2024. [10] This was due to an increased scrutiny of these banks on their KYC processes. The restriction, however, was lifted in June of the same year 2024[11]

See also

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References

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  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. ^ "Olu Akanmu steps down as President of Opay". Business day newspaper. 31 July 2023. Retrieved 31 July 2023.
  5. ^ "Africa-focused payment firm OPay raises $400 million in funding round led by SoftBank". Yahoo Finance. August 24, 2021. Retrieved June 7, 2024.
  6. ^ "OPay obtains approval of CBE to issue prepaid cards". Dailynewsegypt. April 14, 2022. Retrieved June 7, 2024.
  7. ^ "OPay partners Verve to roll out OPay Instant Debit Card". TheCable. October 7, 2022. Retrieved June 7, 2024.
  8. ^ Oamen, Samuel (October 3, 2023). "FACT CHECK: Video of OPay agents protest in Ikeja FALSELY shared as recent". The Nation Newspaper. Retrieved June 7, 2024.
  9. ^ Muhammad, Khaleel (April 8, 2023). "Kano court sentences Opay agent to nine months in jail for stealing". Daily Post Nigeria. Retrieved June 7, 2024.
  10. ^ Oladunmade, Muktar (April 29, 2024). "Exclusive: CBN directs four fintechs to stop onboarding new customers". Techcabal. Retrieved September 5, 2024.
  11. ^ Oni, Aderonke (June 3, 2024). "OPay, Kuda resume onboarding of new customers as CBN lifts restriction". The Cable. Retrieved September 5, 2024.
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