CBN Awards OPay For Financial Inclusion Innovation

OPay, Nigeria’s leading financial institution has been recognized with the prestigious IFIC Award for Financial Inclusion Innovation by the Central Bank of Nigeria (CBN).

This award was presented at the 2024 International Financial Inclusion Conference (IFIC), a flagship event that convened global thought leaders, regulators, and industry stakeholders to strategise on accelerating financial inclusion across Africa and beyond.

The award reinforces OPay’s compliance with regulatory standards and its pivotal role in advancing Nigeria’s financial inclusion goals, aligning with the CBN’s mission to achieve a 95 per cent financial inclusion rate by 2024. Through close collaboration with the CBN and other regulatory bodies, OPay has delivered secure, innovative, and accessible digital financial services to millions of Nigerians, overcoming barriers that have long hindered inclusion efforts.

The award selection process was a comprehensive one which assessed key metrics such as regulatory adherence, technological innovation, customer impact, and contributions to advancing the CBN’s financial inclusion goals. OPay emerged as the winner of the Financial Inclusion Innovation Award, standing out among a competitive pool of financial industry players for its exemplary performance in delivering secure, accessible, and innovative financial solutions.

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At the core of OPay’s success is its unwavering commitment to security and regulatory alignment. Its robust platform ensures safe transactions, fostering trust and confidence among users.

CEO of OPay, Dauda Gotring, in a press statement, made available to LEADERSHIP, said, “This recognition by the CBN highlights OPay’s dedication to providing innovative, compliant, and inclusive financial solutions.”

The 2024 IFIC Conference provided a platform to address pressing issues in Nigeria’s financial inclusion landscape, including expanding access to financial services, enhancing digital literacy, and strengthening collaboration between regulators and private sector players like OPay.

As Nigeria moves closer to its financial inclusion target, OPay remains steadfast in its commitment to leveraging technology within the framework of regulatory compliance. This award not only celebrates OPay’s contributions but also reinforces the significance of public-private partnerships in building a secure, innovative, and inclusive financial ecosystem that drives sustainable economic growth.