The Nigerian banking system has recently experienced extended disruptions and downtimes. Traditional bank customers have been unable to access banking services. As a result, Nigerians are increasingly turning to more reliable fintechs like OPay to handle their financial needs.

OPay, one of Nigeria’s leading financial institutions and the most downloaded app, has gained a significant foothold in the Nigerian market by providing swift and uninterrupted banking services to its customers. The company’s technology enables customers to create instant accounts and send, receive, and save money on the app. The fintech giant has become a household name by innovating and adapting its services to customer needs.

Leading digital banking in Nigeria

Digital banking has transformed the Nigerian banking sector. With increasing internet penetration and the emergence of mobile money platforms like OPay, mobile banking has been widely adopted. The CBN’s introduction of innovative licenses such as the Mobile Money Operator (MMO) and Payment Service Bank (PSB) has deepened and increased the financial inclusion rate in Nigeria from 56% to 74% in 2024. According to the latest Global System for Mobile Communications (GSMA) report, OPay is one of two fintechs that have contributed significantly to increasing this inclusion rate through its financial services and massive agent network. 

The recent banking downtime is not the first time customers have turned to OPay to rescue them from traditional bank woes. The CBN’s botched naira redesign saw customers turn to OPay as traditional banks struggled to handle the surge in online transactions.

With tens of millions of customers, thousands of agents and merchants, OPay is leading the digital banking revolution. OPay creates services that simplify financial transactions and access to essential banking services. With a robust network of agents nationwide, the company has made financial services available even in the most remote locations. Regardless of their bank, any customer can transfer money via OPay.

Simplified access to financial services

OPay allows instant bank transfers to every bank account. New OPay customers are assigned a bank account number using the last 10 digits of their phone number. With virtually every adult in Nigeria owning a mobile phone and number, this genius banking solution has caught on among the masses and made it easier for individuals to create bank accounts and participate in the formal economy.

The platform is particularly popular among ride-hailing drivers and artisans who work in low-trust environments and want to get paid quickly. “OPay just makes things easy,” says Yusuf Olawale, a Bolt driver who has used the platform for a year. “Since last year, I’ve not had problems with my riders and payment because of OPay.” 

Other users have taken to social media, particularly X (formerly Twitter), applauding the fintech for its continued reliability and stable network uptime amidst the challenges of other banks.

Looking ahead, OPay plans to improve its services and contribute to improving financial access in Nigeria. The company recently launched its innovative Large Transaction Shield and Nightguard features that offer users greater security and control over their finances.

Uma Edwin for Partner Content Writer, TechCabal

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