OPay was founded in 2018 by Zhou Yahui and backed by the Opera Group. As a fintech startup based in Lagos, Nigeria, it has grown into a major mobile payment service provider, offering services like digital banking, transfers, and loans. Some sources indicate that while the company's roots as Paycom date back to 2013, the OPay brand specifically was launched in 2018.
Launched in 2018 by Opera Group, OPay (short for Opera Pay) is a fintech super app that has grown into one of Nigeria's most widely used digital payment platforms.
Its mobile payment service, which has 160 million active users, is said to generate around $3bn in monthly transactions. OPay, which currently has presence in Pakistan, Egypt, and Nigeria, is now eyeing further expansion into new territories across North Africa and the Arab region, including the UAE.
Our journey in Nigeria started in 2018 and we are strictly licensed and regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).
The Nigerian start-up says the new investment takes its valuation up to $2 billion. Mobile payment fintech OPay has secured $400 million in a Series C funding round led by SoftBank's Vision Fund 2.
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OPay in Nigeria is owned by Zhou Yahui, a Chinese billionaire and the chairman of Opera Software, which is OPay's parent company. He is also the founder of Kunlun Tech Co. Ltd., another of his companies.
Renowned for its fast and reliable network and strong security features that protect customer's funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.
The 5 Cs are Character, Capacity, Capital, Collateral, and Conditions. The 5 Cs are factored into most lenders' risk rating and pricing models to support effective loan structures and mitigate credit risk.
Card payments. Still the most globally recognized method, card payments (credit, debit, prepaid) are popular for their convenience and loyalty incentives. ...
Otedola currently owns 17.01 percent of First Bank — its single largest shareholder since it was established in 1894. His first big break as a businessman was in the energy sector when he set up Zenon Oil, a diesel marketing company, in 2003.
KYC is a process by which banks obtain information about the identity and address of the customers. OPay has enforced KYC (Know Your Customer) requirements for its customers to counter and prevent fraud and impersonation.
Receiving the award, Dauda Gotring, MD/CEO of OPay, said: “We are deeply honored to be recognised as the Fintech Company of the Year. This award is a testament to our vision of creating a secure, inclusive, and innovative financial ecosystem for every Nigerian.
The study synthesizes insights from various national and international sources, including journals, reports, and theses, to evaluate how banks utilize the 7 P's—Product, Price, Place, Promotion, People, Process, and Physical Evidence—in shaping their marketing strategies.
