OPay

Corporate brand

OPay is a fintech company providing digital payments, wallet services, merchant tools, and other financial products in emerging markets.

Last updated October 18, 2026

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Overview

OPay is a financial-technology brand focused on expanding access to digital financial services in emerging markets. Established in 2018, the company developed its business around mobile wallets, electronic payments, agent networks, merchant services, and related financial products intended to serve consumers and businesses that are underserved by conventional banking infrastructure. Its most prominent operating market is Nigeria, where the company obtained authorization from the Central Bank of Nigeria in 2018 and became part of the country’s rapidly expanding mobile-money and fintech sector. A major early development was the launch of OPay’s point-of-sale service in Nigeria in May 2019. The service enabled agents and merchants to facilitate transactions through electronic terminals and helped broaden the brand’s physical distribution network. OPay’s agent-led model was particularly visible during periods when access to physical cash was disrupted, including the naira cash shortage and currency-transition difficulties in Nigeria. This positioned the company not only as a consumer wallet provider but also as an important payments intermediary for small merchants and users who depended on agents for deposits, withdrawals, transfers, and other transactions. OPay’s Nigerian operations have been subject to the country’s financial-regulatory framework. The company was licensed by the Central Bank of Nigeria and its deposits were described as insured by the Nigeria Deposit Insurance Corporation. In 2024, the Central Bank of Nigeria temporarily included OPay among fintech businesses instructed to stop onboarding new customers while regulators examined know-your-customer and related compliance processes. The restriction was lifted later that year. The episode reflected the increasing regulatory scrutiny applied to large digital-finance platforms as their customer bases and transaction volumes expanded. The company also pursued international expansion. OPay entered Egypt in 2021 and received approval from the Central Bank of Egypt, including authorization related to prepaid-card issuance. The brand has also been associated with operations or expansion plans in Pakistan and Indonesia. Across these markets, its stated service scope has included payments, digital wallets, loans, prepaid or debit-card products, and technology solutions using data analytics and artificial intelligence. The exact product mix and licensing arrangements can differ by country. OPay attracted international investment in September 2021 in a funding round led by SoftBank. In Nigeria, it later partnered with Verve International to enroll a Verve debit card, connecting its ecosystem with a domestic card-payment network. The business has also promoted financial inclusion and education-related initiatives, including a reported long-term scholarship partnership with Olabisi Onabanjo University in Nigeria. Leadership has changed over time. Olu Akanmu served as co-chief executive officer from November 2021 until his resignation in 2023. A management announcement dated December 1, 2025 identified Lars Boilesen as co-CEO, Stephen as co-CEO and COO, and James Perry as CFO. OPay has additionally used public technology and operations leadership to promote artificial-intelligence applications in financial services. The company’s overall positioning is that of an inclusive digital-finance platform combining consumer payments, agent distribution, merchant acquiring, and adjacent financial services for markets where traditional banking access remains uneven.

History

OPay was established in 2018 as a fintech company focused on digital financial access in emerging markets. Its Nigerian business obtained authorization from the Central Bank of Nigeria in the same year, and the company’s deposits were described as insured by the Nigeria Deposit Insurance Corporation. The brand’s strategy centered on using mobile technology and agent distribution to provide payment and wallet services to people and small businesses that might have limited access to conventional bank branches. In May 2019, OPay launched a point-of-sale service in Nigeria. The service gave agents and merchants electronic tools for processing transactions and became an important part of the company’s local operating model. Its visibility increased during Nigeria’s cash shortages and naira-related cash-access disruptions, when customers and merchants relied more heavily on electronic transfers and agent-assisted transactions. This helped establish OPay as both a consumer-facing wallet brand and a payments infrastructure provider for small businesses. The company expanded its financing base and geographic reach during the following years. In September 2021, it received international funding led by SoftBank. It also entered Egypt in 2021, where it received Central Bank of Egypt approval and authorization connected with prepaid cards. OPay has additionally been associated with operations or expansion in Pakistan and Indonesia. Its broader service portfolio has included wallets, payments, loans, cards, merchant tools, and technology solutions using artificial intelligence and large-scale data analysis. Leadership changes formed another part of the company’s development. Olu Akanmu became co-CEO in November 2021 and left that role in 2023. In December 2025, OPay announced a management structure naming Lars Boilesen and Stephen as co-CEOs, with Stephen also holding the COO role and James Perry serving as CFO. Public technology leadership has emphasized the potential of artificial intelligence for merchant payments, analytics, and financial inclusion. OPay has also faced operational and compliance-related scrutiny. Customers gathered at its Lagos headquarters after a scam alert involving an agent circulated publicly, although the company disputed the claim. In 2023, a Kano State Sharia court sentenced an OPay agent to nine months in prison over breach of trust and stealing from an online customer. In April 2024, the Central Bank of Nigeria ordered OPay and three other fintechs to stop onboarding customers while it examined know-your-customer procedures. The restriction was lifted in June 2024. These events illustrate the compliance and trust challenges faced by large agent-based digital-finance platforms. The company has pursued partnerships and social initiatives alongside its core payments business. In 2022, OPay Nigeria partnered with Verve International to enroll a Verve debit card. A reported 2025 scholarship initiative with Olabisi Onabanjo University was described as part of OPay’s broader support for education and youth empowerment. OPay’s current brand proposition remains centered on convenient, technology-enabled financial services for consumers, agents, and merchants in markets where digital payments can extend access beyond traditional banking channels.

2025
New management appointments announced
[1]Opayen.wikipedia.org
OPay announced Lars Boilesen and Stephen as co-CEOs, Stephen as COO, and James Perry as CFO.
2024
Temporary customer-onboarding restriction
[1]Opayen.wikipedia.org
The Central Bank of Nigeria temporarily restricted OPay from onboarding new customers during increased review of fintech KYC procedures; the measure was lifted in June.
2022
Verve card partnership
[1]Opayen.wikipedia.org
OPay Nigeria partnered with Verve International to enroll a Verve debit card.
2021
SoftBank-led funding and Egyptian expansion
[1]Opayen.wikipedia.org
OPay received international funding led by SoftBank and expanded into Egypt after receiving local regulatory approval.
2021
Olu Akanmu becomes co-CEO
[1]Opayen.wikipedia.org
Olu Akanmu joined OPay’s senior leadership as co-chief executive officer.
2019
Nigerian point-of-sale service launches
[1]Opayen.wikipedia.org
OPay launched a point-of-sale service that expanded its agent and merchant transaction network.
2018
OPay is established and licensed in Nigeria
[1]Opayen.wikipedia.org
OPay was established and received authorization from the Central Bank of Nigeria; its Nigerian deposits were described as insured by the Nigeria Deposit Insurance Corporation.

Products and positioning

Inclusive digital finance for consumers, agents, and merchants in emerging markets, with an emphasis on mobile wallets, electronic payments, physical agent distribution, and technology-enabled financial services.

Digital wallet
OPay digital wallet
OPay’s wallet service is a core consumer-facing component of its fintech platform. It supports digital payments and wallet-based financial activity, with the company using mobile technology and agent distribution to serve users who may have limited access to traditional banking. The precise functions and regulatory permissions vary by market.
Merchant payments · 2019
OPay point-of-sale services
Launched in Nigeria in May 2019, OPay’s point-of-sale offering provides electronic transaction tools for agents and merchants. It supports the company’s physical distribution model and helps customers access payment and cash-related services through local businesses rather than relying exclusively on bank branches.
Agent banking
OPay agent network
The agent network connects consumers with local operators who facilitate selected wallet, payment, transfer, and cash-in/cash-out activities. This model is central to OPay’s financial-inclusion positioning, particularly in markets where formal banking infrastructure and branch coverage are uneven.
Prepaid and debit cards · 2021
OPay card services
OPay has developed card-related services in its operating markets. In Egypt, the company received approval connected with issuing prepaid cards, while in Nigeria it partnered with Verve International to enroll a Verve debit card. Availability, features, and issuing arrangements depend on local regulation.
Digital lending
OPay lending services
Loans are included among the financial services associated with OPay’s broader platform. The company’s lending activity is part of its effort to provide adjacent financial products through digital channels, although detailed product terms, underwriting arrangements, and market availability are not specified in the available reference material.

Controversies

2023
OPay agent convicted over breach of trust and theft
A Sharia court in Kano State sentenced an OPay agent to nine months in prison over breach of trust and stealing from an online customer. The reported conviction concerned the agent rather than an established finding against OPay as a corporate entity.
Source
2019
OPay apologizes and revises money-transfer fees after customer backlash
After customers objected to money-transfer processing fees, OPay apologized for not communicating the increase and revised the fees. The article says the revised charges were N45 for a user's first transaction of the day and a flat 1% for subsequent transactions.
Source
Disputed scam alert involving an agent
Customers reportedly rallied at OPay’s Lagos headquarters after a scam alert involving an agent circulated. OPay denied the allegation, and the available material does not establish that the company itself conducted a scam.
Source

2025Olabisi Onabanjo University scholarship initiative
Nigeria
OPay was reported to have partnered with Olabisi Onabanjo University on a long-term scholarship initiative intended to reduce financial barriers to tertiary education and support students.
Outcome. The available material identifies the initiative and its educational purpose but does not provide independently verifiable outcome data.
Source

Brand decisions

2024
Temporary suspension of new customer onboardingStrategy
Background
The Central Bank of Nigeria increased scrutiny of know-your-customer procedures at major fintech platforms and included OPay among four companies directed to stop onboarding new customers.
Action taken
OPay temporarily stopped onboarding new customers in Nigeria under the regulatory directive.
Aftermath
The restriction was lifted in June 2024.
Source
2021
Expansion into EgyptStrategy
Background
OPay sought to extend its emerging-market fintech model beyond Nigeria.
Action taken
The company entered Egypt after receiving approval from the Central Bank of Egypt, including approval related to prepaid-card issuance.
Aftermath
Egypt became one of the markets associated with OPay’s international operating footprint.
Source

Recent events

2025
OPay announces a new management team[1]Opayen.wikipedia.org
Leadership change
A management announcement identified Lars Boilesen and Stephen as co-CEOs, with Stephen also serving as COO, and James Perry as CFO.
2024
Central Bank of Nigeria temporarily restricts OPay customer onboarding[1]Opayen.wikipedia.org
Regulation
OPay was among four fintech companies instructed by the Central Bank of Nigeria to stop onboarding customers while regulators increased scrutiny of know-your-customer processes. The restriction was lifted in June 2024.
2022
OPay partners with Verve International[1]Opayen.wikipedia.org
Other
OPay Nigeria partnered with Verve International to enroll a Verve debit card within its payment ecosystem.
2021
OPay receives international funding led by SoftBank[1]Opayen.wikipedia.org
Other
The company received an international funding round led by SoftBank as it pursued expansion in emerging-market fintech.
2021
OPay expands into Egypt[1]Opayen.wikipedia.org
Other
OPay expanded into Egypt and received approval from the Central Bank of Egypt, including approval related to prepaid-card issuance.
2021
Olu Akanmu becomes OPay co-CEO[1]Opayen.wikipedia.org
Leadership change
Olu Akanmu was appointed co-chief executive officer of OPay.
2019
OPay launches point-of-sale service in Nigeria[1]Opayen.wikipedia.org
Product launch
OPay introduced its Nigerian point-of-sale service, expanding its agent and merchant payment infrastructure.

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