In a bid to foster education in Nigeria by providing financial assistance to students, allowing them to achieve their academic and career goals without the hindrance of financial constraints, a financial institution, OPay Digital Services Limited, has announced a N1.2 billion 10-year scholarship programme for undergraduates of Nigerian universities.

The 10-year scholarship programme, which is one of the Corporate Social Responsibility projects of OPay, will cater to 4,000 students across 20 universities in the country.

This was disclosed on Wednesday by the Chief Public Affairs Officer of OPay, Justin Thang, while speaking at the signing of the Memorandum of Understanding (MOU) between OPay and Obafemi Awolowo University (OAU), Ile-Ife, for the awarding of OPay’s Scholarship Programme to OAU’s students.

The MOU was signed between representatives of the financial institution and the leadership of the university, led by its Deputy Vice Chancellor (Administration), Professor Yomi Daramola, at OAU’s boardroom, situated within the Senate Building.

Fielding questions from journalists after signing the MOU, Thang said OAU is one of the 20 universities that will benefit from the N1.2 billion scholarship intervention, adding that through the partnership with OAU, OPay will award scholarships to 20 outstanding students, with each recipient receiving 300,000 Naira.

Shedding light on why the financial institution decided to invest in education for Nigerian youths, Thang said, “We are in OAU today to sign an MoU with the school for a scholarship project. It is a CSR project for OPay. Last year, we were considering that we need to do something to help society, and that is why we started the scholarship last year. For the scholarship in OAU, they (OAU management) will give us 20 students every year for the next ten years. So, each student, we are going to sponsor with N300,000 for education and other costs in the university.

“The major thing we want to achieve is to give OAU 20 slots every year for the next ten years. We will be part of selecting candidates. Already, OPay is making profits, not too much, but we are making profits, and we think we ought to show Nigerians that we are serious. We want to stay here for a long time, we want to work with society closely, and while we are making money, we want to give some returns to society.
“For this project, just like we introduced in the meeting, we want to sponsor 400 students in Nigeria. You know there are 36 states, and there are many universities here, so we want to select 20 universities to give them 20 slots each. We have sent letters to different universities; some gave us feedback, and some are still in process. Of course, if any university has interest in our scholarship, they can come in contact with us. We will consider all the conditions and know what to do. We can only sponsor 20 universities this year according to our plan. Of course, in the future, I think we can extend.

“Last year, we had the pioneer project, so we need to start from somewhere. Though all the projects were going on, we started with the University of Ibadan in the South and Ahmadu Bello University in the North. So, this is our decision from last year, to understand the project and make it go smoothly. This year, we are going to extend to universities across Nigeria.

“We plan to sponsor 400 students per year, N300,000 per student, which is N120 million per year. This project, according to our plan, will last for ten years at least, which will total N1.2 billion.”

On why the organisation is targeting the youth populace, Thang pointed out that OPay had discovered that there is an avalanche of talents deposited in Nigerian youths, which it wanted to harness for the overall development of the nation.

“There are many ways to do CSR projects, but our resources are limited. We cannot do everything; even the government cannot do everything. OPay is popular with your people, and we think young people are the future of society and the country. Just like the professor stated in the meeting, now, because the economy is not so good, some students are suffering and are short of funds. Some of them have to pause their education and go to work for one or two years and then return to their education.

“I have been in Nigeria for 13 years, and I know there are many talents. Some of them have a lot of potential, but because of lack of resources or lack of chances, that is why we considered doing something for them and helping them so they can focus more on their studies. They can create more value for society and improve themselves. So, this is our consideration,” he said.

Reacting during an interview after the MoU signing ceremony, Professor Yomi Daramola, the Deputy Vice Chancellor (Administration) of Obafemi Awolowo University, Ile-Ife, commended OPay for coming up with the “unique” scholarship programme, saying the initiative will assist university students in concentrating on their studies instead of looking for money to sponsor themselves.

He said, “It is not a small feat to really have OPay in our university, partnering with Obafemi Awolowo University. Obafemi Awolowo University is a household name in Nigeria and all over the world. We have our alumni spread all over the world, and they are happy with OPay partnering with Obafemi Awolowo University, especially in terms of giving our students scholarships. So, we appreciate OPay for doing this. It is one of their CSRs, and we appreciate it.”

While noting that the selection of beneficiaries of the scholarship would be based on merit through a five-man committee consisting of representatives from both institutions, Daramola described the scholarship project as unique, urging other organizations to emulate OPay.

“This one is unique because it is coming from a company like OPay, and you know the amount OPay is suggesting is very huge. This will assist our students a lot in making sure that they concentrate on their studies instead of looking for money here and there, maybe doing odd jobs on weekends. They can now concentrate on their studies and be better off, and the university itself is better off because the end result of what we are doing here is to produce students who will be proud of this university in the nearest future,” the DVC stated.