CBN recognises OPay for financial inclusion innovation

OPAY has been recognised by the Central Bank of Nigeria (CBN) with the IFIC Award for Financial Inclusion Innovation. The award was presented at the 2024 International Financial Inclusion Conference (IFIC), a flagship event that convened global thought leaders, regulators, and industry stakeholders to strategize on accelerating financial inclusion across Africa and beyond.

According to the firm, 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% financial inclusion rate by 2024.

Through close collaboration with the CBN and other regulatory bodies, OPay said it has delivered secure, innovative, and accessible digital financial services to millions of Nigerians, overcoming barriers that have long hindered inclusion efforts.

According to a statement, 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.

“This recognition by the CBN highlights OPay’s dedication to providing innovative, compliant, and inclusive financial solutions,” said Dauda Gotring, CEO of OPay.

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.

OPay reiterates its commitment to leveraging technology within the framework of regulatory compliance, saying, “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.”