OPay has grown into one of Nigeria’s most significant financial services platforms, serving more than 45 million consumer users and supporting over one million merchants and businesses across the country since it commenced operations in Nigeria in 2018, with its annual gross transaction value more than doubling from 166.2 billion dollars in 2024 to 358 billion dollars in 2025.
The fintech company has built its growth on serving populations that conventional banking institutions have long underserved, including low-income earners, artisans, traders, transport workers, and residents of communities far from physical bank branches. Its nationwide network of agents and merchants enables users to transfer money, withdraw cash, settle bills, and access other financial services without travelling long distances.
The platform’s monthly active transacting users grew from 25.13 million in 2024 to 39.32 million by the end of 2025, a figure the company attributed to growing adoption of digital wallets, particularly among Nigerians entering formal financial systems for the first time. The company received the Financial Inclusion Innovation Award from the Central Bank of Nigeria in 2024 in recognition of its role in advancing access to digital financial services.
OPay’s merchant ecosystem includes point-of-sale services, card payments, online payments, cardless payment solutions, and software services designed to help businesses process transactions more efficiently and reduce dependence on cash. The company said its platform had played a significant role during periods of cash shortages in Nigeria, when fintech services became critical alternatives for individuals and businesses seeking uninterrupted transaction access. The company has attracted investments from international venture capital and technology firms including SoftBank, Sequoia China, Redpoint, and IDG Capital, which it said had supported the development of its digital payment infrastructure, merchant networks, and technology systems. As part of its long-term strategy, OPay said it aimed to create one million jobs while expanding financial access across emerging mar
