Nigeria-focused fintech company OPay is contributing to the transformation of digital finance in Nigeria, reshaping how individuals and businesses manage their money.

The company is making everyday financial services more accessible through its range of offerings, including mobile payments, fund transfers, bill payments, savings, debit cards and merchant services.

Recent data also show progress in financial inclusion, while highlighting the need to make access to financial services more meaningful and useful to Nigerians.

What the company is saying

OPay’s technology is designed to work across different mobile devices, including entry-level phones, and under varying network conditions. According to company disclosures, 99% of transactions initiated on its app were completed successfully on the first attempt in the first half of 2026.

OPay also reported that its network had more than one million merchants and businesses as of June 2026, providing participating businesses with digital payment options for collecting money from customers. Eligible merchants and agents who provide financial services can also earn commissions through the network.

Beyond payments, OPay’s operations contribute to local employment, noting that Nigerians account for 99% of its workforce in the country.

The company’s expansion comes as Nigeria records improvements in financial inclusion, although gaps in access to credit, insurance and broader financial security remain.

More insights

Nigeria has recorded improvements in financial inclusion, although gaps remain in access to services that can help individuals and businesses build long-term financial security.

The 2026 Access to Financial Services in Nigeria survey by Enhancing Financial Innovation and Access (EFInA) found that 79% of adults, representing approximately 94.2 million people, used a financial product or service.

Formal financial inclusion reached 73%, up from 64% in 2023, while financial exclusion declined from 26% to 21%. The use of digital financial services also increased to 64.4%, compared with 45% in 2023.

Despite these gains, the survey found that three in four Nigerian adults were not financially healthy. Formal credit reached only 10% of adults, while insurance coverage stood at 5%.

These figures suggest that expanding access to financial services remains only one part of the challenge. Helping Nigerians build savings, access credit, manage risks and withstand unexpected expenses is also important to achieving meaningful financial inclusion.

Supporting small businesses

Small businesses are another important part of Nigeria’s digital payments landscape. OPay had more than one million merchants and businesses on its network as of June 2026.

Digital payment options allow participating businesses, including shops and food vendors, to receive payments electronically and serve customers who prefer cashless transactions. Eligible merchants and agents who provide financial services can also earn commissions through their participation in these networks.

For small business owners, digital payments can reduce the time spent handling cash and make it easier to collect money from customers. However, the overall benefits depend on factors such as transaction reliability, affordability and access to effective customer support.

Employment and customer service

OPay had stated that Nigerians account for 99% of its workforce in the country. Its operations cover areas such as technology, customer support, compliance and sales, while its merchant and agent networks provide additional income opportunities for participating individuals and businesses.

Customer service remains important to building trust in digital financial services. Delayed transfers, failed transactions and account security concerns can affect users’ confidence, particularly among those who are new to digital payments.

Providing timely updates, resolving complaints and helping customers protect their accounts are therefore important to ensuring that more Nigerians can use digital financial services with confidence.

Policy and infrastructure

Nigeria’s financial inclusion efforts also depend on policies and infrastructure that support access to both digital payments and cash.

The Central Bank of Nigeria’s new ATM guidelines require card issuers to deploy at least one ATM for every 7,500 payment cards issued, with full compliance due by 2028.

While improving access to cash remains important for individuals and businesses that depend on physical currency, the growing use of mobile payments and merchant networks also highlights the need to ensure that digital channels complement traditional financial infrastructure.

Other priorities include simplifying customer identification procedures where permitted, strengthening agent networks and expanding access to digital financial services while maintaining safeguards against fraud.

At the launch of Payments System Vision 2028, the CBN outlined its goal of building a secure, inclusive and innovative payment system, with collaboration and interoperability among its guiding principles.

EFInA’s chief executive, Foyinsolami Akinjayeju, has also called for financial inclusion to be assessed by what access enables people to achieve, rather than simply by the number of accounts opened.

What you should know

Nigeria’s financial inclusion indicators show that more adults are using formal and digital financial services. However, limited access to credit and insurance, alongside broader financial health challenges, suggests that further progress will require more than expanding access to payments.

For OPay, the opportunity lies in making digital financial services more accessible to individuals and businesses through mobile payments, merchant partnerships and reliable transaction processing.

The company’s merchant network and transaction performance offer an indication of its operations, although the wider impact of its services will also depend on affordability, consumer protection and the effectiveness of its customer support.

Ultimately, financial inclusion is not just about opening accounts or making transfers. It is also about enabling Nigerians to manage their money, support their businesses, build savings and cope with unexpected expenses.