OPay is leveraging its merchant network, mobile payment technology and customer service to expand access to financial services in Nigeria, as digital transactions become an increasingly important part of everyday economic activity.
The Fintech, which has operated in Nigeria since 2018, said its approach focuses on making payments more convenient for individuals, drivers, traders and small businesses while building customer trust through reliable transactions and accessible support.
The strategy comes as financial inclusion continues to expand across the country, although millions of Nigerians remain excluded from formal financial services.
EFInA’s 2026 Access to Financial Services survey found that 79 percent of Nigerian adults, approximately 94.2 million people, use a financial product or service. Formal financial inclusion reached 73 percent, or roughly 87.2 million adults, exceeding the 70 percent target set under the National Financial Inclusion Strategy.
Digital financial services reached 64.4 percent of adults, up from 45 percent in 2023 and 34 percent in 2020. However, 21 percent of adults remained financially excluded, with rural communities facing greater barriers than urban areas.
For OPay, the opportunity lies in extending the reach of digital payments through services that address the everyday needs of consumers and businesses.
The company reported that more than one million merchants and businesses were on its network as of June 2026. The network provides a channel through which neighbourhood shops, food sellers and other small businesses can accept digital payments, giving customers alternatives to cash.
Merchants offering eligible financial services may also earn commissions, creating an additional income stream. Such arrangements can help businesses serve customers more conveniently while extending the reach of financial services beyond conventional banking locations.
Drivers are another segment of the market where digital payments have become increasingly relevant.
For workers whose earnings depend on frequent, relatively small transactions, the reliability of payment services can affect daily operations. Delayed transfers or failed payments can disrupt business, while convenient digital transactions can reduce the time and effort involved in receiving money.
OPay said more than 99 percent of transactions initiated on its app were completed successfully on the first attempt in the first half of 2026, according to its public filings.
The company’s emphasis on reliability reflects a wider challenge facing digital financial services providers: expanding adoption while maintaining customer confidence.
Access alone does not guarantee trust. A failed transfer can leave a customer uncertain about the status of their money, while an unresolved complaint can discourage further use of digital services. Customer support, clear communication and timely resolution of complaints therefore remain important to sustaining adoption.
For a market where consumers and small businesses depend on payments to conduct daily transactions, service reliability can influence whether customers continue using a platform or return to cash.
The expansion of digital financial services also creates employment opportunities in technology, customer support, compliance, sales and operations. Beyond direct employment, merchant and agent networks can provide opportunities for participating businesses and individuals to earn income from financial services.
However, the industry’s growth will depend partly on the regulatory environment and the ability of providers to reach underserved communities.
In March 2026, the Central Bank of Nigeria introduced a requirement for card issuers to deploy at least one automated teller machine (ATM) for every 7,500 payment cards issued, with phased compliance and full implementation due by 2028. The measure is intended to improve access to cash and strengthen ATM services.
While cash remains important to many Nigerians, the growing use of mobile applications, transfers and merchant payment channels highlights the need for policies that accommodate different ways of accessing financial services.
For providers such as OPay, the challenge is to ensure that digital payment channels remain convenient and reliable while meeting regulatory requirements designed to protect customers and strengthen the financial system.
Financial inclusion also extends beyond payments. EFInA’s findings point to continuing gaps in access to financial services, particularly in rural communities. Access to credit, insurance, and other products that help households and businesses manage financial shocks remains important to broadening the benefits of formal finance.
Regulatory requirements on identity verification and agent banking must similarly balance fraud prevention with the need to reach people who remain underserved by conventional financial institutions.
The CBN has set a target of 95 percent financial inclusion by 2028 under its Payments System Vision 2028. At the initiative’s launch, Governor Olayemi Cardoso stressed that “the goal is inclusion, not exclusion.”
Achieving that target will require collaboration among regulators, banks, fintech companies, merchants and consumers.
For OPay, its merchant network, transaction performance and customer service are central to its efforts to deepen its presence in Nigeria’s digital financial services market. The extent to which these investments translate into lasting customer trust and wider financial access will depend on the consistency of its services and its ability to reach communities that remain underserved.
Folake Balogun is a technology journalist covering Africa’s digital economy, with a focus on startups, fintechs, venture capital, artificial intelligence, and emerging technologies. Her work explores the intersection of technology, business, and society, highlighting how innovation is reshaping industries and everyday life across Africa and global markets. She translates complex trends into insightful and impactful stories for a wider audience.
