CBN awards OPay for financial inclusion innovation

The Central Bank of Nigeria has honoured OPay, a financial institution in Nigeria, with the International Financial Inclusion Conference Award for Financial Inclusion Innovation.

A statement made available to our correspondent by the firm on Tuesday stated that the award was presented at the 2024 International Financial Inclusion Conference, an event that brought together global leaders, regulators, and industry stakeholders to discuss strategies for accelerating financial inclusion across Africa and beyond.

The recognition highlights OPay’s role in advancing Nigeria’s financial inclusion goals, which align with the CBN’s target to achieve a 95 per cent financial inclusion rate by 2024.

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The Leading financial technology firm added that through collaboration with the CBN and other regulatory bodies, OPay has provided secure and accessible digital financial services to millions of Nigerians, addressing barriers to inclusion.

Speaking on the recognition, OPay’s Chief Executive Officer, Dauda Gotring, said, “This recognition by the CBN highlights OPay’s dedication to providing innovative, compliant, and inclusive financial solutions.”

Gotring stated that the selection process for the award assessed metrics such as regulatory adherence, technological innovation, customer impact, and contributions to the CBN’s financial inclusion goals adding that OPay stood out among other financial industry players for its performance in delivering secure and accessible financial solutions.

Additionally, the 2024 IFIC Conference also addressed issues in Nigeria’s financial inclusion efforts, including expanding access to financial services, enhancing digital literacy, and strengthening collaborations between regulators and private sector players like OPay.

According to the statement, OPay remains committed to leveraging technology within regulatory frameworks in building an inclusive financial ecosystem that supports economic growth.

It was reported that Leading financial technology firm, OPay, has been recognised as the ‘Mobile Payment Solutions Provider of the Year’ award at the 12th Annual Banks and Other Financial Institutions Awards.