 | |
Native name | Opay Digital Services Limited |
|---|---|
| Industry | Banking, mobile banking |
| Founded | September 12, 2013 |
| Founders | Zhou Yahui |
| Headquarters | , |
| Website | www |
Opay Digital Services Limited commonly called Opay, and formerly Paycom Nigeria Limited, is a fintech mobile money operating company founded by Zhou Yahui in 2013 with headquarters in Ikeja, Lagos State, Nigeria. [1] It is among the four major fintech companies in Nigeria: Moniepoint Inc., Kuda, and PalmPay. [2]
Opay was formerly known as Paycom Nigeria limited. It was established in 2013, and licensed by the Central Bank of Nigeria in 2018. [3] It was insured by the Nigeria Deposit Insurance Corporation. In May 2019, Opay launched its Point of sale service, which was mostly dominant in Nigeria during the naira cash strike. In November 2021 Olu Akanmu was appointed the co-CEO of Opay until his resignation in 2023. [4]
In September 2021, Opay received an international funding led by Soft bank. [5] Opay extended to Egypt in 2021, and was approved by the Central Bank of Egypt as well as to issue prepaid cards. [6] In May 2022, Opay Nigeria partnered with the Verve International to enrol its verve debit card. [7]
Opay customers rallied at the company's headquarters in Lagos, over a leaked scam alert from an agent. The company however refuted this claim. [8] In 2023 Sharia court in Kano State sentenced an Opay's agent to nine months imprisonment over breach of trust and stealing from an online customer. [9]
OPay was one of the four Fintechs asked to stop onboarding of customers by the CBN in April 2024. [10] This was due to an increased scrutiny of these banks on their KYC processes. The restriction, however, was lifted in June of the same year 2024 [11]
A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card, but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
Lagos, or Lagos City, is a large metropolitan city in southwestern Nigeria. With an upper population estimate of 21 million, it is the largest city in Nigeria, and the most populous urban area on the African continent. Lagos was the national capital of Nigeria until the government's December 1991 decision to move their capital to Abuja in the centre of the country. Lagos is a major African financial centre and is the economic hub of Lagos State and Nigeria at large. The city has a significant influence on commerce, entertainment, technology, education, politics, tourism, art, and fashion in Africa. Lagos is also among the top ten of the world's fastest-growing cities and urban areas. In 2024, Time Out magazine ranked Lagos as the 19th Best City to visit in the World. A megacity, it has the fourth-highest GDP in Africa, and houses one of the largest and busiest seaports on the continent. Due to the large urban population and port traffic volumes, Lagos is classified as a Medium-Port Megacity.
Ikeja is the capital city of Lagos State in southwestern Nigeria. Its population, as of the 2006 census, is 313,196. Prior to the emergence of military rule in the early 1980s, Ikeja was a well planned, clean and quiet residential and commercial town with shopping malls, pharmacies and government reservation areas. It lies 10.5 miles (17 km) northwest of Lagos city. The Murtala Muhammed International Airport is located in the city. Ikeja is also home to Femi Kuti's Africa Shrine and Lagbaja's Motherland, both venues for live music. Its Ikeja City Mall is the largest shopping mall on the Lagos State mainland. Ikeja also has its own radio station, broadcasting both in English and in Yoruba.
Lagos State is a state in southwestern Nigeria. Of the 36 Nigerian states, it is the second most populous state but the smallest in area. Bounded to the south by the Bight of Benin and to the west by the international border with Benin for 10 km, Lagos State borders Ogun State to the north for about 283 km, making it the only Nigerian state to border only one other state. Named for the city of Lagos—the most populous city in Africa—the state was formed from the Western Region and the former Federal Capital Territory on 27 May 1967.
Murtala Muhammed International Airport (MMIA) is an international airport located in Ikeja, Lagos State, Nigeria, and is the major airport serving the entire state. The airport was initially built during World War II and is named after Murtala Muhammed (1938–1976), the fourth military ruler of Nigeria.
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First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the group's total assets were valued at US$5 billion.
Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company.
Lagos Rail Mass Transit is a rapid transit system in Lagos State. The rail system is managed by the Lagos Metropolitan Area Transport Authority (LAMATA). The railway equipment including electric power, signals, rolling stock, and fare collection equipment will be provided by the private sector under a concession contract. LAMATA is responsible for policy direction, regulation, and infrastructure for the network. The first section of the network, Phase I of the Blue Line, was originally planned to be completed in 2011, though the construction has suffered many delays caused by shortage of funds and change of government. The Blue Line opened on September 4, 2023 and the Red Line opened on February 29, 2024.
Federal Airport Authority of Nigeria (FAAN) is a service organization statutorily charged to manage all Commercial Airports in Nigeria and provide service to both passenger and cargo airlines. Generally, to create conditions for the development in the most economic and efficient manner of air transport and the services connected with it. The agency has its head office in Nnamdi Azikiwe International Airport in Abuja, Federal Capital Territory.
Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in Angola, the Democratic Republic of the Congo, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Tanzania, Uganda, Zambia, France and the United Kingdom. The group also maintains representative offices in China, India, Lebanon and United Arab Emirates.
RuPay is an Indian multinational financial services and payment service system, conceived and owned by the National Payments Corporation of India (NPCI). It was launched in 2012, to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payments at almost all Indian banks and financial institutions. NPCI has partnered with Discover Financial and JCB to help the RuPay network gain international acceptance.
Usman Umar Kibiyamni ; born 12 June 1949) is the Sarkin Kibiya of Kibiya Local Government Area of Kano State. He was turbaned on 26 May 2007 following the death of Late Sarkin Kibiya Alh Ado Abdullahi Kibiya.
Paytm Payments Bank (PPBL) was an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
SunTrust Bank Nigeria Limited (STBNL), is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.
Babajide Olusola Sanwo-Olu is a Nigerian politician who has served as the governor of Lagos State since 2019.
Kuda, also known as Kuda Technologies Limited, is a Microfinance Bank and fintech company operating in Nigeria and the UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019.
Maya, is a Filipino financial services and digital payments company based in Metro Manila, Philippines.
Currensea, is a British financial technology company providing travel debit cards, founded by James Lynn and Craig Goulding in 2018.
