The Central Bank of Nigeria (CBN) has awarded OPay, the country’s top financial institution, the coveted IFIC Award for Financial Inclusion Innovation. The 2024 International Financial Inclusion Conference (IFIC), a premier gathering that brought together regulators, industry stakeholders, and world thought leaders to plan ways to accelerate financial inclusion in Africa and beyond, was where this award was given out.
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In line with the CBN’s objective of achieving a 95% financial inclusion rate by 2024, the award reaffirms OPay’s adherence to regulatory standards and its crucial role in furthering Nigeria’s financial inclusion objectives. OPay has removed obstacles that have long impeded efforts at inclusion by providing millions of Nigerians with safe, cutting-edge, and easily accessible digital financial services through tight cooperation with the CBN and other regulatory agencies.
A thorough evaluation of important variables, including consumer impact, technical innovation, regulatory compliance, and contributions to furthering the CBN’s financial inclusion objectives, was part of the prize selection process. Out of a competitive group of financial sector companies, OPay stood out as the winner of the Financial Inclusion Innovation Award for its outstanding achievement in providing safe, easily accessible, and cutting-edge financial products.
OPay’s steadfast dedication to security and regulatory compliance is the foundation of its success. Its strong platform guarantees secure transactions, encouraging user confidence. OPay CEO Dauda Gotring stated, “This recognition by the CBN highlights OPay’s dedication to providing innovative, compliant, and inclusive financial solutions.”
Addressing urgent problems in Nigeria’s financial inclusion environment, including as increasing access to financial services, improving digital literacy, and fortifying cooperation between regulators and private sector entities like OPay, was made possible by the 2024 IFIC Conference. OPay is unwavering in its resolve to use technology in a way that complies with regulations as Nigeria approaches its goal of financial inclusion.
In addition to honouring OPay’s accomplishments, this award serves as a reminder of the value of public-private partnerships in creating a safe, cutting-edge, and welcoming financial system that promotes long-term economic growth.
