OPay hits 45 million users, expands merchant network to over 1 million nationwide

OPay hits 45 million users, expands merchant network to over 1 million nationwide

OPay says it has surpassed 45 million users and now supports more than one million merchants and businesses across Nigeria, underscoring the rapid growth of digital payments and agency banking services in the country.

The fintech company, which launched operations in Nigeria in 2018, has emerged as one of the major players driving financial inclusion and Nigeria’s transition toward a cashless economy.

Across markets, transport hubs, roadside kiosks, and neighbourhood stores nationwide, OPay’s green Point-of-Sale (PoS) terminals have become increasingly visible as millions of Nigerians rely on digital platforms for transfers, bill payments, withdrawals, and everyday financial transactions.

The company’s expansion reflects the growing adoption of fintech services among underserved populations, small businesses, traders, artisans, and residents of communities with limited access to traditional banking infrastructure.

OPay describes its mission as driving financial inclusion through technology, particularly in emerging markets where access to financial services remains limited.

The company says its digital wallet platform was developed to provide affordable and easy-to-use financial services for unbanked and underbanked populations while supporting Nigeria’s broader cashless policy drive.

Its contribution to financial inclusion has also received regulatory recognition. In 2024, OPay received the Financial Inclusion Innovation Award from the Central Bank of Nigeria (CBN).

OPay’s growth has largely been driven by increasing demand for digital financial services among both individuals and businesses.

On the consumer side, the platform offers transfers, airtime purchases, utility bill payments, debit cards, and savings solutions through mobile technology.

According to company figures, OPay’s monthly active transacting users increased from 25.13 million in 2024 to 39.32 million by the end of 2025.

The company’s merchant-focused ecosystem also provides payment solutions for SMEs, agents, and enterprise operators through PoS terminals, QR payments, online payment systems, and other smart business solutions.

Its merchant network now supports a broad range of businesses including supermarkets, pharmacies, restaurants, transport operators, and neighbourhood retailers.

Nigeria’s financial regulators have continued to promote digital payments and financial inclusion as part of broader efforts to modernise the economy and reduce dependence on cash transactions.

Fintech platforms such as OPay became particularly important during periods of cash shortages in Nigeria, serving as alternative channels for transactions and payments for millions of individuals and businesses.

According to company data, OPay’s annual gross transaction value (GTV) increased from $166.2 billion in 2024 to $358 billion in 2025, reflecting the growing adoption of digital payments across its ecosystem.

The company also says it has continued to strengthen its compliance systems, fraud prevention technology, risk management framework, and customer security infrastructure as transaction volumes continue to rise.

For millions of Nigerians, especially those in rural and semi-urban communities, access to formal banking services has remained limited due to long distances to bank branches, high transaction costs, infrastructure gaps, and documentation requirements.

OPay’s digital banking model has helped bridge part of this gap by providing wallet services, transfers, bill payments, savings products, and agency banking services through a nationwide network of merchants and agents.

The company’s services are largely targeted at underserved populations including low-income earners, traders, artisans, transport workers, and small business operators who may have limited access to traditional banking infrastructure.

Through its network, users are able to withdraw cash, transfer money, pay bills, and complete other financial transactions within their local communities without relying heavily on physical bank branches.

Beyond financial transactions, OPay’s expansion is also contributing to employment generation and grassroots economic activity across Nigeria.

Its ecosystem supports hundreds of thousands of direct and indirect jobs through agency banking operations, merchant support services, logistics, customer acquisition, and field operations.

For many young Nigerians, PoS agency banking has also become an accessible source of entrepreneurship and income generation, particularly in communities with limited formal employment opportunities.

The company says its long-term growth vision includes creating one million jobs while expanding access to financial services across emerging markets.

OPay’s continued expansion reflects the increasing role fintech companies are playing in Nigeria’s digital economy and financial inclusion drive.

Since entering the Nigerian market, the company has attracted investment from global firms including SoftBank, Sequoia China, Redpoint, and IDG Capital. These investments have supported the development of payment infrastructure, technology systems, merchant acquisition, and broader financial service operations within Nigeria.

As digital adoption continues to rise, fintech platforms are increasingly becoming central to how millions of Nigerians access financial services, complete transactions, and participate in the formal economy.

From major urban centres to underserved communities, OPay’s growing network of users, merchants, and agents highlights the expanding role of technology-driven financial services in shaping Nigeria’s financial future.