OPay Drives Financial Inclusion as Nigeria Targets 95% Access by 2028

Sunday Ehigiator

As Nigeria targets approximately 95 per cent financial inclusion by 2028 under Payment System Vision (PSV) 2028 of Central Bank of Nigeria (CBN), fintech company, OPay, is increasingly being recognised as a key enabler of the country’s drive towards a more inclusive and digitally connected economy.

CBN recently unveiled PSV 2028, a comprehensive framework, under the core message, “Empowering People, Connecting Markets, Growing the Economy,” designed to strengthen Nigeria’s payment ecosystem through enhanced infrastructure, innovation, interoperability, security, and financial inclusion.

At the heart of the vision is the recognition that payments have evolved beyond simple transactions to become a critical infrastructure that supports commerce, entrepreneurship, economic participation, and national development.

Nigeria’s financial services sector has undergone a significant transformation in recent years, moving away from a system largely dependent on traditional banking halls and branch networks towards one increasingly driven by digital channels.

Tens of millions of Nigerians now rely on digital payment platforms to transfer money, settle bills, receive salaries, purchase goods and services, and conduct business activities without visiting a bank branch.

Industry stakeholders note that technology-driven financial institutions have played a pivotal role in driving this transition, with OPay emerging as one of the companies helping to build the digital infrastructure underpinning the country’s growing economy.

According to analysts, OPay’s contributions extend beyond facilitating transactions to include advancing financial inclusion, supporting innovation, creating economic opportunities, and strengthening Nigeria’s broader financial ecosystem.

The PSV 2028 framework identifies robust payment infrastructure as a critical requirement for a modern economy, emphasising seamless connectivity among banks, fintech companies, mobile money operators, and payment service providers to ensure reliable, real-time transactions and improved customer experiences.

Through sustained investments in technology, payment infrastructure, and service reliability, OPay has helped tens of millions of Nigerians gain easier access to formal financial services. Customers can transfer funds, pay utility bills, purchase airtime and data, access merchant payment solutions, and perform various financial transactions from virtually anywhere in the country.

Observers say digital payments have increasingly become an everyday utility for many Nigerians, playing a role comparable to telecommunications and transportation in supporting daily life and economic activities.

A major pillar of the PSV 2028 strategy is expanding financial inclusion. To achieve the target of approximately 95 per cent financial inclusion by 2028, the framework prioritises broader digital banking access, increased mobile money adoption, expanded agency banking networks, simplified customer onboarding, and deeper penetration into underserved communities.

Despite progress in recent years, millions of Nigerians, particularly in rural and remote areas, still face barriers to accessing formal financial services. Stakeholders view this as one of the country’s most pressing economic development challenges.

OPay’s operating model has been built around addressing this gap. By combining digital technology with an extensive network of agents and merchants nationwide, the company has expanded access to financial services for individuals and businesses that previously operated on the margins of the formal financial system.

The extensive network enables customers to access essential financial services in their communities, eliminating the need for long, costly trips to bank branches. Analysts say this approach has significantly improved convenience, lowered barriers to financial access, and extended services into historically underserved areas.

Experts stress that financial inclusion extends beyond opening accounts. It also involves empowering individuals to participate actively in economic life through secure payments, savings, business transactions, and access to digital financial services.

The PSV 2028 framework also places considerable emphasis on innovation as a driver of growth within the financial sector. Open banking, digital identity integration, artificial intelligence, emerging technologies, and a stronger fintech ecosystem are among the key areas highlighted in the strategy.

Nigeria has emerged as one of Africa’s leading fintech markets, driven by a youthful population, rising smartphone penetration, and growing demand for digital convenience. OPay has been an active participant in this evolution, continually improving its platform, expanding digital capabilities, and leveraging technology to simplify financial services for users.

Industry experts note that meaningful innovation is not merely about introducing new features but about solving real-world problems, reducing transaction friction, improving accessibility, strengthening security, and delivering payment experiences that meet consumer needs.

CBN has consistently maintained that innovation must be supported by appropriate regulatory frameworks that encourage growth while safeguarding financial stability and consumer interests.

Another critical component of PSV 2028 is the strengthening of trust within the payment ecosystem. The framework identifies cybersecurity, fraud prevention, consumer protection, data privacy, and operational resilience as essential enablers of sustainable growth in digital financial services.

As digital adoption continues to expand, maintaining public confidence in financial platforms has become increasingly important. OPay has continued to invest in security infrastructure, fraud prevention systems, customer education initiatives, and service reliability measures aimed at protecting users and reinforcing trust in digital transactions.

Stakeholders say dependable and secure service delivery supports broader industry efforts to build a payment ecosystem in which Nigerians can transact with confidence while aligning with the CBN’s objective of reducing fraud losses and enhancing the resilience of the country’s payment infrastructure.

Looking ahead, experts believe the successful implementation of PSV 2028 will require sustained collaboration among regulators, financial institutions, fintech companies, payment service providers, mobile money operators, and other ecosystem stakeholders.

The framework reflects a growing recognition that payments are no longer merely a means of transferring money but have become platforms that enable broader financial services, commerce, innovation, and economic opportunity.

Analysts say this evolution mirrors the trajectory of companies such as OPay, which have grown from payment providers into important facilitators of economic participation. Through efforts aimed at expanding financial access, supporting entrepreneurs and businesses, generating employment opportunities, encouraging innovation, and helping millions of Nigerians engage more actively with the formal economy, the company is contributing to the infrastructure required for sustainable long-term growth.

As Nigeria pursues the goals outlined in PSV 2028, industry observers maintain that the future of financial services will be measured not only by the volume of transactions processed but by the opportunities created for individuals, businesses, and communities.

For OPay and other players in the fintech ecosystem, the challenge and opportunity lie in helping to build a more inclusive, connected, and digitally enabled economy capable of supporting Nigeria’s long-term development ambitions.