Over the past year, Opay experienced significant growth, mostly driven by a currency redesign that caused cash scarcity, prompting more Nigerians to turn to fintech apps like Moniepoint and Opay for transactions.

According to the Nigerian Inter-Bank Settlement Scheme (NIBSS), annual digital payments reached N611 trillion by the end of 2023.

With Opay’s user base quadrupling and its revenue increasing by over 60% throughout 2023, it is safe to say that Opay experienced significant growth. However, Opay is faced by challenges related to fraud and customer safety. This has led regulatory bodies, such as the Central Bank of Nigeria, to enact stricter rules to ensure account safety.

The Central Bank of Nigeria reportedly directed fintech firms like Moniepoint, Opay, Kuda Bank and Palmpay to restrict new account openings. This move is aimed at preventing further illegal activities.