OPay, a financial technology company, was named the “Mobile Payment Solutions Provider of the Year” at the 12th Annual Banks and Other Financial Institutions (BAFI) Awards, an event that was hosted by Business Day.

The recognition underscores OPay’s commitment to innovation, client satisfaction, and its pioneering efforts in secure digital payments within Nigeria’s rapidly evolving fintech landscape, according to Opay’s Chief Operating Officer Dotun Adekunle.

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OPay leads the future of secure payments

“This award further reinforces OPay’s relentless drive to enhance security and user experience across its suite of financial products and services. With a clear focus on protecting its users’ financial integrity, OPay has pioneered innovative multiple security solutions that address key challenges in the digital payments space,” Opay said in a statement on Monday.

The company said that the Large Transaction Shield, which offers an extra layer of security for high-value transactions, minimises risk of errors and unauthorised transfers. It described the Shields as one of its most notable inventions.

“By introducing an additional verification step, this solution minimises the risk of errors and unauthorised transfers, offering peace of mind to users. In addition, OPay’s NightGuard feature allows users to restrict access to their accounts during specific hours, further safeguarding them against potential fraudulent activities during vulnerable overnight periods,” it stated.

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Enhancing accessibility through USSD codes

OPay has made significant strides in accessibility and inclusion by integrating USSD codes into its services, allowing users to perform transactions securely without internet connectivity.

USSD codes avail financial services to everyone particularly customers in remote areas with poor or inexistent internet connectivity.

“We are incredibly proud to be recognised as the ‘Mobile Payment Solutions Provider of the Year. This award and recognition showcase our unwavering commitment to security, innovation, and providing our users with a seamless and safe digital payment experience,” the statement said.

“At OPay, we believe that providing secure and accessible financial solutions is essential to advancing financial inclusion and empowering individuals and businesses alike,” said Mr Adekunle.

While increasing access to a variety of financial services, OPay, a licensed and insured financial institution overseen by the Nigeria Deposit Insurance Corporation and subject to Central Bank of Nigeria (CBN) regulations, continues to meet and exceed strict security and compliance criteria.

Tens of millions of Nigerian consumers and businesses depend on OPay for smooth financial transactions at a time when the country’s commercial banking industry is facing serious challenges due to system upgrades and malfunctions.