Who Owns OPay Bank in Nigeria?
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| Who Owns OPay Bank in Nigeria? |
OPay, officially known as OPay Digital Services Limited, is a major player in Nigeria’s fintech space—but who owns it? Dive into the answers below to uncover the ownership structure, founders, and strategic partners behind OPay Bank.
1. The Founder & Origin Story
OPay traces its roots to Paycom Nigeria Limited, founded in 2013. However, its modern rebirth came in December 2017, when Opera Software acquired Paycom and rebranded it to OPay. OPay’s official name, OPay Digital Services Limited, reflects its mobile-focused financial services model.
The founding visionary behind OPay is Zhou Yahui, a Chinese billionaire at the helm of Opera Software. Under his leadership, Opera pivoted from internet browsers into fintech, launching OPay in Nigeria and beyond.
2. Opera Software: The Parent Company
OPay is a subsidiary of Opera Limited, a Norwegian tech company known globally for its internet browser. Opera officially owns the platform, having led the acquisition of Paycom to expand into Africa’s payment sector.
Although Opera holds the controlling stake, investment rounds have diluted its percentage to around 9.44% by 2024. Nonetheless, Opera remains the parent brand guiding OPay’s vision and strategy.
3. Who Else Is Investing in OPay?
OPay stands out for its robust venture capital backing:
Initial funding and rapid scaling came from investors like IDG Capital, Sequoia China, Source Code Capital, and more in 2019.
In 2021, OPay raised $400 million in a major financing round led by SoftBank Vision Fund 2, marking one of SoftBank’s first African fintech investments.
These major injections have fueled OPay’s growth, helping it achieve unicorn status with multi-billion dollar valuation by 2023–2024.
4. Quick Ownership Overview
Key Element Details
Legal Name OPay Digital Services Limited (formerly Paycom Nigeria)
Founder Zhou Yahui (Opera Software)
Parent Company Opera Limited
Major Investors SoftBank Vision Fund, Sequoia China, IDG, Source Code, others
Corporate HQ Ikeja, Lagos, Nigeria
5. Why Ownership Matters
Credibility & Trust: Opera’s backing enhances OPay’s global credibility and user trust.
Access to Capital: With funding from SoftBank and others, OPay can scale aggressively across Africa.
Strategic Vision: Founder Zhou Yahui’s tech leadership continues shaping OPay’s product evolution.
Regulatory Confidence: As a CBN-licensed operator, OPay’s structure aligns with regulatory oversight and consumer protection.
OPay brings inclusive banking to the fingertips of millions by blending tech-forward thinking with strategic investment and trusted backing. If you'd like, I can expand this into a series—exploring OPay’s expansion, leadership changes, or comparisons with competitors like PalmPay or Kuda. Just say the word!
