OPay, a leading mobile banking operator in Nigeria, has committed N1.2 billion to a 10-year merit-based scholarship program, aimed at supporting indigent students across Nigerian universities. This initiative reinforces OPay’s corporate social responsibility (CSR) efforts in the education sector, ensuring broader access to quality education.
Major Partnership – OPay and Obafemi Awolowo University (OAU)
On March 12, 2025, OPay signed a Memorandum of Understanding (MoU) with Obafemi Awolowo University (OAU), marking a significant milestone in the scholarship initiative. Under this agreement:
20 OAU students will receive N300,000 annually for the next 10 years.
A total of N6 million will be invested in OAU each year.
Scaling Up: 400 Students in 20 Universities Annually
According to Justin Zhang, OPay’s Chief Public Affairs Officer, the scholarship will benefit 400 students across at least 20 universities each year, with an annual budget of N120 million. Over 10 years, this will total N1.2 billion, making OPay a key private-sector contributor to tertiary education funding in Nigeria.
“This initiative started in 2024 with a pilot phase at the University of Ibadan and Ahmadu Bello University,” Zhang revealed. “This year, we are expanding the program to cover more institutions, ensuring 400 students per year benefit.”
Read also: OPay Scholarship Transforms Ayuba Bello’s Life, Preserves Family’s Livelihood
Addressing Rising Tuition Fees in Nigerian Universities
OPay’s intervention comes at a critical time when many public universities have increased tuition fees due to relaxed federal regulations. As a result, students are facing higher financial burdens, with institutions seeking private-sector partnerships and student loan programs as alternatives.
At the MoU signing, Professor Yomi Daramola, OAU’s Deputy Vice-Chancellor (Administration), praised the initiative, stating that it aligns with the university’s goal of supporting financially challenged students.
“OPay’s scholarship is significant and will allow students to focus on their studies rather than working multiple jobs to pay fees,” he said. “Selection will be strictly merit-based, overseen by a joint committee of university and OPay representatives.”
OPay: Commitment to Corporate Social Responsibility
Following its record-breaking success in Nigeria’s fintech industry, OPay is now channeling resources into CSR initiatives. In 2024 alone, the company processed N71.5 trillion in transactions—a 53.4% increase from the previous year—with 40 million+ active users.
“Having surpassed our break-even point in 2024, we felt it was time to give back to society,” Zhang noted. “This scholarship is one of the largest private-sector contributions to Nigerian education.”
Call for More Corporate Investments in Education
While student leaders at OAU applaud OPay for it’s efforts, they stress that more corporate organizations should step in to address rising education costs.
“There are concerns that some universities may further increase fees despite federal student loan programs,” said Omoboriowo Damilola, OAU’s Student Union President. “OPay’s initiative is commendable, but we need more companies to support Nigerian students.”
With tuition fees on the rise, OPay’s N1.2 billion investment sets a precedent for sustainable education-focused CSR in Nigeria, encouraging other private-sector players to follow suit.
