In a significant commitment to educational equity and technological advancement, OPay, a prominent fintech innovator in Nigeria, has officially launched its ambitious 10-year, ₦1.2 billion scholarship program. The initiative, first announced in 2024, aims to support exceptional students across Nigeria's tertiary institutions annually by covering full tuition fees and facilitating uninterrupted academic pursuits.
The launch event, the Empowering Futures Conference 2025, was held at the Marriott Hotel in Ikeja and convened educators, policymakers, students, and industry leaders, marking a crucial moment for corporate social responsibility focused on Africa's youth. The conference underscored OPay's vision to dismantle financial barriers in higher education and cultivate a generation prepared to drive national progress.
Vision and Selection Process
Elizabeth Wang, Executive Director of the OPay Nigeria Board and Chief Commercial Officer, elaborated on the program's core principles. "Our vision as a company is to become the most respected and popular company that actively creates social values," Wang stated. "CSR is part of our vision… Education is the future of society, and OPay would like to contribute to the future of society. That’s why we came up with this 10-year scholarship."
The selection process is designed to be transparent and merit-based. OPay has collaborated with tertiary institutions nationwide through Memoranda of Understanding (MOUs) to facilitate student nominations. Wang emphasized the rigorous and inclusive criteria: "We would like to support the students who are really good and they really need financial support to pursue and continue their dreams."
Participating universities conduct initial screenings based on academic excellence and demonstrated financial need. OPay's team then conducts joint reviews to verify eligibility, ensuring fairness and preventing biases.
Inaugural Year Impact and Reach
Currently, 20 prestigious Nigerian universities, including the University of Calabar, Ahmadu Bello University, and the University of Lagos, have partnered with the program. This network encompasses both public and private institutions, promoting broad geographic and socio-economic diversity.
In its first year, the scholarship program has already exceeded initial expectations, supporting 420 students with direct disbursements totaling ₦123,000,000. Funds are transferred directly to students' accounts to streamline the process and minimize administrative delays.
It’s such a beautiful sight here.
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Wang highlighted the direct engagement with recipients: "After we disburse the money to the student directly… we will also call them to say, ‘Have you received it? How can you continue to support your education now?’ We need to ensure that this kind of process is really fair and really benefits the student."
Innovative Extensions: Cyber Lab and Expert Lectures
The initiative extends beyond financial aid, incorporating skill-building opportunities. A key development is the support for the Cyber Lab at the University of Calabar, a project initiated by the university's Vice-Chancellor during MOU discussions. OPay is committed to equipping and renovating the facility to create a state-of-the-art hub for cybersecurity training.
"Our mission is to make financial services more inclusive through technologies," Wang explained. "We are the ones leveraging technologies to reshape the whole financial service already. We have the capability… for fast and reliable security, everything we are already so good at technology."
In addition to infrastructure support, OPay will provide annual on-site lectures by its experts, focusing on emerging cyber threats and fintech innovations. "Every year, we send our team to the school to give them lectures, to let the students know what the latest information is about the cyber technology side," she added. "What kind of technology do we introduce, what is the impact, so that the students can understand the latest information… And when they graduate, they can join to contribute to this part."
Immediate Impact and Future Outlook
The scholarship's immediate impact is significant for the 420 recipients, with the ₦123 million infusion alleviating tuition burdens that average ₦292,857 per student. Testimonials shared at the conference highlighted the profound relief and renewed hope provided by the program. One medical student from Enugu State described the funding as "a lifeline that turned my deferred dreams into reality," while an engineering aspirant from Kano credited it with enabling her to concentrate on innovation rather than financial survival.
Wang's remarks reinforced the program's role as a catalyst for broader change: "We align internally [that] we want to have the social impact supposed to be the future of the society," she stated, underscoring OPay's commitment to societal progress.
The initiative is designed for scalability, with an annual budget of ₦120 million allocated for 400 students. Future plans include expanding to more institutions and incorporating ancillary supports such as mentorship networks.
As OPay solidifies its position as Nigeria’s 50th most powerful company, this scholarship program aligns with its fintech leadership, serving over 30 million users. OPay ensures accountability through direct disbursements and semester-by-semester outcome tracking, with plans for impact audits to inform future iterations of the program.