The Country Manager for OPay in Nigeria, Iniabasi Akpan has said traditional banks should be worried about the fintechs and telecommunications companies granted approval by the Central Bank of Nigeria (CBN) to operate in the financial market.

Since the CBN began to seek alternative channels to serve the underbanked population and drive financial inclusion in the country to 80% next year, the spotlight has been on how valuable banks will be to Nigerians years from now.

More financial and payment services that are not bank-led have continued to make their way into the financial market. The latest driver of the tech onslaught against the traditional banks is OPay which is an interconnected system harbouring payment for local canteens, motorcycle (okada), bus drivers and other bills payment, as well as enabling transfer and receiving of funds. OPay is the parent company of ORide, OBus and OFood.

Akpan, during an interview with Nairametrics said that... https://nairametrics.com/2019/09/25/opays-country-manager-reveals-banks-that-will-fizzle-out-to-mtn-other-fintechs/