SunTrust Bank Nigeria Limited has signed a strategic partnership agreement with OPay Digital Services Limited to strengthen Nigeria’s digital payments ecosystem and expand financial inclusion.
The partnership, executed through a Terminal ID Services Agreement, will see SunTrust Bank provide Terminal Identification Numbers (TIDs) and related support services for OPay’s extensive network of point-of-sale (POS) merchants and agents across the country.
Under the arrangement, SunTrust Bank will deliver terminal registration, identification and management services, as well as transaction settlement and reconciliation support aimed at improving the efficiency and reliability of OPay’s merchant payment operations.
According to a statement issued by SunTrust Bank, the collaboration combines SunTrust Bank’s banking infrastructure and financial services capabilities with OPay’s broad merchant and digital payments network to drive seamless electronic transactions for businesses and consumers.
The agreement comes as financial institutions and fintech operators continue to deepen collaboration in response to growing demand for digital payment services and the expansion of agency banking channels nationwide.
SunTrust Bank said the partnership aligns with its strategy of building alliances that support innovation, broaden access to financial services and contribute to Nigeria’s transition towards a cashless economy.
Industry stakeholders view partnerships between banks and fintech companies as critical to expanding payment acceptance infrastructure, boosting transaction efficiency and enhancing access to formal financial services, particularly among underserved segments of the population.
Related News
Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers.
She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay.
She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos.
As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender.
She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies.
Ifeoma is a one-time winner of the
prestigious Nigeria Media Merit Award under the ‘Aviation Writer of the Year’ Category.
She is the 2025 Eloy Award winner under the Print Media Journalist category.
She has undergone several journalism trainings by various prestigious organisations.
Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.
Source: