Campus News

Opay, UNILORIN sign N60m MoU to support indigent students

In a move aimed at promoting access to education by underprivileged students, a fintech and mobile money service provider, Opay, has signed a Memorandum of Understanding (MoU) with the University of Ilorin to provide scholarship support of N60 million for intelligent but indigent students over a period of 10 years.

The MoU, which is for the company to sponsor 20 students annually, with each beneficiary receiving N300,000 to support their educational pursuits, was signed penultimate Wednesday (April 16, 2025) at a meeting held at the Vice Chancellor’s Committee Room.     

Speaking during the meeting, the Vice Chancellor , Prof. Wahab Olasupo Egbewole, SAN, expressed appreciation to Opay for selecting the University of Ilorin as a key partner in its corporate social responsibility initiative, describing it as a strategic intervention that aligns with the University’s core values and mission to provide access to quality education.

Prof. Egbewole assured Opay of the institution’s commitment to nurturing and sustaining the partnership, saying that UNILORIN, as the most sought-after University in Nigeria, remains open to productive collaborations. He explained that the University plans to deepen the relationship further by involving Opay in some of its major initiatives, especially, the forthcoming 50th anniversary celebration.

The Vice Chancellor also used the meeting to introduce the U-Inspire project, an initiative that offers students an additional certificate by connecting them directly with industries to gain practical exposure. He said that Opay’s involvement in this scheme would enrich students’ understanding of current technologies and business practices in the fintech sector.

Prof. Egbewole also shared plans to develop an Innovation Hub on a five-hectare land identified for the project on the campus. He explained that the hub is envisioned to include a science laboratory and technology park that will provide companies with the opportunity to establish a presence on campus. He added that the setup would enable students to gain firsthand industry experience, thereby bridging the gap between academic knowledge and practical application.

While addressing concerns about transparency in the selection of scholarship beneficiaries, the Vice Chancellor explained that the University has a well-established system that has been in operation for over two decades. He said, “In this University, for more than 20 years, we have created a column for scholars, that is, students who are the best in their various Departments. We have the best scholar in each Faculty, we have the best scholar in each department and of course the best student in each programme. With this, selecting the beneficiary is going to be a lot easier”.

               On the broader role of private organisations in supporting education, Prof. Egbewole commended Opay for its efforts in easing the financial burden on students. He highlighted the importance of such support, noting that it can significantly reduce the struggles many students face, including food insecurity and data costs, among others. He described the N300, 000 yearly scholarship per student as a meaningful contribution that should be applauded and encouraged.

               Prof. Egbewole further observed that Opay’s philanthropic gesture aligns perfectly with the University’s vision of becoming an international centre of excellence through active collaboration with the industry.

               The Vice Chancellor added that the new partnership with Opay brings the number of industry collaborators with the University to 20, as the institution continues to expand its engagement with corporate bodies in order to create more opportunities for its students.

Earlier in his remarks, the Chief Public Affairs Officer of Opay, Mr Justin Zhang, said that the company, which is a trusted financial technology institution with a widely used mobile application, serves a predominantly youthful customer base. He noted that this demographic focus has inspired the company to direct its corporate social responsibility (CSR) efforts towards supporting young Nigerians in tertiary institutions across the country.

Mr Zhang stated that Opay is particularly interested in empowering smart, ambitious, and passionate students who may lack the financial resources to complete their education. According to him, the scholarship programme was launched last year as part of the company’s broader mission to bridge the gap between talent and opportunity.

               He pointed out that Opay is entering into a formal agreement with the University to sponsor 20 students annually, with each beneficiary receiving N300, 000 to support their educational pursuits. He said that the initiative was designed to create a consistent support system that will alleviate financial burdens and allow students to focus on their academic and personal development.

               Mr Zhang explained that Opay’s decision to commit to a decade-long partnership with the University of Ilorin underscores the company’s confidence in the institution’s values and operational integrity. He also hinted at the possibility of upward reviews of the scholarship amount in the future, taking into account prevailing economic realities. He noted that this is to ensure that students continue to receive meaningful support that addresses their core academic and living expenses.

The Vice Chancellor was joined at the MoU signing ceremony by the  Registrar, Mr Mansur Adeleke Alfanla and the Ag. Director of Legal Unit, Mrs Faridah Funmilayo Sheriff. They were joined by the CSR Project Manager of Opay, Mr Itoro Udo.