25/09/2026
FUNAAB, OPay Sign ₦60m MoU to Support Students
… Partnership provides ₦300,000 Annual Scholarship, Innovation Challenge and Talent Development Opportunities
By Olasunkanmi Olajide & Joy Olabanji
The Federal University of Agriculture, Abeokuta (FUNAAB) and OPay Digital Services Limited on September 24, 2026, signed a landmark ₦60 million Memorandum of Understanding (MoU) to support students through scholarships, innovation challenges, capacity building and talent development opportunities, in a partnership designed to ease financial pressures while preparing students for the world of work.
The partnership, according to OPay’s Corporate Social Responsibility (CSR) Manager, Mr. Itoro Udo, would provide 20 FUNAAB students with ₦300,000 each annually, subject to meeting the scholarship’s academic requirements. He explained that FUNAAB was the 26th institution to join the initiative, which OPay intended to expand to at least 41 tertiary institutions across the country. The MoU, he added, covers a 10-year period, while beneficiaries would be required to maintain strong academic performance to remain eligible for continued support.
Mr. Udo stated further that the scholarship scheme was conceived to support academically promising students who face financial challenges, noting that OPay had first introduced the initiative in other institutions before expanding it nationwide. He stressed that receiving the scholarship in one academic year does not automatically guarantee renewal, as beneficiaries are expected to demonstrate continued commitment to their studies and earn subsequent support through their performance.
Beyond the scholarship, he disclosed that OPay had evolved the initiative into a broader Innovation Challenge, designed to bridge knowledge and employability gaps among young people. The programme includes webinars, boot camps and practical engagements with professionals in the fintech and technology sectors, giving students opportunities to understand the skills required by employers and interact with practitioners behind the development of OPay and related technologies.
Mr. Udo added that OPay had partnered with Google and other technology stakeholders, as well as the Federal Government’s 3 Million Technical Talent (3MTT) programme, to develop a talent pipeline. Through assessments and training, outstanding participants are identified for potential internships and job-placement opportunities, ensuring that the initiative goes beyond training to create pathways into employment and professional development.
He stressed that FUNAAB would have a dedicated institutional quota in subsequent application cycles. The University would receive applications for verification and select the best 20 scholarship beneficiaries, from whom five would be chosen to represent FUNAAB in the Innovation Challenge and compete with selected students from other participating institutions. He emphasised that OPay would rely on the University to verify applicants and ensure the credibility and integrity of the selection process.
Responding, the Vice-Chancellor, Prof. Babatunde Kehinde, appreciated OPay for choosing FUNAAB for the initiative, stressing that the company had voluntarily extended the opportunity to the University. He noted that the partnership would complement the efforts of the University, Students’ Union and individual members of staff in supporting students who sometimes struggle to meet school charges and other educational expenses.
Prof. Kehinde explained that although federal universities do not charge tuition, students are required to pay certain charges for services, including medical and ICT services, and that these expenses can be difficult for some families to meet. He noted that FUNAAB, with a student population of about 25,000 and expected to rise to approximately 27,000, has students from diverse economic backgrounds who would benefit from additional support. He assured OPay that the selection of beneficiaries would be transparent, merit-based and conducted with integrity.
The Vice Chancellor also highlighted existing structures that could support the implementation of the partnership, including the Centre for Entrepreneurial Studies (CENTS) and the Career Services and Linkages Unit (CSLU), which expose students to entrepreneurship, career opportunities, industry engagement and professional development. He disclosed that the University also has students who have independently formed technology-focused groups, demonstrating growing interest in areas such as data analysis, digital technology and innovation across disciplines.
The Vice Chancellor expressed confidence that the collaboration would not only ease the financial burden on beneficiaries, but also equip them with skills and opportunities to contribute meaningfully to society, while assuring OPay of the University’s commitment to working jointly on the transparent implementation of the scholarship and Innovation Challenge programmes.
The meeting culminated in the signing of the ₦60 million MoU, marking the beginning of a 10-year partnership expected to provide scholarship support, innovation and employability programmes for FUNAAB students.
Present at the meeting were the Deputy Vice-Chancellor, Academic, Prof. Olusegun Idowu; Principal Assistant Registrar, Vice-Chancellor’s Office, Mr. Adekunle Adebiyi and the University Legal Officer, Mrs. Olanrewaju Tanimowo, including the OPay's CSR Officer, Mr. Babatunde Akinloluwa, among others.
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