Africa is on the cusp of a digital revolution, one that has the potential to disrupt its economic landscape. As Vice President for Public & Government Affairs at OPay Digital Services Limited, commonly called OPay, Maxwell P. Loko is playing a vital role in shaping the future of Nigeria’s digital financial services.
His comprehensive experience in both the private and public sectors, along with his deep understanding of Nigeria’s economic and social landscape, makes Maxwell an invaluable asset in navigating the complexities of the economy, society, government, and regulations, and in propelling financial inclusion through digital financial services.
Maxwell draws inspiration from Winston Churchill’s quote: “Success is not final, failure is not fatal: It is the courage to continue that counts,” while he derives his motivation from a deep-seated commitment to advancing financial inclusion, promoting regulatory excellence, and driving transformative change in the digital services landscape. “By harnessing innovation and advocating for inclusive growth, I aspire to leave a lasting legacy characterized by integrity, resilience, and positive societal impact,” Maxwell says. “My dedication to lifelong learning, mentorship, and sustainability initiatives underscores my vision for creating a more equitable and prosperous future.”
A Brief Overview of Career Journey
Maxwell’s career spans both the private and public sectors, offering a rich tapestry of experiences that have shaped his journey to OPay Digital Services Limited.
After graduating with a B.Sc. in Economics, he began his professional journey in the private sector, gaining invaluable insights into business operations and management. His transition to the public sector was marked by significant roles in government-owned media, including a tenure as the Managing Director of NTA-TVE, where he worked for 26 fruitful years. “This extensive experience in media management and service delivery laid a solid foundation for my current role at OPay,” Maxwell says.
He joined OPay in May of 2023. He initially served as Executive Director of Government Relations before being appointed VP of Public & Government Affairs.
Maxwell is a highly accomplished leader. He attributes his professional success to a relentless pursuit of excellence, integrity, and collaborative leadership. By fostering strategic partnerships, embracing technological advancements, and advocating for ethical business practices, he has navigated complex challenges and achieved sustainable growth in the digital services sector.
“Moreover, my academic background in Political Economy & Development Studies has provided me with a nuanced understanding of socio-economic dynamics, critical for shaping inclusive business strategies,” he says.
Belief in Transformative Power of Digital Technologies
Maxwell has a profound belief in the transformative power of digital technologies, driving inclusive economic growth and societal development. He is inspired by this belief to pursue a career in public and government affairs within the digital services sectors.
He points out that the convergence of his academic pursuits in Political Economy & Development Studies, coupled with hands-on experience in media and service management, “uniquely positioned” him to navigate the intricate intersection of policy, technology, and public perception. “Having witnessed firsthand the impact of media and communication in shaping public perception and policy, I was drawn to the fusion of public affairs and digital innovation,” he adds.
Also, the opportunity to influence regulatory framework and advocate for policies that promote financial inclusion and cybersecurity resonated deeply with Maxwell’s passion for advancing societal welfare through strategic governance and technological advancements.
Encountering Challenges
Throughout his career, Maxwell has encountered multiple challenges, and he has successfully navigated all of them. Some of the roadblocks came in the form of cybersecurity vulnerabilities, regulatory complexities, and socio-economic constraints. Maxwell says that he could successfully overcome these hurdles by fostering collaborative partnerships with stakeholders, advocating for progressive policy reforms, and leveraging his expertise in media management and public affairs.
“Embracing resilience, innovation, and continuous learning has been pivotal in driving sustainable growth and fostering positive societal impact in the digital services sector,” he adds.
Achievements at OPay
OPay’s mission is to make financial services more inclusive through technology. It is a one-stop financial service platform for payments, transfers, savings, loans, and other essential services for users. Currently, OPay has more than tens of millions of users, agents, and merchants in Nigeria.
Maxwell has steered OPay toward achieving nationwide coverage in mobile money operations, facilitating over 1.7 million daily transactions with 100% national coverage. The company now boasts more than 500,000 POS agent locations, an average daily transaction value of over 22 billion, over 40 million app users, and more than 7,000 aggregators. For him, this is one of the proudest achievements of his career.
“This milestone underscores our commitment to scalability, reliability, and customer-centric service delivery,” Maxwell says. Moreover, enhancing business acumen and regulatory compliance through robust public engagement initiatives has also been instrumental in reinforcing OPay’s leadership in the digital payments landscape.
Maxwell is particularly proud of spearheading the development of a robust risk management framework amid evolving cybersecurity threats and regulatory challenges. He highlights that this initiative has not only fortified OPay’s operational resilience but also strengthened its commitment to safeguarding user data and financial transactions.
“By implementing proactive measures and fostering a culture of compliance, we have positioned OPay as a trailblazer in setting industry standards for cybersecurity and regulatory excellence,” Maxwell says.
Striving to Achieve Financial Inclusion
In 2018, the Central Bank of Nigeria (CBN) created a license for payment service banks (PSBs) that offer digital payments but no loans. In 2022, it granted PSB licenses to two large telecommunication firms functioning as mobile money operators (MMOs). Maxwell notes that one of the reasons for issuing licenses to MMOs was to achieve financial inclusion, targeting the underbanked and unbanked.
“To understand this better, let’s look at Nigeria’s demography,” he adds. The Nigerian adult population of 18 years and above is approximately 106 million, and about two-thirds, approximately 70 million, of this population live in rural areas. Maxwell points out that 70 million – approximately 60% – are 35 years and younger, while 20 million adults, 20% of the population, have no formal education. And about 40 million adults, equal to 37% of the population, are financially excluded in Nigeria, and around 35% of the financially excluded own mobile phones. “How does one bridge this gap? This is where OPay comes to the rescue and makes a tremendous impact,” Maxwell says.
According to him, banks in Nigeria operate efficiently in developed and urban areas, with several branches and ATM machines. However, rural areas tell a different story. Branches in rural areas are scarce due to economic infrastructure deficits in the country. This reason, among others, makes it difficult for rural dwellers to access financial services, Maxwell points out.
In addition to these factors, many of the underbanked and unbanked can hardly afford the cost of banking and financial services, he explains, adding the banks are too few, and the cost of getting to the bank is too expensive. This barrier is said to account for around 65% of Nigeria’s financial exclusion status.
Over four years ago, OPay keyed into the Central Bank of Nigeria’s initiative aimed at deepening financial inclusion in Nigeria. The main objective is to bring basic financial services to the doorstep of underbanked individuals and SMEs in Nigeria.
Maxwell highlights that the OPay brand is a clear leader in the industry’s drive to achieve the financial inclusion vision. “The journey has been rewarding and will only get better as the organisation consistently breaks new ground and conquers territories that have been previously excluded from financial services,” he adds.
Primary Responsibilities and Work-Life Balance
As VP of Public & Government Affairs at OPay, Maxwell’s primary responsibilities encompass cultivating strategic relationships with regulatory bodies, government agencies, and stakeholders to ensure compliance and drive favourable policy outcomes. His role requires him to oversee comprehensive public engagement initiatives, advocating for the advancement of digital financial services and cybersecurity measures. He also spearheads initiatives that promote financial inclusion and regulatory awareness, underscoring OPay’s commitment to empowering communities through accessible digital solutions.
“Critical in these responsibilities, is monitoring and ensuring compliance with relevant financial regulations and laws, while also advocating for policies and regulations that benefit the fintech industry,” Maxwell says.
Additionally, he builds and maintains relationships with government officials, regulatory bodies, and industry associations. On the public side, he is responsible for managing the company’s public image and communication strategy. Maxwell explains that when it comes to media relations, he releases press releases, gives interviews, and makes public statements. “I handle crisis management and ensure effective communication during times of challenges or controversy,” he adds.
Does his demanding work schedule allow him to achieve a work-life balance? Maxwell agrees with what Hillary Clinton once said, “Don’t confuse having a career with having a life.” He firmly believes that maintaining work-life balance is essential for sustained productivity and personal well-being.
“I find solace in playing golf and dedicating time to reading, which allows me to unwind and gain fresh perspectives,” Maxwell shares. He also sets clear priorities, delegates responsibilities, and cultivates a supportive work environment, which allows him to allocate time efficiently between professional commitments and personal pursuits. “This ensures holistic well-being and sustained leadership effectiveness,” he says.
Future Goals and Legacy
Maxwell believes legacies extend beyond what someone accomplished in their career. According to him, they are more about what impact they had on others and the path they left for those who follow. So, through his work at OPay, Maxwell aspires to leave a legacy defined by innovation, ethical leadership, and inclusive economic growth.
As for his goals for OPay, he intends to expand its footprint in digital payment solutions. His focus is also on driving sustainable development initiatives, in addition to advocating for policy reforms that prioritise consumer protection and cybersecurity.
“Personally, I remain committed to fostering mentorship opportunities, promoting environmental stewardship, and contributing to initiatives that promote social equity and community empowerment,” Maxwell says.
Trends Shaping the Future of Digital Services Space
In Africa, Maxwell foresees the convergence of artificial intelligence (AI), blockchain technology, and data analytics revolutionizing the digital services sector. He expects these innovations to not only drive personalized customer experiences and enhance cybersecurity measures but also expand access to digital financial services across diverse demographic segments.
Maxwell points out that several emerging trends are shaping the digital landscape globally. For example, blockchain is revolutionizing services by offering secure, transparent, and decentralized transaction mechanisms, while AI and machine learning are transforming how financial institutions analyse data, automate processes, and personalise customer experiences. “Countless payments, peer-to-peer (P2P) transfers, and QR Code payments are gaining traction globally,” he says.
Quantum computing, still in the early stage of development, has the potential to revolutionize data processing, cryptography, and risk modelling within financial services, Maxwell adds. He highlights that it promises to significantly enhance computational capabilities and unlock new opportunities for innovation.
Meanwhile, in Africa, in addition to advanced technologies, regulatory reforms and public-private partnerships will play a pivotal role in fostering a conducive ecosystem for sustainable growth and innovation in the digital economy, says Maxwell.
Message to Aspiring Young Leaders in the Digital Services Industry
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do”: Steve Jobs. Maxwell quotes late Apple founder, Steve Jobs, words of wisdom to encourage aspiring young leaders to love what they do, which will lead them to doing great work.
He also advises them to embrace innovation, cultivate regulatory literacy, and foster inclusive leadership once they are part of the digital services industry. “By leveraging emerging technologies, advocating for policy reforms, and nurturing a culture of continuous learning, you can navigate challenges, drive transformative change, and contribute meaningfully to advancing digital inclusion and economic prosperity in Africa,” he says.
