A financial institution, OPay, has extended its N1.2 billion 10-year scholarship scheme to Olabisi Onabanjo University, emerging as the ninth beneficiary of this initiative.

According to a statement, the scholarship will cover 20 students of the institution, receiving N300,000 every year to cover their tuition and other academic-related expenses through the scholarship scheme.

"This shows OPay's unwavering committment to education and youth empowerment in Nigeria.

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"Through this, OPay is empowering students to focus on their studies, develop their potential, and pursue their dreams without financial constraints," it said.

Speaking at the MOU signing ceremony, the firm's Chief Public Affairs Officer, Justin Zhan highlighted the importance of empowering Nigerian youths through education.

"Olabisi Onabanjo University is the 9th university we have partnered with this year to give scholarships to 20 students of the instution every year. We believe this initiative will allow talented students to focus on their education," he said.

The University's Vice-Chancellor, Prof. Ayodeji Agboola, expressed gratitude on behalf of the institution, saying the scholarship would encourage the students to focus on their academics.

"We have had several students take gap years in order to come up with funds to continue their education. With this scholarship intiative, some will be able to continue their education without any hassle.

"OPay's investment in this institution is not misplaced as Olabisi Onabanjo University has produced several notable and influential persons across various industries in Nigeria."