Everything You Should Know About Opay

We have so many online banking platforms in Nigeria, and they have made names from themselves in the country. You have the opportunity to carry out so many activities with them, and almost the same activities as you will carry out in different commercial banks of the country. Most of them run like a bank, you can save, make transfers, and pay for utilities among many other things. One of them is OPay, which is a fast-growing business startup in Nigeria. Let us check together everything you need to know about the Fintech Company.

What is OPay?

The Fintech Company was founded in Nigeria in the year 2017. Zhou Yahui founded the company and they are said to have 160 million active users. They have as well processed transactions of around $490 billion. The company is a mobile money platform with a wide range of services that can be offered to customers. Their goal is to unbanked people. OPay came into existence to serve about 60% of Africans, who are unbanked. Their customer base is already about 5 million from Nigeria as they continue to grow. The usage of the app helps one to detect the phone number of another customer. The Fintech Company also offers POS terminals that run transactions with low fees.  You can check the different options for having a merchant account with them via their websites. You can create an online merchant account and a POS account.

Who is the CEO of OPay Nigeria?

As much as it is said that the company was founded in Niger by Zhou Yahui, the Nigeria chapter has a CEO. He goes by the name Olu Akanmu. He is an experienced commercial leader and has a diversity of expertise in consumer goods, also manufacturing healthcare, financial services, and as well as telecommunications. Olu has a piece of in-depth knowledge of cross-industry innovation. This has proven to be an invaluable asset to the organizations he has worked with. Akanmu is now the head of one of the fast-growing Fintech companies in Nigeria. 

Why do people prefer these Fintech companies compared to banks?

So many Nigerians prefer to use these platforms more than using the bank. One of the reasons is that many of these platforms charge no fee for transactions, unlike banks. People prefer to transfer to their loved ones, make payments, and do other things without being charged for it. Also, some of these platforms like OPay add interest on the money you leave there. Also, they go ahead and allow customers to enjoy cashback on any transactions they do. These and more are the reasons why many prefer to use these online companies rather than make use of any of the commercial banks in Nigeria.

What are the benefits of using OPay?

As we have listed some of the reasons why people use these online money platforms. We will be checking the benefits of using OPay. The main thing that drives the company is a passionate team that developed and managed the friendly mobile app with great functionality. Their efficiency has been proven by the growing customer base. You can make withdrawals and also deposits as a merchant to customers. Another benefit is the instant transaction settlement they offer. Also, they follow the transactions in real time. The dashboard has a great user experience where you can see all business transactions. 

Merchants can have good control over the company by tracking all transactions. The company also offers free POS for merchants who can relieve the burden of their customers by providing cashing-out services for them. The firm offers a comprehensive selection of merchant business services, including bill payment, money transfers, savings, etc.  On the OPay app, you can pay your utility bills, subscribe to television services, and receive discounts. Additionally, the service offers vouchers for purchasing airtime. The system can brag about having reasonable fees. On the company's savings products, it's even feasible to earn up to 15% yearly. They have all the necessary tools for every merchant to have a seamless ride on the app. Merchants do enjoy the app specifically made for them. They run customer care support that is trained and polite to customers.

How much is the company worth?

The company started with a startup of motorcycle in Lagos, Nigeria. Which later became a company that is worth about $2 billion. It has raised $400 million from SoftBank, a Japanese investment firm, and other large five companies. It is believed that no other startups in Africa have raised so much money in one round. The valuation of OPay makes it the fastest African startup to cross $1 billion in worth. Though there is a debate about whether it should be regarded as an African startup because it is owned by a Chinese billionaire, Yahui Zhou, who is also the owner of Opera.

The company announced that it does process about $3 billion every month as of May 2020. They claim to have 300,000 agents in the country. Asides from the use of agent banking, and payment processing for businesses, OPay also uses QR codes. The venture capital has taken the company to another level. In 2019, within six months, the Fintech Company made about $50 million and later $120 million. This made it move up in its ambition to dominate African Fintech. The motorcycle business was banned in Lagos, and they were affected by the pandemic as well. This pushed the company to focus on payments, and they run also Egypt, as well as Nigeria.

How to contact Opay customer care

They have different ways by which you can contact them. Just like every other Fintech Companies. Below are ways to contact them for your complaint and inquiries.

WhatsApp: +234 916 599 8936

Email address: customerservice@opay-inc.com

Website: https://www.opayweb.com

They have their headquarters in Lagos. Their office service hours are Monday - Friday from 9 AM to 5 PM (WAT).

Where will the company be in the next five years?

According to an interview with Fintech Magazine, Olu Akanmu stated where the company will be in the next five years. https://fintechmagazine.com/banking/olu-akanmu-ceo-of-opay-nigeria-talks-emerging-markets-and-fintechs

He said, the company, OPay will be a major player in taking millions of Africans into prosperity. This will happen across different countries, and markets, where the base of the company is located. Also, we will bring together millions of people from Africa through our financial rail to something bigger. They will enjoy bigger life and commercial opportunities within the country, not neglecting other birders in Africa and beyond.

While payments are the first rail we are constructing across Africa, several other life-changing financial, lifestyle, and commerce services will travel on the OPay financial rail across the continent as we collaborate with ecosystem partners to help people in Africa realize their full potential. At OPay, we are excited about the upcoming five years.

Is the Fintech Company backed by CBN?

According to a report from Punch Nigeria, the company has been approved by the central bank of Nigeria. Whereby you can make transfers and other banking operations.

In a statement, Mr. Kunle Olamuyiwa, Director of Remittance Services at OPay, said that OPay's infrastructure in Nigeria would make partnerships with international remittance providers easier and faster so that clients could receive payment directly into their bank accounts or mobile wallets.

"The aim is to alter the remittance sector and make sure that foreign money transfers into Nigeria are safer, quicker, and more cost-effective," he stated.

Additionally, recipients can visit any of the over 100,000 OPay mobile money agents in Nigeria to withdraw money from their OPay wallets. With our partners, we will begin facilitating remittances to Nigeria, ensuring the best costs, currency rates, timeliness, and security. We already collaborate with some of the largest international remittance firms on a global scale.

OPay USSD Code

The Fintech also has its USSD code that can be used and it is *955#. This can be accessed using the number you registered with. 

Does OPay give Loans?

The company gives loans to people with affordable interest via EaseMoni and OKash. But as of November 5, 2022, the company stated that they will no longer provide access to the loan company. That customers can get loans from the companies by downloading their apps to access their loan services.

OPay Social Media Handles

You can connect with Opay on their social media handles:

Facebook

Instagram

Twitter

Website

Final Words on OPay

OPay remains one of the fastest-growing startups in Nigeria and Africa. Most people still use them for different transactions. You can also get to their website to see more about them.

For more career tips, you can check HERE. If you need some articles on salaries, check HERE. We have so many job updates, that you can check HERE as well.