Read more about Business
But how did Opay capture the hearts of millions of Nigerians and become a household name in just a few years?
The Early Days
Opay, short for “Opera Pay,” started as a bold idea from Opera Software, the company known for its popular web browser, and a group of Chinese investors who saw the potential in Nigeria’s growing digital economy. They launched Opay in June 2018, with a mission to help millions of Nigerians who didn’t have easy access to traditional banks. But they didn’t just launch their banking solution immediately. They had a strategic plan to win over Nigerians first. Opay began by offering services used by everyday Nigerians and offering them at crazy discounts. They introduced ORide, a ride-hailing service with unbeatable discounts, making it an instant hit in Lagos, where traffic is a daily struggle. People quickly started using ORide as a go-to option for getting around and enjoying more affordable rides. But Opay didn’t just stop at ride-hailing. They rolled out other services like OFood, a food delivery service, and OBus, a bus-hailing service, all offered at great discounts. These services weren’t just about making money; they were a strategic move to get Nigerians hooked on the Opay app for everyday needs. By offering these services at low prices, Opay quickly built trust and got millions of Nigerians on board. Once Opay felt it had earned the trust of millions and had a solid user base, it shifted gears. They began to phase out initial services, like ORide and OFood. But this wasn’t a sign of failure. It was all part of the plan. By then, Nigerians were already familiar with Opay and trusted the brand. So, Opay pivoted to focus on what they originally wanted to do—become a leading digital bank in Nigeria. With its established reputation and large user base, Opay was perfectly positioned to take on the digital banking space, and the ordinary Nigerians had no other option but to follow along, the super app they have come to love.Achievements and Growth
Opay’s success can be attributed to its relentless focus on innovation and understanding the Nigerian market. The company’s mobile wallet quickly became a go-to solution for millions of Nigerians who needed a reliable and accessible means of making payments, transferring money, and accessing financial services without a traditional bank account. By 2022, Opay had over 30 million users, 500,000 agents, and 100,000 merchants, and had processed billions of naira in transactions, making it one of the most significant fintech players in Nigeria.Sign up for the Connect Nigeria daily newsletter
Public Perception
Opay’s success in Nigeria is reflected in the overwhelmingly positive reception from everyday Nigerians. A quick search on X (Twitter) Nigeria reveals numerous posts praising the company for its reliability, ease of use, and innovative services. For instance, an X user tweeted:“Opay made life easy for a lot of Nigerians. From making payments to ordering rides, they changed the game completely.”Another user shared:
“I miss ORide. Those bikes saved me so much time in Lagos traffic. Opay should be commended for that service.”Even in the face of challenges, Opay’s commitment to providing reliable and affordable services has endeared it to the public. Their agent banking network, which allows users to deposit, withdraw, and transfer money at various locations across the country, has been particularly praised for bringing financial services closer to the people. A user noted:
“Opay agents are literally everywhere now. You can do your transactions without going to the bank. That’s real financial inclusion.”Many have also praised Opay for customer service as one user highlighted Opay’s customer service, stating,
“Opay’s customer support is top-notch. I had an issue with a transaction, and it was resolved within minutes. Not many companies in Nigeria can boast of that.”These positive feedbacks have been instrumental in building Opay’s brand and fostering customer loyalty.
Challenges and Opportunities
While Opay has achieved remarkable success, the road ahead is not without challenges. The company faces stiff competition from other fintech players in Nigeria, such as Moniepoint and Palmpay, which are also making significant strides in the digital payment space. There is the challenge of the complex regulatory environment in Nigeria which can pose risks to Opay’s operations. Last year, Opay came under scrutiny over allegations of opening accounts for users without their consent. This and many other issues led to the Central Bank banning the onboarding of new users on Opay and other fintech apps. Also last year, the company’s then-CEO, Olu Akanmu, resigned over what was reported by TechCabal as a clash of visions between the former CEO and the owners of Opay.Register to attend the CN Business Mixer
However, Opay’s leadership remains optimistic about the future. The company continues to invest in new technologies like artificial intelligence and machine learning to enhance its services and stay ahead of the competition. Additionally, Opay is expanding its operations across Africa, with a presence in countries like Kenya and Ghana.
Got a suggestion? Contact us: editor@connectnigeria.com