Let’s meet OPay, the SoftBank-backed fintech that is outstanding even TikTok


According to Data.Ai, OPay isn’t just Nigeria’s most popular fintech app but also its the most downloaded one. With more than 30 million users, over 500,000 agents, and 300,000 merchants, the fintech is even outperforming global giants like WhatsApp, TikTok or Telegram.

Today, OPay is known mostly as money transfer, however, it didn’t start out as a fintech app. Although it was launched in 2018 with the dream of becoming a super-app, only thanks to the funding and know-how from SoftBank, the platform achieved its goal of offering several financing services. Starting with OFood, ORide, OCar, OBus, and OKash, OPay laid a solid foundation for its exponential growth.

And now the escalating demand for seamless digital payment solutions within Nigeria has illuminated OPay's trajectory, positioning it as a super fast, secure, and reliable platform for all kinds of financial transactions.

An alternative during the cash crisis

The SoftBank-backed fintech even helped Nigerians through a recent cash crisis. Amid the chaos of those days, OPay was one of the only reliable platforms for financial transactions.

Across the country, people became frustrated, not only because they could not receive money from his customers but also because they were unable to do business due to the consistent failure of their bank app. In this framework, the digital financial platform came out as a valid alternative to the traditional economic channels.

Not only E-wallet

First, OPay’s money transfer technology does not depend on the traditional banking system. Anyone can transfer money via OPay — no matter what their bank is — and it is credited to the recipient’s account almost instantly.

The app is also popular with ride-hailing drivers and artisans who work in low-trust environments and rely on getting paid quickly.

In fact, one of the most exciting parts of OPay is the ease with which Nigerians can open an account and get a debit card instantly, a factor that is making opening an account attractive to many, especially with the cashless policy of the Central Bank of Nigeria, thus deepening financial inclusion in the country.

New members are automatically assigned a bank account number using the last 10 digits of their phone number. A lot of Nigerians are now being brought to the financial system through the services of OPay.

Beyond Banking Services

For many Nigerians who have been burdened with multiple charges on their bank accounts, OPay came as a huge relief with its improved financial service model. Funds transferred on OPay are free to the customers and they are not charged for receiving money into their wallets.

The factor of bank charges is one of the main reasons why some Nigerians have decided not to open a bank account.

Thus, the fintech has provided a leeway and it is not surprising that many Nigerians, who would have been financially excluded, are now opening OPay accounts.

Rather than charging its customers, OPay offers cashback as an additional incentive to its customers. For instance, if a customer buys airtime for any network on the OPay app, he or she gets a cashback reward for each transaction.

The more airtime a customer buys, the more cashback he or she gets.

Seamless banking

Without doubt, a new revolution has been birthed in the Nigerian financial industry. OPay not only helped Nigerians to easily open an account allowing them to be empowered through basic financial services, but also has built a robust digital infrastructure that ensures seamless and hassle-free financial transactions on its platform.

When performing transactions via banking apps were impossible to do, OPay was the only possible solution for many.