OPAY: Fintech giant, success story

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. Opay focuses 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. 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.

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. 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. The company comes first among digital banks in Nigeria, with a lot of Nigerians applauding its efficiency. As of April 2024, Opay had more than 50 million users in a nation of more than 200 million people.