The app that revolutionized money transfers in Nigeria

OPay isn’t just Nigeria’s most popular fintech app but also its most downloaded one, outperforming global giants like WhatsApp, TikTok, Snapchat, and Telegram as of October 15, 2023, according to analytics platform Data.ai.

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. New members are automatically assigned a bank account number using the last 10 digits of their phone number.

OPay didn’t start out as a fintech app. It had launched in 2018 with lofty dreams of becoming a super-app. Backed by funding from SoftBank, the platform offered several services in the beginning, including food delivery and ride-hailing. However, following the Lagos state government’s ban on e-bike-hailing in 2020, which also affected food delivery services, OPay streamlined to focus on fintech solutions. Eventually, it became a household name. OPay has recently faced controversy, with complaints about the platform setting up bank accounts without users’ consent. The company has refuted these claims, saying that users implicitly agree to account creation when they set up an in-app wallet to access the other services.