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Fintech has been of age in Nigeria—at least six years. So if the CBN bans Opay, one of the early birds in the sector, now, it’s not about misunderstanding. Six years is a long enough time for Opay to understand its business risks—including competition, regulation, customers—in Nigeria.
While the company has grown in leaps and bounds, it appears slow in responding to these risks. Media investigations and customers’ reports on these abounded before CBN eventually stopped it from onboarding more customers
Most Nigerians may not be aware of these though
Below are more things about status, services, risk management styles you may not know until now the CBN bans Opay.
7 Things to Know About Opay
1)Opay has more than 35 million customers across Nigeria
2)Opay, with over $billion in valuation is one of Nigeria’s five fintech unicorns
3)Opay has 500,000 agents—more like branches
4)It’s a Norwegian fintech company under Opera Norway AS ,with presence in Asia (Pakistan), Africa (Nigeria and Egypt), Latin America (Mexico). That is Nigeria, Egypt
5)Beyond offering digital payment solution with inventory, sales management, and business reports, Opay render banking services including deposit, withdrawal, and lending services
6)Before CBN intervention which began last year, Opay had a featured that made it easy for anyone to open accounts with anybody’s bank account or phone number
7)Opay equally allows transactions in digital currency like Bitcoin on its platform.
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