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How Does Opay Make Money? Everything You Need To Know

OPay, a Nigerian fintech super app, offers diverse financial services, focusing on innovation and financial inclusion to drive growth and impact across Africa.



How Does Opay Make Money? Everything You Need To Know

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  • OPay is a leading fintech company in Nigeria, offering a wide range of financial services through its innovative super app.
  • The platform generates revenue primarily from commissions on transactions, loans, and savings, with its core asset being its large and growing user base.
  • The company has attracted significant investments and aims to become a dominant financial player in Africa, potentially expanding to other countries and partnering with e-commerce platforms and other businesses.

In the rapidly evolving world of financial technology, OPay has emerged as a key player, particularly in Africa, where the company is committed to deepening financial inclusion through its innovative mobile platform. Going beyond traditional banking, OPay offers a comprehensive suite of financial services, including payments, transfers, loans, and savings, all accessible through a user-friendly mobile app.

OPay was founded by Opera Norway AS Group, a company with a strong presence in emerging markets across Asia, Africa, and Latin America, including countries like Mexico, Egypt, and Pakistan. In Nigeria, OPay’s primary market, the platform has already garnered over 18 million registered app users and 500,000 agents who rely on its services for various financial transactions.

The driving force behind OPay’s mission is the desire to empower the 60% of Africans who remain unbanked and unable to access basic financial services. This lack of access hinders their ability to invest in education, businesses, and personal growth, limiting their full potential. By providing a platform that offers financial services to everyone, regardless of their circumstances or background, OPay aims to create an inclusive economy where opportunities are available to all.

With a dedicated team, a sophisticated mobile platform, and a rapidly expanding user base, OPay is revolutionizing the way millions of people interact with financial services. Its success, however, raises the question: how does OPay generate revenue and sustain its growth in an increasingly competitive fintech landscape?

This comprehensive guide will explore the various aspects of OPay’s business model, its range of services, financial performance, and future prospects. Additionally, we will address common questions and concerns related to the platform, providing a thorough understanding of how OPay has managed to make a significant impact on financial inclusion in Nigeria and beyond.

Whether you are a potential investor, an existing user, or simply curious about the fintech industry, this article will offer valuable insights into OPay’s journey towards becoming an essential financial services provider for millions of people across Africa.

OPay’s Mission

OPay’s mission is to promote financial inclusion and make opportunities accessible to everyone. The company is committed to leveraging technology to enable shared prosperity and provide essential financial services to individuals, particularly those who are unbanked or underbanked in Africa.

By offering a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services, OPay aims to bridge the gap between people and the financial services they need, fostering economic growth and empowering individuals to reach their full potential.

The Super App concept

The Super App concept refers to a mobile application that integrates multiple, often unrelated functions and services into a single platform.

The idea behind this concept is to create a seamless and convenient user experience, where people can access a wide range of services without needing to install and manage multiple apps on their devices.

Super Apps have gained significant popularity in Asia, particularly in China, where Tencent’s WeChat serves as a prime example. WeChat started as a messaging app but has evolved into a comprehensive platform that allows users to order food, hail taxis, book plane tickets, and more.

This is possible because Tencent permits third-party companies to create apps within WeChat’s ecosystem, offering users an extensive range of services within a single interface.

Inspired by this model, OPay set out to build a Super App in the Nigerian ecosystem, providing users with a one-stop solution for payment, transportation, food and grocery delivery, and other essential services.

By incorporating multiple functionalities into one app, OPay aims to become an indispensable tool for its users, not just in Nigeria but across the African continent. This approach simplifies the process of managing various aspects of daily life, fostering greater convenience and efficiency for users.

How Does Opay Make Money?

OPay generates revenue through various channels as it offers multiple services on its platform. Here’s an outline of the key ways OPay makes money:

  1. Commissions and fees:
    • OPay earns a percentage of commissions from transactions carried out on its platform.
    • These transactions include payments, transfers, bill payments, and more.
  2. Ride-hailing and food delivery (previously operational):
    • OPay used to generate revenue from its ride-hailing and food delivery services by charging fees on each transaction.
    • These services are currently non-operational due to regulatory changes.
  3. Payments:
    • OPay’s core revenue generator is its payment platform, where users can access various billers and make payments.
    • The company earns a portion of the transaction fees from these payments.
  4. Agent banking (OPay Merchants):
    • OPay has a network of agents who facilitate financial transactions, such as deposits, withdrawals, and bill payments.
    • The company earns revenue from the fees charged on these transactions.
  5. Loans (OKash and CreditMe):
    • OPay offers short-term loans through OKash, generating revenue from the interest charged on these loans.
    • CreditMe, another loan product, allows users to make purchases or transfers with a seven-day interest-free loan, charging a 3% fee for the service.
  6. Savings and Investment:

Financial Performance

Q3 2020 Gross Transaction Value:

  • In the third quarter of 2020, OPay reported processing a gross transaction value of $1.4 billion in October.

Market Share:

  • According to market share reports by TechCabal from NIBSS (Nigeria Inter-Bank Settlement System), OPay’s market share is estimated to be around 70%.
  • It is important to note that the NIBSS figures are not a definitive way to verify OPay’s transaction value.

Growth in Gross Transaction Value:

  • By December 2020, OPay claimed to have processed a gross transaction value of $2 billion in that month alone.
  • This represents a 43% jump in gross transaction value in just two months.

Challenges and Adjustments

OPay has faced several challenges and adjustments throughout its journey. Some of the key issues and changes include:

  1. Ride-hailing and food delivery services suspension:
    • OPay’s ride-hailing and food delivery services were forced to become non-operational due to new regulations implemented by the Lagos state government in February 2020.
    • The government banned the usage of motorcycles as a means of public transportation on major highways in the state, directly affecting OPay’s services.
  2. Initial inefficient cost structure:
    • In its early stages, OPay had an inefficient cost structure, relying heavily on a freemium model for customer acquisition.
    • This model led to high customer acquisition costs and low lifetime value, causing the company to burn through cash.
  3. Competition:
    • As a fintech company with a super app ambition, OPay faces competition across various aspects of the fintech sector.
    • Competitors include traditional banks, payment platforms, loan providers, and savings and investment services, among others.
  4. Regulatory challenges:
    • Like any other financial services provider, OPay has to navigate the complex and ever-changing regulatory landscape.
    • Ensuring compliance with financial regulations and adapting to new policies can be a challenging and resource-intensive process.

Despite these challenges, OPay has managed to grow and adjust its business model to remain competitive in the market. By focusing on its core strengths, such as payment services, loans, and agent banking, the company has continued to expand and serve millions of users in Nigeria and beyond.

Key Stakeholders

OPay has attracted investments from several key stakeholders, primarily from China. Here is a list of notable investors and funding rounds:

  1. Series A Funding Round (July 2019):
    • OPay raised $50 million in a Series A funding round.
    • The round was led by IDG Capital, Sequoia Capital China, and Source Code Capital.
    • All of these companies are based in China.
  2. Series B Funding Round (November 2019):
    • OPay raised an additional $120 million in a Series B funding round.
    • A total of 10 investors participated in this round, including Source Code Capital, Bertelsmann Asia Investments, SoftBank Ventures Asia, and others.
    • These investors and venture capital firms were also primarily based in China.

These key stakeholders have played a crucial role in OPay’s growth and expansion. Their financial support and strategic guidance have enabled the company to scale its operations, enter new markets, and refine its business model to better serve its users.


OPay faces competition from various fintech companies and traditional banks due to its super app ambition. Here is a list of some of its competitors and the services they provide:

  1. Paga, FirstMonie:
    • Competing in Agent Banking.
  2. Carbon:
    • Competing in the Loans sector.
  3. Traditional Banks:
    • Competing in Savings, Loans, and Payments.
  4. Paystack:
    • Competing in the Payments sector.
  5. Remita:
    • Competing in Government Agencies billing.
  6. Piggyvest:
    • Competing in Savings and Investment.

These competitors offer similar services within the fintech sector, providing alternatives to OPay’s offerings. As a result, OPay must continuously innovate and adapt to remain competitive in the market and attract new users to its platform.

Core Asset

OPay’s core asset is its large and growing consumer base, which it has acquired through agent banking and easy access to payment services. The company currently boasts over 18 million registered app users and 500,000 agents in Nigeria, who rely on OPay’s services to send and receive money, pay bills, and more.

This extensive user base is crucial to OPay’s success as it allows the company to generate revenue from its various services, such as commissions from transactions, loans, and savings. Additionally, a large and engaged user base can attract new partnerships and collaborations with other businesses, further expanding OPay’s offerings and market reach.

The Future of OPay

As OPay continues to grow, its future plans will likely focus on expanding its services and market presence both in Nigeria and other regions. Some potential directions for OPay’s future include:

  1. Becoming a dominant financial player in Africa:
    • OPay aims to be a leading financial service provider in the African ecosystem. By offering a wide range of services through its super app, the company can establish itself as an essential partner for businesses in various sectors, including e-commerce and online shopping.
  2. Expanding to other African countries and emerging markets:
    • OPay may explore opportunities in other African countries with similar demographics and market conditions as Nigeria. This expansion would allow the company to increase its user base and diversify its revenue streams.
  3. Collaborating with e-commerce platforms and other businesses:
    • Drawing inspiration from successful models like Alibaba and Ant Financial, OPay could seek strategic partnerships and collaborations with e-commerce platforms and other businesses, integrating its payment services and creating a more robust ecosystem.
  4. Enhancing its product offerings:
    • To stay ahead of the competition and meet users’ evolving needs, OPay will likely continue to refine and expand its product offerings, possibly adding new financial services or features to its platform.
  5. Investing in technology and user experience:
    • OPay will need to continue investing in technology to improve its platform’s efficiency, security, and user experience. This will help the company retain existing users and attract new ones, ensuring long-term growth and success.

By focusing on these areas, OPay can further strengthen its position in the market and become a leading financial service provider in Africa and other emerging markets.

Opay FAQ

  1. Which bank owns OPay? OPay is not owned by a bank. It is an independent fintech company founded by Opera Software and supported by various investors, including Chinese investment firms.
  2. How does OPay business work? OPay operates as a mobile-based platform that offers multiple financial services, such as payments, agent banking, loans, savings, and investments. It generates revenue primarily through commissions from these services.
  3. Is my money safe with OPay? OPay is a regulated financial institution that adheres to strict security standards to ensure the safety of users’ funds. However, like with any financial service, it’s essential to remain vigilant and follow best practices to protect your account information.
  4. What is the advantage of OPay? OPay offers a wide range of financial services in one platform, making it convenient for users to manage their finances, make payments, access loans, and save or invest money. Additionally, OPay’s agent banking service helps users in areas with limited banking facilities.
  5. Is OPay for Nigeria only? As of now, OPay primarily operates in Nigeria, where it has a strong user base and an extensive network of agents. However, the company has ambitions to expand its services to other African countries and emerging markets. OPay’s parent company, Opera Norway AS Group, has a presence in several countries across Asia, Africa, and Latin America, including Mexico, Egypt, and Pakistan. This international presence could potentially pave the way for OPay to expand its services beyond Nigeria in the future.
  6. Is OPay the richest bank in Nigeria? OPay is not a bank; it’s a fintech company. Although OPay has experienced significant growth, it is not considered the richest bank in Nigeria.
  7. What is the highest amount OPay can receive? The maximum amount OPay can receive may vary depending on user account limits and local regulations. For specific details, check OPay’s terms and conditions or contact their customer support.
  8. Is OPay a good banking app? OPay is a popular and well-received financial app in Nigeria and other African countries, offering multiple financial services in one place. Users appreciate its convenience and the range of services available.
  9. How much does OPay charge per transaction? OPay offers free transfers to all banks across Nigeria, providing users with a cost-effective way to send money. For more information, visit OPay’s website or contact their customer support.
  10. Can OPay be used internationally? OPay is primarily designed for use within the countries it operates in, such as Nigeria, Kenya, South Africa, and Egypt. International use may be limited or subject to additional fees and restrictions.
  11. Does OPay work internationally? OPay’s primary focus is on the countries it operates in. Its international functionality may be limited, and users should check with OPay’s customer support for specific details on international transactions.
  12. What countries use OPay? OPay primarily operates in Nigeria, with services also available in Kenya, South Africa, and Egypt. The company may continue to expand its presence in other African countries in the future.
  13. Is OPay transfer free? Yes, OPay offers fast transfers with a 100% success rate to all banks across Nigeria, anytime for free. Users can enjoy the convenience and ease of transferring money without incurring additional fees.

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I have a passion for blogging about what's trending in Hip-Hop, politics and entertainment. I'm a huge Hip-hop fan; my favorite artiste are Chris Brown, Jay'z & Beyonce. I also enjoy spending time with my team (#TeamWE), and working hard as hard work pays off.


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