FinTech

15 Facts You Should Know about Opay Transactions in Nigeria

Opay’s Country Manager, Iniabasi Akpan

Seye Joseph


To many, Opay operation is still a mystery. How would a company that is less than three years in Nigeria’s business landscape  make such  impact with a bottom line running into millions of dollars in transaction?

OPay has been in Nigeria since 2010 and it is known as PayCom Nigeria Limited – a mobile money platform incubated by Telnet Limited.  Opera acquired PayCom in 2017 and OPay was birthed in August 2017.

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It’s also the developer of Opera web browser, Opera News and Opera Ads. Opera Group is the parent company of OPay. Opera ventured into Africa with the launch of its Opera Mini mobile browser in 2006.

At a recent Digital Summit organised by KPMG in Lagos, Opay’s  Country Manager, Iniabasi Akpan explained some facts  behind the company’s business in Nigeria. These are listed below:

  • Opera is a technology company and has over 5,000 engineers, developers and entrepreneurs around the world.
  • Opera mini has over 125 million active users which is more than Facebook.
  • Opera news was launched in 2018 and has about 30 million daily active users in Nigeria.
  • Opay was launched in August 2018 and does over 5 million transactions daily right now in the country.
  • As at the end of September 2019 when it was launched, Opay did over 2 million transactions just to enable the product.
  • Since the launch of Oride in May 2019, it has done over 10 million trips in Nigeria.
  • It also has another platform known as Ofood, and has over 3,000 restaurants in Nigeria.
  • The company has created job opportunities and has continued to give financial access to people at the bottom of the pyramid.
  • It has created 33,000 jobs in Lagos, over 1,ooo staff as direct employees and contractors.
  • Opay has over 2,000 riders in Lagos, and over 30,000 agents in Lagos. Outside Lagos, it has over 100,000 agents and 58,000 riders with over 3ooo staff.

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  • Opay does roughly of N300 million in agent business per month as at August, 2018  and has about 63 active agents raking in  N300 million in volume the gateway business was doing about N20 million in a month.
  • Opay has achieved 630 active agents in August 2018 and also achieved the target of N3 billion . By the end of 2019 , Opay scaled to 2400 agents and hit a monthly transaction volume of N11 billion .
  • As at December 2018, Opay was doing $30 billion and has continued to focus on its target in May when it hit 40,000 agents and made $10m per day.
  • In September 2019, Opay hit 100,000 agents and gained 66% share of the market volume.

 

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