FinTech

‘How We Hit 100,000 Agents Under  Two Years, Made $10 million Daily Transactions’ – Iniabaisi  Akpan, Country Manager, Opay

Opay’s Country Manager, Iniabasi Akpan

The Country Manager, Opay, Iniabasi Akpan has explained how Opay, a one-stop mobile-based platform for payment has gained 66% market share of agency banking in Nigeria.

Akpan at a  recent KPMG’s Digital Summit in Lagos said that Opay’s growth in agency banking is phenomenon and what has grown to a platform and  on-boarded over a 100,000 agents “is making daily transactions  worth over $10 million”.

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He said Opay streamlined its sales focus to grow partnerships and network of agents after the company has ventured into agent businesses, remittances, and building gateways that did not make huge effects.

“After we have decided to do agency banking proper, we were doing roughly N300 million in agent business per month as at August 2018 with 63 agents. The gateway business was doing about N20 million in a month”, he explained.

He added that  Opay focused in building the agent business through the Facebook, analytics and aggressive sales approach.

“We were practical in the things we were doing, and nothing was too complex. We used the Facebook to gather information from people who are  interested in becoming our agents. We met  them. We made  presentations to them and signed them on.

‘By the end of the year, we have scaled to 2400 agents and hit a monthly transaction volume of N11 billion  by just streamlining to growing partnerships”, he said.

As at December 2018, Akpan said that Opay was doing $30 billion and has continued to focus on the target that pushed  the platform to hit 40,000 agents with daily transaction of $10 million.