FinTech

Opay Now Has 200k Merchants Just Two Months after Amassing 100k, Expands to 21 States

Opay’s Country Manager, Iniabasi Akpan

Seye Joseph


Barely two months after the Country Manager of Opay, Iniabasi Akpan publicly announced at a conference that Opay has 100,000 merchants on its platform, inside sources at the company have revealed that the agents have climbed to over 200,000 making the platform one with more merchants in Nigeria, even as it expands to 21 states.

The source further explained that Opay is making effort to cover more states and attract more Nigerians into the financial inclusion space. Opay launched in August, 2018, and within a year the company has scaled.

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Akpan explained that Opay’s growth has been phenomenon, “when we started, we did almost everything. We tried agent business. We did few things in remittances, built the gateways but as things evolve, we began to see that we needed to find the paths to scale our business.

“We needed to streamline our sales focus to grow partnerships and get network of agents because it is critical to scale our business.

“We were practical in the thing we are doing, noting was complex. We used Facebook to gather information from people, who were interested in being agents, met them, make presentation to them and signed them on.

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

According to him, the company realized that once it gained traction in the agency business, it needed to raise some capital to expand the business. “We have reached the point when we needed to focus on consumers”.

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Opay Expands Services to more States 

With Opay’s goal to deliver the promise of financial inclusion in Africa and connect with people in different places, opportunities and experiences, company has expanded its services to 21 states in the country, the source added.

“We have created 33,000 jobs in Lagos with over 1,000 staff as direct employees and contractors. We have over 2,000 riders in Lagos and over 30k agents in Lagos”

One of Opay’s agent, Stella Osanakpo, explained that she registered as an agent in March 2019 and has made a substantial amount in the first week.

“Opay is a good platform. It has a lot to offer as the system is easier to work with. It has really changed my life and enhanced my value. It is the best money platform one can be on”, Osanakpo said.