NEWS; How OPay is driving financial inclusion in Nigeria
Adeniji Inflex share this story on 18th of April 2023
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Cyriacus Okeh, who runs a provision store, recently became frustrated, not only because he could not receive money from his customers but also because he was unable to re-stock his store due to the consistent failure of his bank app. But he admitted he never had any issue with his bank app until the issue of naira scarcity started and it became difficult to even open the app let alone transfer money. This was affecting his sales as he had to turn down any customer that offered to make payment via transfer.
He was introduced to OPay by one of his customers and since he opened an OPay account, his sales have improved as he now readily accepts transfers, gets credited instantly and he is also able to make payments easily when buying goods for his store.
Okeh’s example is one of many cases of Nigerians switching to OPay as the recent cash scarcity that hits the Nigerian economy further entrenched the place of fintech in the country’s financial system. For many Nigerians that would have been stranded as a result of lack of cash and the failure of bank apps and other electronic channels, the digital financial platform rose to the occasion and rescued them with their agile networks.
OPay is a leading fintech in Nigeria licensed by the Central Bank of Nigeria (CBN) to provide mobile money services. The company is also insured by the Nigeria Deposit Insurance Company (NDIC), which gives an assurance that deposits with OPay are safe and secure.
Driving financial inclusion
One of the most exciting parts of the emergence of financial institutions like OPay is the ease with which Nigerians can now open an account and get a debit card instantly, a factor that is making opening an account attractive to many, especially with the cashless policy of the CBN, thus deepening financial inclusion in the country.
Through its easy-to-open account which leverages the customer’s mobile number as the account number, many Nigerians are joining the OPay train. A lot of Nigerians are now being brought to the financial system through the services of OPay.
Beyond Banking Services
For many Nigerians who have been burdened with multiple charges on their bank accounts, OPay came as a huge relief with its improved financial service model. Funds transfer on OPay are free to the customers and they are not charged for receiving money into their wallets. While this singular factor of uncountable bank charges is the reason some Nigerians have decided not to open a bank account, the fintech has now provided a leeway and it is not surprising that many Nigerians, who would have been financially excluded are now opening OPay accounts.
Rather than charging its customers, OPay offers cashback as an additional incentive to its customers. For instance, if a customer buys airtime for any network on the OPay app, he or she gets a cashback reward for each transaction. The more airtime a customer buys, the more cashback he or she gets.
Seamless banking
But it is not just about easy account opening and some of the financial services, OPay has built a robust digital infrastructure that ensures seamless and hassle-free financial transactions on its platform. This is why at a time when performing transactions via banking apps was impossible, OPay was the saving grace for many. Also, for merchants and customers, the platform is now facilitating swift payments without any network issues.
Bottomline
Without a doubt, a new revolution has been birthed in the Nigerian financial industry through the operations of digital finance platforms like OPay. While this is helping the country to fast-track the achievement of its 80% financial inclusion target, many Nigerians are also being empowered through new exciting services introduced by the fintechs like OPay.
