There are a few things that are wrong with OPay.
- Allegations of fraudulent withdrawals: In August 2021, there were allegations of fraudulent withdrawals from OPay agent accounts. OPay has stated that it took the appropriate actions to resolve the issues, but some customers have reported that they have not yet received their money back.
- CEO steps down: In August 2023, OPay-Nigeria’s CEO, Olu Akanmu, stepped down. No reason was given for his departure, but it comes at a time when OPay is facing a number of challenges.
- Increased competition: OPay is facing increasing competition from other fintech companies in Nigeria, such as Flutterwave and Paystack. These companies are offering similar services to OPay, and they are investing heavily in marketing and customer acquisition.
In addition to these specific issues, OPay is also facing some general challenges that are common to all fintech companies in Nigeria. These challenges include:
- Regulatory uncertainty: The regulatory landscape for fintech companies in Nigeria is still evolving. This can make it difficult for companies to plan for the future and to invest in new products and services.
- Low financial literacy: Many Nigerians are not familiar with financial products and services. This can make it difficult for fintech companies to acquire new customers and to educate them about how to use their products and services.
- Infrastructure challenges: Nigeria has a number of infrastructure challenges, such as poor internet connectivity and unreliable power supply. These challenges can make it difficult for fintech companies to operate efficiently and to provide a good customer experience.
Despite these challenges, OPay remains a popular fintech platform in Nigeria. The company has a large user base and a wide range of services. However, OPay needs to address the issues that it is facing in order to maintain its position as a leading fintech company in Nigeria.
It is important to note that OPay has denied the allegations of fraudulent withdrawals and has stated that it is committed to protecting its users from fraud. The company has also stated that it is working to address the other challenges that it is facing.
Another major issue with Opay right now, which as been trending on X app, is Nigerians who are not registered on Opay decided to remove the first Zero on their mobile number and enter it as a Opay bank account on other banking app (Like Gtbank, access bank), to their surprise it brought forth their name as though they are a registered Opay bank customers, whereas they are not.
This as spark outrage Online, as many people feel Opay is not well secured enough, and some even claim to have transferred N200 to the said account, got debited from their bank but they wonder where he money goes, since they are not registered on Opay yet.
I believe this happens because Opay operate as a mobile banking and mobile money agent in Nigeria, this is not something to b worried about, if anyone send money to your opay and you’re not fully registered, go and open an Opay account and your balance will be there for sure, however if you don’t want to open an Opay account, then do not share or use your number as bank account for any form of payment transaction, this way you will be on the safer side.
What as been your own experience with Opay lately? Share your experience in the comment session.