₦airaland Forum

Opay Digital Services Limited aka Opay is a fintech mobile money company founded 2018 by Yahui Zhou with its HQ in Lagos, Nigeria.

On the basis of recent regulatory submissions by its minority investor Opera Limited, Opay’s valuation has risen to $2.75 billion as at 31 December 2024.

Even before its latest valuation, Opay’s market capitalisation already dwarfed those of the traditional banks in Nigeria, as illustrated in the chart below (Source: MoneyCentral).

At its last funding round in 2021, OPay raised $400 million from investors that included SoftBank and Sequoia, shooting its valuation to $2 billion.


SOURCE
https://x.com/NaijaphiliaBlog/status/1912384135324115277

Make banking easy bt this useless banks refuse n now everybody uses opay for daily transactions

Everybody use opay nau

When rain falls, these banks that are at least older than twenty years face downtimes. Install Starlink in every branch across the nation, they don’t want to. Every litre of petrol you buy and any cylinder of gas you fill, the banks make profit. They should keep fooling themselves. Nigerians will always pick better alternatives. Solar dominates everywhere now because private companies and homes know they save more money down the line over the huge expense required for purchase.

NaijaphiliaBlog:
Opay Digital Services Limited aka Opay is a fintech mobile money company founded 2018 by Yahui Zhou with its HQ in Lagos, Nigeria.

On the basis of recent regulatory submissions by its minority investor Opera Limited, Opay’s valuation has risen to $2.75 billion as at 31 December 2024.

Even before its latest valuation, Opay’s market capitalisation already dwarfed those of the traditional banks in Nigeria, as illustrated in the chart below (Source: MoneyCentral).

At its last funding round in 2021, OPay raised $400 million from investors that included SoftBank and Sequoia, shooting its valuation to $2 billion.


SOURCE
https://x.com/NaijaphiliaBlog/status/1912384135324115277

You people will just come here and start throwing around bogus figures

Has a reputable independent body verified these figures?

This reminds me of a recent visit to Wema bank where I have an account.

I used their App to create additional accounts including a USD account. But when I encountered a problem and went to the bank, I was told that the two additional accounts were not properly opened because they were opened online. Yet, they already have all my details on the primary account.

I asked the staff that attended me why they'll allow customers to open an account online in the first place. I didn't get any satisfactory explanation but I told him that this is why Opay will come to your own country and overtake you. I forgot about the the other accounts ever since.

The other one is Zenith bank. I opened a USD account there but the officer said I must give her $100 to deposit into the account. I asked her to give me the account number to do that by myself and she refused. She said that's the instruction from above. But that doesn't appear to be true. Well, I forgot about the account, it has been more than two years. Let me see how she's going to get the $100. That's the way I deal with such ineptitude, I just leave you with it and move forward.

musicwriter:
This reminds me of a recent visit to Wema bank where I have an account.

I used their App to create additional accounts including a USD account. But when I encountered a problem and went to the bank, I was told that the two additional accounts were not properly opened because they were opened online. Yet, they already have all my details on the primary account.

I asked the staff that attended me why they'll allow customers to open an account online in the first place. I didn't get any satisfactory explanation but I told him that this is why Opay will come to your own country and overtake you. I forgot about the the other accounts ever since.

The other one is Zenith bank. I opened a USD account there but the officer said I must give her $100 to deposit into the account. I asked her to give me the account number to do that by myself and she refused. She said that's the instruction from above. But that doesn't appear to be true. Well, I forgot about the account, it has been more than two years. Let me see how she's going to get the $100. That's the way I deal with such ineptitude, I just leave you with it and move forward.

"Excellence" in service is foreign to Nigerian institutions. We don't usually try to innovate. We are content with status quo and bare minimum. That's why we don't improve in anything. In nigeria we don't regard "research and development" to be a serious endeavour.

If you are not using Opay palmpay monie point I no dey stand for your shop...

Starboytwo:
If you are not using Opay palmpay monie point I no dey stand for your shop...

Palmpay even has Credit Card...First Bank will be there pressing F4 and F9 on Finacle!!!

invectives:
Palmpay even has Credit Card...First Bank will be there pressing F4 and F9 on Finacle!!!

baba uv succeeded in injuring me with laughter....

invectives:
Palmpay even has Credit Card...First Bank will be there pressing F4 and F9 on Finacle!!!

All the Wallet app too have debit cards

bdon12:
Make banking easy bt this useless banks refuse n now everybody uses opay for daily transactions

Yes indeed.

Emefiele's Naira redesign policy and the ensuing scarcity of cash also gave a massive boost to Opay.

kpankpangolo:
When rain falls, these banks that are at least older than twenty years face downtimes. Install Starlink in every branch across the nation, they don’t want to. Every litre of petrol you buy and any cylinder of gas you fill, the banks make profit. They should keep fooling themselves. Nigerians will always pick better alternatives. Solar dominates everywhere now because private companies and homes know they save more money down the line over the huge expense required for purchase.

Absolutely.

musicwriter:
This reminds me of a recent visit to Wema bank where I have an account.

I used their App to create additional accounts including a USD account. But when I encountered a problem and went to the bank, I was told that the two additional accounts were not properly opened because they were opened online. Yet, they already have all my details on the primary account.

I asked the staff that attended me why they'll allow customers to open an account online in the first place. I didn't get any satisfactory explanation but I told him that this is why Opay will come to your own country and overtake you. I forgot about the the other accounts ever since.

The other one is Zenith bank. I opened a USD account there but the officer said I must give her $100 to deposit into the account. I asked her to give me the account number to do that by myself and she refused. She said that's the instruction from above. But that doesn't appear to be true. Well, I forgot about the account, it has been more than two years. Let me see how she's going to get the $100. That's the way I deal with such ineptitude, I just leave you with it and move forward.

Quite similar to my experience with several commercial banks.

No Opay no pay

Fintech feeding families since time immemorial

AKWATGOLD1:
I hope Opay will collapsed/crashed like CBEX and termed it ponzi scheme.

Why?

imagine comparing a micro finance bank called opay with commercial banks

the ignorance is just too much.

because all your friends are using opay that means, opay is now bigger than GTB OR ZENITH BANK

invectives:
Palmpay even has Credit Card...First Bank will be there pressing F4 and F9 on Finacle!!!

Hahaha

Nairaland in a nutshell.

Maitunbi:
"Excellence" in service is foreign to Nigerian institutions. We don't usually try to innovate. We are content with status quo and bare minimum. That's why we don't improve in anything. In nigeria we don't regard "research and development" to be a serious endeavour.

Na traditional banks go feel am if this takes place. They will be overburdened and perform worse than currently. Now, with Fintechs lightening the load, they are still complacent. I shudder to imagine when all responsibility falls on them.

CBN should perform a consolidation exercise again. Let Nigeria have only four super banks. All the money these banks receive, they still see improvement as unnecessary. SMH.

AKWATGOLD1:
I hope Opay will collapsed/crashed like CBEX and termed it ponzi scheme.

ayindejimmy:
All the Wallet app too have debit cards

Credit Card not Debit card!!!