Opay Hit By Economic Downturn, Puts Some Services On Hold

Payment solution giant Opay appears not to be immune from the growing economic downturn as it has announced that it will be shutting down some of its services.

See the release below:

“Globally, ride-sharing businesses have been heavily impacted by the pandemic. But several months ago, foreseeing this issue, OPay had already taken preemptive steps to restructure our business focus away from rides. It is worthy to note that this final restructuring has minimal impact on OPay as a whole business.

“It is important to clarify that ride-sharing had always been only one part, and not a major part of OPay’s diversified business in Nigeria. In fact, OPay had been investing more and seeing accelerated growth in its commitment to Nigeria’s financial and technology inclusion.”

The company’s permanent platform is still in business, however.

“During the pandemic, we have seen continued demand for our offline mobile money agency, and online digital payment, which remain the core of our business. From January to April 2020 for example, we witnessed a 44% growth of offline and online transaction value even in the midst of pandemic and lockdown.

“This is a testament to the high demand for flexible and easy financial services by Nigerians. OPay remains one of the most well-funded and profitable mobile money platforms in Nigeria, and we will continue to do more for our customers.

“Lastly, OPay will continue to invest in and grow in the eCommerce space, aligning its customer and business eCommerce units which will continue to operate and grow. We believe a financial platform coupled with goods’ platform will form the future of Nigeria’s technology development,” the statement from OPay read.