OPay Announces Over $2 billion Gross Transaction In December 2020

OPay's executive team disclosed Wednesday that the mobile payment platform grew its total gross transaction value on its platform 4.5 times to over $2 billion in December.

Joshua Yau, the managing Vice President for OPay in Nigeria revealed this at a press conference in Lagos, saying OPay had its most impactful and transformative year yet in 2020 despite the turmoil that came with the year.

He highlighted the point-of-sale (POS) terminals deployed by OPay’s mobile money agent and merchant network represented roughly 1/5 of offline payments in Nigeria at year-end 2020.

While the mobile wallets have more than 2 million wallets with balances, totalling over $17 million.

Opay network in recent time has over 300,000 agents and 5 million registered app users.

Iniabasi Akpan, OPay's Country Manager who reviewed OPay’s operations and performance in 2020, provided insights on how the company served Nigerians with convenient access to cash.

Akpan in his statement noted that OPay had impacted the lives of ten million Nigerians across all corners of the country, creating jobs and means of livelihood for its agents and micro-merchants, through innovation.

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“We believe that the impact we have made so far could not have been without our most important partners – our agents and merchants,"Akpan said.

"By providing their customers with convenience, they were able to earn a solid income with many expanding their businesses, even in the difficult pandemic.”

Akpan also corrected the misconception of some Nigerians that OPay is a ride-hailing company, following sentiments on the shutdown of its ride-hailing segment in June 2020.

“Due to the visible brand of ORide – including its iconic green helmets – and its frequent everyday use, many customers gradually gained an impression that OPay is a ride-hailing company.

"We just want to take the time today to clarify and emphasise that OPay was and remains a payment and financial service company – a Payments Fintech. Our businesses are licensed and regulated by Central Bank of Nigeria – like any established financial institutions – and OPay is today one of the leading Fintechs in Nigeria.”