Opay finally gives in to a difficult economic environment and suspends its operations in Nigeria – Businessamlive


By Omobayo Azeez

After months of battling economic headwinds, Opay has finally thrown in the towel by confirming that most of its operations in Nigeria will be suspended.

Its business units, including carpooling services, ORide, OCar, as well as its logistics department, OExpress, are affected by the new decision, the company said in a statement.

Opay said the move was largely due to the difficult business conditions that have affected many Nigerian businesses during this COVID-19 pandemic, the Lagos State government’s lockdown and ban of its flagship service from racing motorcycles.

“Around the world, carpooling companies have been hit hard by the pandemic. But several months ago, anticipating this problem, OPay had already taken preventative steps to restructure our business focus away from the rides. It should be noted that this final restructuring has minimal impact on OPay as a whole, ”the company said.

He also clarified that carpooling has always been only a part and not a major part of OPay’s diversified business in Nigeria.

In fact, he said, OPay had invested more and seen accelerated growth in its commitment to Nigeria’s financial and technological inclusion.

“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 saw 44% growth in the value of offline and online transactions, even amid the pandemic and the lockdown,” he said.

The company further described this as a testament to the high demand for flexible and easy financial services by Nigerians.

“OPay remains one of the best funded and most profitable mobile money platforms in Nigeria, and we will continue to do more for our customers. “

It has vowed to continue to invest and grow in the e-commerce space, aligning its customer and business e-commerce units that will continue to operate and grow.

“We believe that a financial platform coupled with a commodity platform will be the future of Nigeria’s technological development,” he concluded.


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