Opay Vs Moniepoint: Which Is Better?

Opay Vs Moniepoint: Which Is Better?

If you really need to choose the best between Opay and Moniepoint financial technology then comparison has to be done. 

In the comparison, certain things which include statistics, accessibility, features and functionalities, fees and charges, security, feedback from current and previous users has to be put forward.

All these have been provided for you in this article.

With these, you can easily determine which one meets your preference and needs.

Now let’s delve in without much Ado.

Opay Vs Moniepoint: Which Is Better?

Moniepoint Vs Opay Statistics

Moniepoint:

Moniepoint has recorded $170 billion in annualized total payments volume in Nigeria as of 2023.

The transaction value processed by Moniepoint reaches $12 billion across 1.6 million businesses monthly.

Interest in Moniepoint has grown by 166% over the past year, with a current volume of 100K searches per month.

Opay:

Opay obtained a capital value of $400 million during a Series C funding round.

It claims to have secured a 22% share of the Nigerian e-wallet market in the last three years.

Opay’s monthly transactions grew 4.5 times to over $2 billion in December 2020, and they process about 80% of bank transfers among mobile users.

 Moniepoint Vs Opay: Accessibility

Moniepoint and Opay both provide accessibility features to enhance the user experience. Here is some information about the accessibility of both platforms:

Moniepoint:

Moniepoint provides easy access to personal banking solutions that enable people to pay online and offline with ease, transfer money, and perform other banking activities.

They also offer Moniepoint Business, which provides businesses with access to banking solutions that enable them to accept online and offline payments and own bank accounts.

Moniepoint aims to democratize payment acceptance by building infrastructure and distribution networks that provide merchants with payment solutions to power their businesses.

Opay:

Opay offers a range of accessibility features to make payments and transfers easier for users.

They provide generic, low-level, secure, and PCI-compliant RESTful APIs that allow businesses to accept and make payments through the Opay Checkout Payment Gateway.

Opay also offers additional features such as cashback on airtime and savings rewards to enhance the overall user experience.

As we can see, both Moniepoint and Opay ensure accessibility and aim to provide convenient and user-friendly solutions for their customers.

Moniepoint Vs Opay: Loan comparison

Moniepoint and Opay both offer loan services, but there are some differences between them. Here is a comparison of their loan offerings:

Moniepoint:

Moniepoint provides a variety of loans for businesses of all sizes and stages. 

They offer small business loans and working capital to help businesses grow.

They also offer salary advance loans, which allow individuals to get payday loans when they need them. 

These loans do not require collateral.

Moniepoint aims to provide simplified credit for business growth. They offer easy access to flexible loans whenever businesses need them.

In addition to loans, Moniepoint provides an all-in-one payments, banking, and operations platform for businesses. 

They offer simple financial solutions to help businesses manage their finances effectively.

Opay:

Opay on the other hand does not directly provide loans. However, with the integration of Okash and Easemoni, loans can be accessible through the Opay app.

Additionally, Opay offers a range of other services, including payments, transfers, and savings rewards. They provide generic, low-level, secure, and PCI-compliant RESTful APIs for businesses to accept and make payments through the Opay Checkout Payment Gateway.

Opay also offers additional features such as cashback on airtime purchases to enhance the overall user experience.

Moniepoint Vs Opay: Fees and charges

Moniepoint:

POS machines are usually free for Moniepoint agents who meet their requirements yet will have to pay a N21,500 cautionary fees.

For withdrawals between N1 to N20,000, Moniepoint charges a transaction fee of 0.5% of the transaction amount.

For transactions above N20,000, Moniepoint charges a flat rate of N100.

Moniepoint also charges commission fees for bill payments, such as 3% commission on MTN, 4% commission on Airtel, 4.5% commission on Etisalat, and 4% commission on GLO.

Opay:

Opay on the other hand offers an initial charge per transaction of 0.6% for their Mini POS. 

After upgrading to Preferred Merchant status, the charge decreases to 0.5% per transaction.

Opay introduced a 1% transaction fee for debit card transfers to Carbon Wallets, which used to be free.

Moniepoint Vs Opay: Security

Both Moniepoint and Opay ensure firm security to protect their users. Here’s what you need to know about the security features of both platforms:

Moniepoint:

Moniepoint takes security seriously and implements measures to protect users from potential threats.

While specific details about Moniepoint’s security features may not be available in the provided documentation, it is safe to assume that they have implemented measures to safeguard user information and transactions.

Similarly to Opay, Palmpay, Kuda, they also have fraud detection systems in place to identify and prevent fraudulent activities.

Opay:

Opay also ensures firm security and implements measures to ensure the safety of its users.

Opay uses encryption techniques to protect user data during transmission and storage.

They have implemented measures to detect and prevent phishing attacks, cryptomining, and paste-hijacking, as mentioned in the documentation. 

Moniepoint Vs Opay: feedbacks and complaints

Moniepoint:

According to Trustpilot, Moniepoint has received mixed reviews from customers. Some customers have mentioned that Moniepoint asks for reviews, both positive and negative, but hasn’t replied to negative reviews.

Glassdoor reviews indicate that Moniepoint provides a supportive and collaborative work environment, as mentioned by an employee who has been working there for about a year.

Read: Moniepoint Signup: to Open an Account with Moniepoint, How To Use Moniepoint App for Payments, Sending and Receiving Money

There are also complaints on Facebook about a scam involving an agent named Aggregator Dan, who allegedly duped customers.

Opay:

Trustpilot reviews for Opay show that 36 people have already reviewed the platform, but specific details about their experiences are not provided.

PissedConsumer has reviews for Opay, with an average rating of 3.4. Some customers have complained about poor customer care and issues with frozen accounts.

A review on Nairametrics mentions that while Opay’s app is doing well with its services, there is room for improvement, particularly in customer service.

Glassdoor reviews for Opay indicate an overall rating of 3.5 out of 5, based on over 107 reviews left anonymously by employees. 61% of employees would recommend working at Opay.

Moniepoint Vs Opay: Reasons to choose Moniepoint & reasons to choose opay

Reasons to choose Moniepoint:

Moniepoint offers a Moniepoint Business Account, which can help you separate your personal and business finances, making you more accountable.

With a Moniepoint Business Account, your business gets a name that can be marketed, and people can easily identify your business.

Moniepoint provides POS terminals for small businesses, which can help you accept payments, streamline operations, and increase efficiency.

If you need to grow and expand your business, Moniepoint offers access to quick loans, easy payment collection, and other solutions to power your business.

Reasons to choose Opay:

Opay offers a debit card that is accepted at any ATM, allowing users to enjoy up to 10 free ATM withdrawals monthly and zero card maintenance fees.

Opay provides solutions that make payments easier, transfers free, and savings more rewarding. 

They also offer cashback on airtime and data purchases.

By becoming an Opay agent, you can generate income by helping customers pay their bills and enjoy benefits such as free Mobile Money POS and POS Machine.

Opay makes security important and implements measures to protect its users, ensuring a safe environment for transactions and personal information.

Moniepoint Vs Opay: Similarities

Moniepoint and Opay share some similarities in their services. 

Here are a few commonalities between the two platforms:

Mobile Payment Solutions: Both Moniepoint and Opay offer mobile payment solutions that allow users to make payments for various services and products using their mobile devices.

Bill Payment: Both platforms enable users to pay bills conveniently, including utility bills, cable TV subscriptions, airtime/data purchases, and more.

QR Code Payments: Moniepoint and Opay support QR code payments, allowing users to make seamless transactions by scanning QR codes at participating merchants.

Agent Network: Both platforms have established agent networks across Nigeria, allowing users to visit these agents for various services, such as cash deposits, withdrawals, and account management.

Financial Services: Both Moniepoint and Opay offer additional financial services, such as savings accounts, loans, and investment opportunities, to cater to the financial needs of their users.

Cashback and Rewards: Both platforms provide cashback and rewards programs to incentivize users for their transactions and usage of their services.

Security Measures: Moniepoint and Opay ensure the security of their users’ transactions and personal information, implementing encryption and other security measures to ensure a safe and secure environment.

Moniepoint Vs Opay: Which is better

It is not so difficult to definitively determine which platform, Moniepoint or Opay, is better.

Both platforms have their own set of advantages and disadvantages, and the choice will depend on your needs and preferences. However, here are some key points to consider:

Moniepoint:

Moniepoint has a reliable network and offers cheaper commission rates.

They provide POS terminals for small businesses and offer access to quick loans and easy payment collection.

However, there have been some customer complaints and negative reviews about Moniepoint, which should be taken into consideration.

Opay:

Opay offers a debit card, free ATM withdrawals, and zero card maintenance fees.

They provide convenient payment solutions, free transfers, and cashback on airtime and data purchases.

Becoming an Opay agent allows you to generate income and enjoy benefits such as a free Mobile Money POS and POS Machine.

Opay ensures security and implements measures to protect users.

Therefore, to make a decision, you need to carefully evaluate your specific requirements, such as the services you need, the fees involved, the reliability of the network, and the overall user experience.

It may also be helpful to consider user reviews and feedback from other sources like the Google play store and Apple app store to gain a better understanding of each platform’s performance. 

Lastly, choose the platform that aligns best with your needs and provides the most reliable and convenient services for you.

FAQs On Opay Vs Moniepointv Which Is Better?

Here are some frequently asked questions on Opay vs moniepoint with their answers:

Which is best between Opay and Moniepoint?

Opay and Moniepoint are both popular payment service providers in Nigeria. The choice between the two depends on your specific needs and preferences. 

Here are some factors to consider:

Opay offers a debit card, free ATM withdrawals, and zero card maintenance fees. 

They provide convenient payment solutions, free transfers, and cashback on airtime and data purchases. 

By becoming an Opay agent, you can generate income and enjoy benefits such as a free Mobile Money POS and POS Machine. Opay also ensures security and implements measures to protect users.

Moniepoint has a reliable network and offers cheaper commission rates. 

They provide POS terminals for small businesses and offer access to quick loans and easy payment collection. However, there have been some customer complaints and negative reviews about Moniepoint, which should be taken into consideration.

Is Moniepoint a good bank?

Note that Moniepoint is not directly a bank. It is a payment service provider that offers POS terminals and other financial services. 

While Moniepoint has its advantages, such as a reliable network and cheaper commission rates, Understand that it is not a traditional bank. If you are looking for a bank, you may want to consider other options.

Which POS is the best in Nigeria?

Moniepoint and Opay are two popular POS providers in Nigeria. Moniepoint reportedly serves 1.3 million businesses, while Opay has 35 million registered app users and about 500,000 agents.

They are both on the list of companies that provide POS for individuals and businesses.

How much does Opay charge per transaction?

Opay charges a fee of 0.5% for withdrawals between N1-N20,000 made through their POS terminals. For transactions above N20,000, the charge is N100.