Opay Vs M-Pesa: Which Is Better?

Opay Vs M-Pesa: Which Is Better?

• This article is a comparison between Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?

Which of these two Fintech companies have you chosen over the other?

Whether you’ve decided or not, in this article I’ll be comparing these two giant Fintech companies letting you know their outstanding features and finally you can choose the one you think is better.

Let’s quickly dive into knowing Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?

What is Opay (Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?)

Opay is a mobile wallet and fintech platform that was launched in Nigeria in 2018. 

 Opay provides a range of financial services, including mobile money transfers, bill payments, airtime purchases, and more.

 It also operates a ride-hailing service, ORide, and a food delivery service, OFood, among other businesses. Opay has rapidly expanded its operations in Nigeria and has recently expanded into other African countries, such as Kenya and South Africa.

The platform aims to increase financial inclusion in Africa by providing affordable and convenient financial services to individuals and small businesses.

The Features Of Opay

Opay is widely known by everyone as a mobile wallet and fintech platform that offers a wide range of features and services. 

Some of the key features of Opay include:

Mobile Money Transfer

Opay allows users to transfer money to other Opay users, as well as to bank accounts and other mobile money wallets.

Bill Payment

 Users can pay their bills using Opay, including utilities, cable TV subscriptions, and more.

Airtime and Data Top-up

 Opay enables users to purchase airtime and data bundles for themselves and others on various networks.

Investment

Users can invest in various financial products and services, such as mutual funds and insurance, through the Opay platform.

Ride-hailing

Opay operates ORide, a ride-hailing service that enables users to book motorcycle rides for themselves and others.

Food Delivery

Opay operates OFood, a food delivery service that allows users to order food from a variety of restaurants and have it delivered to their location.

Loans

Opay provides access to short-term loans to eligible users through its partner lending institutions.

QR Code Payments

Opay uses QR codes to enable users to make payments quickly and easily at participating merchants.

Security

 Opay incorporates advanced security features such as facial recognition technology and fingerprint authentication to protect users’ transactions and data.

Benefits Of Using Opay (Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?)

There are several benefits of using Opay, including

Convenience

Opay provides a one-stop-shop for various financial services such as money transfers, bill payments, and airtime purchases, among others. 

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

Users can access these services from their mobile phones, making transactions fast and convenient.

Affordability

Opay charges low fees for its services, making them accessible to more people. This is especially beneficial for people who may not have access to traditional banking services.

Security

Opay incorporates advanced security features such as facial recognition technology and fingerprint authentication to protect users’ transactions and data. This makes Opay a secure platform to conduct financial transactions.

Accessibility

Opay is available to anyone with a mobile phone, making it accessible to a wide range of people. 

This is particularly important in Africa where many people are unbanked or underbanked.

Financial Inclusion

Opay aims to increase financial inclusion in Africa by providing affordable and convenient financial services to individuals and small businesses.

This helps people to access financial services and improve their economic well being.

Partner Programs

Opay partners with other companies such as lending institutions and insurance providers to offer additional financial services to its users. 

This expands the range of financial products and services available on the Opay platform.

Is Opay Approved By CBN

Yes, this is one of the most important aspects everyone must know about.

Unfortunately, some people fall victim to loan sharks because they couldn’t verify if their company is CBN approved or not.

However, Opay is approved by the Central Bank of Nigeria (CBN) to operate as a mobile money operator in Nigeria. 

In fact, Opay was granted a super-agent license by the CBN in 2019, which allows it to provide financial services to Nigerians through its network of agents across the country. 

The CBN regulates mobile money operators in Nigeria to ensure that they operate within the guidelines and regulations set by the bank. 

As an approved mobile money operator, Opay is subject to the regulations and supervision of the CBN.

What is M-Pesa? (Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?)

M-Pesa is a mobile money transfer service that was launched in Kenya in 2007 by Safaricom, Kenya’s largest telecommunications company. 

M-Pesa allows users to send and receive money, pay bills, purchase airtime, and access other financial services using their mobile phones.

M-Pesa has since expanded to other African countries such as Tanzania, Mozambique, and Egypt, and has become a popular and widely-used mobile money transfer service in the region. 

The name “M-Pesa” is derived from the Swahili phrase “pesa” which means money, and the letter “M” stands for mobile, which is “Mobile Money”.

Features Of M-Pesa (Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?)

M-Pesa is a mobile money transfer service that offers various features and services. Here are some of the key features of M-Pesa:

Money Transfer

M-Pesa allows users to send and receive money using their mobile phones. Users can transfer money to other M-Pesa users, as well as to bank accounts and other mobile money accounts.

Bill Payment

Users can pay their bills using M-Pesa, including utilities, rent, and other services.

Airtime and Data Top-up

M-Pesa enables users to purchase airtime and data bundles for themselves and others on various networks.

Savings and Loans

Users can save and borrow money through M-Pesa’s partner lending institutions. M-Pesa also offers savings and investment products to its users.

Merchant Payments

 M-Pesa allows users to make payments to merchants using their mobile phones. Merchants can receive payments through M-Pesa’s mobile point-of-sale (mPOS) terminals.

International Money Transfer

 M-Pesa offers international money transfer services in partnership with Western Union and other remittance companies.

Micro-insurance

M-Pesa partners with insurance companies to offer micro-insurance products to its users, including health and life insurance.

API Integration

 M-Pesa’s application programming interface (API) enables developers to integrate M-Pesa’s services into their applications, making it easier for businesses to receive payments from their customers.

Benefits of using M-Pesa 

There are several benefits of using M-Pesa, including:

Convenience

M-Pesa allows users to access financial services using their mobile phones, making it convenient and accessible to many people who may not have access to traditional banking services.

Affordability

M-Pesa’s fees are relatively low, making it an affordable option for many people. This is especially beneficial for those who may not have access to traditional banking services or have limited financial resources.

Security

 M-Pesa incorporates advanced security features such as PIN authentication and transaction verification to protect users’ transactions and data. This makes M-Pesa a secure platform to conduct financial transactions.

Financial Inclusion

M-Pesa aims to increase financial inclusion in Africa by providing affordable and convenient financial services to individuals and small businesses. 

This helps people to access financial services and improve their economic well being.

Empowering Women

M-Pesa has been found to have a positive impact on women’s economic empowerment. Women are more likely to use M-Pesa for savings, and the use of M-Pesa has been linked to increased control over household finances and increased financial independence for women.

Social Impact

M-Pesa has had a positive social impact in many African communities. For example, M-Pesa has been used to distribute aid and relief funds to people affected by natural disasters or conflicts.

Differences between Opay and M-Pesa 

Opay and M-Pesa are both mobile money transfer services, but they have some differences in their features, coverage, and operating models. Here are some of the main differences between Opay and M-Pesa:

Coverage

M-Pesa is available in several African countries, including Kenya, Tanzania, Mozambique, and Egypt, while Opay is mainly available in Nigeria.

Features

 M-Pesa offers a wider range of financial services than Opay, such as micro-insurance, international money transfer, and savings and investment products. 

Opay, on the other hand, offers services such as ride-hailing and food delivery, in addition to its mobile money services.

Operating Model

M-Pesa is primarily operated by mobile network operators, while Opay operates as a standalone mobile money service. In addition, M-Pesa has a larger network of agents and merchants than Opay, which allows for more widespread coverage.

Market Share

M-Pesa is the market leader in mobile money services in Africa, with a larger market share than Opay.

Ownership

M-Pesa is owned by Vodafone Group, a British multinational telecommunications company, while Opay is owned by Opera Limited, a Norwegian software company.

Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?

If you have carefully go through the features and benefits of the two Fintech companies “Opay and M-Pesa, you might have clearly see certain differences, however, as per my own point of views, below are some things I’m able to figure out but I won’t clearly figure out the best amongst the two companies but let you decide.

 Kindly check what I figured out below;

Coverage

If you are in Nigeria, Opay may be the better option for you, as it has a wider coverage and is more widely accepted in Nigeria. If you are in one of the African countries where M-Pesa is available, M-Pesa may be the better option.

Features

If you need a wider range of financial services, such as micro insurance, savings and investment products, and international money transfer, M-Pesa may be the better option for you.

 If you need additional services like ride-hailing and food delivery, Opay may be a better option.

Fees

The fees charged by each service may vary depending on the location and transaction type. 

However,it is deemed important to compare the fees charged by each service to determine which is more affordable for your needs.

Security

Both Opay and M-Pesa have advanced security features to protect users’ transactions and data.

However, it is important to ensure that the mobile money service you choose has adequate security measures in place.

Ease of use

The ease of use of the mobile money service is also an important factor to consider.

You should choose a service that is easy to use and navigate, with clear instructions and user-friendly interfaces.

My Final Verdict On Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?

Choosing the best mobile money transfer service between Opay and M-Pesa depends on your specific needs and preferences. 

While Opay is mainly available in Nigeria and offers additional services like ride-hailing and food delivery utility bills payment, savings, and a lot more, M-Pesa is available in several African countries and has a wider range of financial services such as micro-insurance, international money transfer, and savings and investment products.

It is important to consider factors such as coverage, features, fees, security, and ease of use when choosing between the two services as I’ve clearly stated above. 

Finally, you should compare the services and choose the one that best meets your needs and preferences.

Frequently Asked Questions On Opay and M-Pesa “Opay vs M-Pesa: Which Mobile Payment Platform is Better?

Here are some frequently asked questions about Opay vs M-Pesa:

Is Opay available in Africa?

Opay is available in Africa, but its coverage is mainly in Nigeria.

Which mobile money service has more features between Opay and M-Pesa?

M-Pesa has a wider range of financial services than Opay, such as micro-insurance, international money transfer.

Which mobile money service has a wider coverage?

M-Pesa is available in several African countries, including Kenya, Tanzania, Mozambique, and Egypt, while Opay is mainly available in Nigeria.

Which mobile money service is more affordable?

The fees charged by each service may vary depending on the location and transaction type.

 It is important to compare the fees charged by each service to determine which is more affordable for your needs.

Which mobile money service is more secure?

Both Opay and M-Pesa have advanced security features to protect users’ transactions and data.