Nigeria’s Cash Crunch Stirs Fintech Apps’ Usage Amongst With OPAY At The Forefront

Nigeria's Cash Crunch Stirs Fintech Apps’ Usage Amongst With OPAY At The Forefront

BrandSpur Nigeria reports that the commotion about naira scarcity and the fact that citizens find it difficult to make transactions upsurge in fintech apps’ usage with OPAY at the forefront.

In recent times, the naira redesign and subsequent cash shortage have made digital banking more challenging for Nigerians. Increased reliance on banking apps and USSD platforms has negatively impacted bank performance, putting strain on the already unsteady infrastructure of digital banking. Bank transfers often take longer than usual and failed transactions take up to ten days to be resolved.

However, the strain on the already unsteady infrastructure of digital banking has led to the popularity of OPAY and other fintech apps amongst small businesses and artisans.

For Nigerians, digital banking has become more difficult as a result of the naira redesign and the ensuing cash shortage. Bank performance has been significantly impacted by an increased reliance on banking apps and USSD platforms, placing stress on the already shaky infrastructure of digital banking. Bank transfers frequently take longer than expected, and the resolution of unsuccessful transactions can take up to ten days.

Traditional banks have been drowning in bad press, but this has given non-traditional banks, or fintechs, a chance to show off their strengths. OPay is one example.

The four-year-old platform has evolved from a standard fintech to one of the most reliable means of transaction currently available.

Femi Hansen, the PR & Communications manager for OPay, claims that the business staked on a cashless Nigeria and prepared a robust infrastructure.

“We have significantly invested in our payment infrastructure to ensure our system can withstand a cashless environment. We believe that peer-to-peer payments are the future of payments in Nigeria, so we were not caught unaware, we were prepared for new users and built the technology infrastructure that supports it,” he said.

Increased Transactions

The amount of transactions has dramatically increased for the organization, notably OPay to Opay transfers, which are simpler to handle.

The company, which currently has roughly 26 million members, has seen a rise in new users over the last two months and anticipates that trend to continue.

According to Hansen, the firm has benefited from the reform of the currency system.

“We have seen the strongest metrics, from transaction volume to DAU & MAUs. We currently have over 26 million app downloads, and in the last few months, we have gained a significant number of first-time users. We will keep growing as more consumers come to trust OPay as a reliable, fast, and safe platform.”

OPay has successfully infiltrated the core of the Nigerian market with a super app that offers consumers a single service to manage all of their payments in a simple, rapid, and secure platform, while not being the only Nigerian payment fintech with quick, efficient transactions.

OPay invested seriously offline marketing, and it has paid off at a critical time. It presently dominates Africa’s consumer-focused fintech market.

However, its growth is not without challenges.

“We have experienced some challenges in recent times because our infrastructure is resilient and we have been able to adjust quickly to transaction demand. However, most transactions have to go through other players whose infrastructure might not be as resilient as ours.

“We have seen some of this recently and that’s an ecosystem challenge that we have to address,” Hansen noted.