How Opay’s proactive investment paid off during naira crisis
By Joseph Ekeng
The recent naira redesign crisis was a moment of acute turmoil for most companies in Nigeria, but for some businesses, it was a rare opportunity for growth.
One of the companies that successfully surfed the storm to inspire growth is the online payment brand Opay.
While many digital payment platforms, including banking apps and USSD platforms, underperformed in their service delivery, Opay and a few other channels received a lot of praise from consumers for their Innovative and prompt services.
OPay’s PR & Communications manager Femi Hanson attributes the platform’s success to its innovativeness and proactive thinking.
He noted that long before the cash scarcity struck, Opay began to make aggressive investments in infrastructure. He added that the company built a resilient infrastructure ahead of time.
“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 in a recent interview.
Thanks to Opay’s excellent performance during the crisis, it became the darling of many Nigerian micro and small business operators and its customer base increased rapidly.
Hanson confirmed that the cash redesign had a positive impact on the business. “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 also benefited in terms of brand recognition and brand integrity, as evidenced by its high trust quotient among business owners even in some of the most remote locations in Nigeria.
Also, many micro-business distanced themselves from other digital payment services, insisting that they could only trust Opay to deliver excellent services and fast payment.
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