Nigeria

All you need to know about the reported OPay shutdown

Passionate reactions from Nigerians trailed the latest news on the Fintech Startup, OPay, following reports that the company would be shutting down all its businesses in Nigeria except for the payment services. 

The shutdown is allegedly expected to cover the popular bike hailing service, ORide; the  B2C e-commerce app, OMall; the B2B e-commerce platform, OTrade; the logistics delivery service, OExpress and the food delivery service, OFood.

African Fintech company, OPay, entered troubled land when the Lagos Government in January, banned the operations of motorcycles on all major roads in Lagos state; including the bike services provided by ORide.

With the ban in place, the company switched its operations to delivery services, but it seems that move didn’t yield much profit, considering the latest announcement.

Nigerians expressed sadness at the reports and lamented the unfavourable conditions in the country that chokes startups. They communicated that the money and resources invested in the startup seem to have resulted in nought; emphasizing that this development has left many jobless. 

Many lauded the startup for the value it added and the benefit it offered Nigerians; mourning its untimely demise.  

There were those who still proclaimed that all hope was not lost; declaring that OPay, the payment service, is their primary product and they are still doing well in that sector. 

OPay confirmed the reports in a statement, but noted that these businesses were to be placed on “pause.” The company established that the reason for this development was because of the harsh business conditions including the COVID 19 pandemic, the government ban and the lockdown. The statement added that OPay would continue to invest and grow in the e-commerce space. 

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