The recent redesign of the Nigerian currency has drastically dropped the efficiency of digital banking in Nigeria, which also resulted in a cash shortage. However, people’s reliance on banking apps and USSD platforms has caused significant pressure on the already unstable digital banking infrastructures, resulting in issues such as delayed bank transfers and unresolved failed transactions.
These allowed non-traditional banks or FinTech like Opay to prove their proficiency by providing consistent digital banking services. Opay has become the biggest consumer-focused FinTech player in Africa, according to its payment infrastructure and its marketing strategy, which includes offline marketing.
Femi Hanson, Opay’s PR and Communication Manager, made it known in his statement that the company visioned a cashless Nigeria and we’re strategic in building a resilient infrastructure ahead of time. “We have significantly invested in our payments infrastructure to ensure our system can withstand a cashless environment, “ he said.
In the past few months, the firm’s user base has grown to over 26 million and has processed an ample volume of transactions, especially Opay to Opay transactions, which are way easier to manage. Hanson added that “They have seen the strongest metrics, from transaction volume to DAU & MAUs. We will keep growing as more consumers come to trust Opay as a reliable, fast, and safe platform”. The company’s success has been possible despite the challenges it has faced because of the ecosystem’s limitations.
The PR and Communication manager communicated that Opay had experienced some difficulty because of the limitations of other players whose infrastructures might not be as desirable as theirs. This is a problem that should be addressed in the Financial ecosystem. Regardless, this has not stopped them from adapting their infrastructure to suit transaction demand
Opay’s success in the face of Nigeria’s network difficulties has shown that non-traditional banks and FinTechs are secure systems and that their infrastructure allows for a dependable and organized digital banking service even during trying times.
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