Digital payment platforms like OPay and Moniepoint have completely revolutionized how payments are made in Nigeria and many African countries. From individuals to businesses, these platforms make payment easy and seamless. There are so many digital payment platforms to choose from, but OPay and Moniepoints stand out as among the best. It may be hard to choose which one of them to use, which is why I have written this article.Â
I will first walk you through each of them with their products and features, then give a side-by-side comparison between both of them. Let’s begin!
OPay overview
OPay is a Nigerian fintech mobile banking firm that was established in 2013. It offers a consumer platform and mobile payment service that lets customers, transfer and receive money, and pay bills. Additionally, Opay’s software and point-of-sale devices enable anybody to function as an ATM or bank.
OPay Features
1. Bill payment and cashback rewards
OPay makes bill payments simple and rewarding. With just a few clicks, you may use the app to pay for regular obligations like school fees, cable TV subscriptions, and utility bills.
OPay provides enticing cashback rewards on bill payments. Every time you top up your data or airtime, you may get up to 6% immediate cashback. You may also get 5% of the money back into your pocket if you pay your power bill before the due date and a 10% reward when you pay your DSTV payment using OPay.
2. Quick and Free Money TransfersÂ
OPay money transfers are among the greatest options for speed and value. With OPay, you can enjoy instantaneous transfers to any Nigerian bank at any moment with a 100% success rate.
The first three transfers of the month are free. Afterwards, a fee of N10 will be charged. However, sending and receiving money from other OPay wallets is always free. There is no waiting for transactions to clear since money is placed immediately.
3. OWealth
You may generate daily returns on unused cash in your OPay wallet with OWealth without having to lock up your money.
There is no danger to your money, and rates are competitive. There are no fines if you take money out of your OWealth balance at any moment. It’s a simple method to increase the value of your money while maintaining complete access.
4. Savings target
OPay’s savings targets tool makes it simple to manage funds and strive toward various objectives. You may establish specific goals for things like rent, kids’ tuition, holidays, and more.
Then, every day or every week, the app will automatically take little sums out of your wallet and put them toward each goal. Without much work, this develops the habit of disciplined saving.
5. Affordable and Adaptable LoansÂ
OPay offers fast and easy lending services inside the app thanks to its cooperation with Easemoni.
Your OPay wallet receives loan disbursements immediately for immediate access. They are a wonderful choice for paying for unforeseen expenses because of their flexible payback terms of three to six months and reasonable interest rates.
The burden of remembering due dates is eliminated since monthly repayments are automatically taken out of your pocket. OPay loans assist consumers in appropriately meeting their immediate financial demands.
6. POS Terminal
OPay offers a Point of Sale (POS) terminal to businesses and merchants. They offer low rates and fast transactions.
7. Free and Instant Debit Card
Apply with the OPay App or at certain OPay agents to get a debit card, and enjoy ten free ATM withdrawals each month with no maintenance costs. Any ATM, point-of-sale (POS) system, or online retailer accepts the OPay debit card.
OPay customer support
OPay offers fast customer support with 24/7 availability and prompt response via both online and offline customer support channels.
You may contact customer support through the app, the physical customer service center, the official social media accounts, or by phone.
OPay security
Strong cryptography is used to store and encrypt your data on OPay. Every transaction you make is safe and encrypted as it adheres to the PCI DSS. If your card or account is lost or stolen, quickly dial *955*131# or *955*132# to lock it.
Moniepoint Overview
One of Nigeria’s top fintech startups is Moniepoint, previously Teamapt. They have developed as the top fintech in the agency banking industry over time.
With more than 600,000 agents, Moniepoint handles over 7 trillion Naira per month. Additionally, they claim that the uptime rate of their network is 99%.
Moniepoint features for businesses
1. Business AccountÂ
Moniepoint offers a complimentary bank account to support your business. In just a few minutes, you can open a free bank account under your company name. Get 24/7 assistance with no additional costs and total account management.
2. Point of Sale Terminal (POS) machine.
They offer a dependable point-of-sale terminal to easily accept cards and transmit payments. Payments are instant, and they claim to have a 99.9% reliability
3. Expense card
An expense card works like a debit card but it is specifically designed for businesses. You can get it delivered directly to you in 48 hours, and once you have it you can use it to make payments on ATM and POS machines.
You can set limits on the card, monitor expenses, and receive insights on your business expenditure.Â
4. Working capital loans
Get working capital loans to support the expansion of your company. You can get a minimum of N1,000,000 without collateral with interest rates of 24-40% per annum. The process is fast, and you can get your loan approved in 48-72 hours.
Moniepoint features Personal accounts
1. Instant debit cards
You can order a debit card from Moniepoint and have it delivered to you within 48 hours. It works just like every other debit card, you can withdraw and make payments on ATM and POS terminals. You can activate it easily on the app and deactivate it just as easily if it goes missing.
2. Personal account
With your Moniepoint personal account, you can send and receive money, pay bills, and manage your money. You can save and even get a salary advance if you are short on cash, or your salary is being delayed.
Moniepoint security
Modern cybersecurity technology is used by Moniepoint to safeguard your data and stop illegal access.
Moniepoint customer support
They provide 24/7 assistance. Use the app, phone, email, or the Help Center to get in touch with their support staff anytime you experience any issues or just want a question answered.
With business-friendly interest rates and payback terms, the request procedure is simple.
Side-by-side comparison
For businesses
| Opay | Moniepoint | |
|---|---|---|
| Business account: | Omnichannel payments (No business account) | Business account |
| POS: | POS terminals | POS terminals |
| Bills payment: | Banking & bill payments | Banking and bills Payment |
| Business products: | Online Sales and marketing | Working capital loans |
Personal accounts
| Opay | Moniepoint | |
|---|---|---|
| Debit card: | Instant debit card | Instant debit card |
| Phone-based account number: | Personal account with phone number | Personal account with phone number |
| Bills payment: | Bill payments | Bill payments |
Fees
| OPay | Moniepoint | |
|---|---|---|
| Transfers: | Free within OPay. Free for the first 3 transfers to other banks. N10 for subsequent transfers. | N20 per transaction |
| Airtime and bills: | Free airtime and bill payments. 6% immediate cashback on airtime payments, and 5-10% cashback when you pay your bills on time. | Free airtime and bill payments. |
| Card: | It costs N700-N1000 to get an OPay debit card. No card maintenance fees. | N1,500 to get the card. No maintenance fees. |
| POS transactions: | 0.5%-1.5% per transaction | 0.5%-1.5% per transaction |
Loans
| OPay | Moniepoint | |
|---|---|---|
| Collateral: | No collateral | No collateral |
| Interest: | 36.5%-360% annually | 24-40% per annum |
| Processing time: | Minutes to hours | 24-72 hours |
| Tenure: | 14 days to 6 months | 7-120 days |
Conclusion
Both OPay and Moniepoint offer a comprehensive package for both individuals and businesses. The choice of the platform to use will depend on your particular needs. For businesses, Moniepoint seems to be the better option since it offers more services catered towards businesses, and lower interests on loans. For individuals, the cashback on airtime and bills, and the ability to grow savings on Opay seem really attractive.
