Well, OPay is a Mobile Money Operator (MMO) in Nigeria. But none of these fintech apps are without a clause. In this article, I'm going to explain the disadvantages of OPay and what you need to do to defend its potential risks.
It's been a while I've been using both OPay and PalmPay App. Hence, I can tell you some disadvantages and advantages about these payment applications. Since there inception, many problems have surfaced and customers are complaining everyday, creating doubt and fear in people's minds whether their Money is safe with OPay or Not.
However, thanks to new development OPay has introduced to it app; the fintech company has make getting helps easier than before by redefining customer services with innovative solutions. You can now talk to customer representative in person. The fintech has launch helper across Nigeria to help you will solve any problems you're encountering with your OPay Account and App.
In essence, this has made the potential risks of OPay to reduced. By having representatives across the nation will increase the fintech app's trustworthiness and legacy. OPay, since its inception in 2018, has been offering financial solutions such as Loans, inter-bank transfers, bill payments, reward incentive program and many more, to the banked and the unbanked part of Nigeria. These features have benefited many Nigerians and reduces the hassles of getting financial solutions from the country's commercial banks.
However, with all OPay advantages, there are still some disadvantages and potential risks that are belittling the fintech app in Nigeria. Let's explore the Disadvantages of OPay and some related FAQs about the app potential risks.
Disadvantages of OPay
Before, customer service shortcomings was among the disadvantages of OPay in Nigeria. But now, the app has upgraded it customers service to suit and respond to customers queries as quick as possible.
Notwithstanding, there are still some problems OPay needs to attend to. These problems are also considered the disadvantages of using OPay in Nigeria. Here are the potential disadvantages of OPay:
Limited Acceptance
OPay might not be accepted everywhere in Africa, not to talk of world, especially compared to more established payment methods like Kuda and Chipper Cash that operates in the Canada and United States respectively. This could be a drawback if you're looking for a universal payment solution.
Security Concerns
As with any online payment platform, there's always a risk of fraud or security breaches. Make sure you understand OPay's security measures and practice good online safety habits.
Technical Issues
Like any fintech app in Nigeria, OPay could be prone to technical glitches or network downtime. This could be frustrating if you need to make a payment urgently.
Dependence on Smartphone
OPay is a mobile-only payment app - it's almost certainly requires a smartphone to function. This could exclude people (like from illiterate age 50 upward) who can't operate smartphones or reliable internet access. In most cases, the USSD code services it introduced can sometimes be difficult for the illiterate and old people to use.
FAQs of the OPay Potential Risks
Is my Money Safe in OPAY?
Certainly, your funds are safe on the OPay Account. Why? Aside the fact that OPay is operating with a MMO License in Nigeria, the fintech is also insured by the Nigerian Deposition Insurance Cooperation (NDIC), which assures that your money are safe and secure even if their is any damages to the fintech firm in the future.
Which Bank is better between OPay and PalmPay?
PalmPay and OPay are Mobile Money Operators (MMOs) in Nigeria. They offer similar financial services. They have the same disadvantages and potential risks. However, recently, PalmPay is offering unlimited free transfer for three months amid CBN's directive for users to update their BVN and NIN, compared to OPay offering three free transfer daily.
What are the advantages of using OPay?
With OPay Account and App, you will have access to seamless and fast financial services such as mobile transfer, bills payments, airtime recharge and many more. In addition, it's important to let you know that benefits of using OPay surpass that of its disadvantages.
How secure is OPay?
I want you to know that OPay priorities security among others. Aside the fact that your money are safe with OPay with the help of NDIC, the fintech company also implements high-tech security (such as Face ID Recognition Lock, Fingerprint and other Biometrics Locks) that safeguard your money and assets. In a nutshell, OPay is a secure payment platform in Nigeria you can trust with your money.