Opay Vs M-PESA: Which is better?

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Opay vs M-PESA

Now that digital payment keeps growing there is a need to be sure of which you opt for. Two such payment platforms are the Opay Vs M-PESA.

In search of convenience, there is a need to be conscious of the mobile platform we entrust our funds with. That is why I have deemed it fit to look into these two fintech industries.

In this blog post, I will look into the unique features of Opay and M-PESA. Also, I will compare and unveil the possible set back of the two platforms.

Do you want to know more? Then keep reading!

About Opay

OPay Digital Services Limited is one of the renowned fintech companies. It was founded by Opera Norway AS Group in 2018. 

This digital financial platform aims to make financial opportunities accessible to everyone. Initially, the company aims to make those in the unbanked areas to be financially included. However, both banked and unbanked individuals now use this platform with ease due to its efficiency.

Over the past 5 years, Opay has been able to deliver the promise of financial inclusion in Africa. This is because the company has been able to connect people with the places, opportunities, and experiences that they truly care about.

Similarly, Opay is devoted to facilitating financial inclusion through technology and enabling shared prosperity.

Opay digital service is more than just a payment company. OPay is Beyond Banking.

You can open an account with OPay in minutes. The first thing is to download its app from the Google play store or the Apple app store.

With this account, you can easily; 

  • Make payments
  • Transfers, 
  • Apply for loans,
  • Save 
  • Book a ride and perform other essential services.

All these and many more are possible because Opay is a one-stop mobile-based platform. 

Due to their effectiveness, OPay can boast over 35+ million registered app users and 500,000 agents.

There is no doubt that the Opay digital bank has come to stay as it is now spreading across other African countries.

About M-PESA

M-PESA is another giant in the digital payment platform industry. Although the M-PESA is not available to Nigerians. It is used in several countries across Africa and Asia. Some of these include Kenya, Tanzania, Mozambique, Egypt, DRC, Afghanistan, and South Africa among others. In Fact, it is the largest mobile network operator in Kenya.

The M-PESA service was launched in 2007 by Vodafone and Safaricom. It is Africa’s most successful mobile money service and the region’s largest fintech platform. 

Also, it is the preferred way to make payments across the continent both for the banked and unbanked individuals. This is due to the safety and unmatched convenience they offer to their customers.

As at present M-PESA provides more than 51 million customers across seven countries in Africa with a safe payment option.

Ultimately, with the M-PESA account you can;

  • Top-up airtime
  • Make bill payments
  • Make more International payment 
  • Receive salaries
  • Get short-term loans among others.

Read also; PalmPay vs Opay: Which is Better? – Everything you Need to Know Before you Decide

Features of Opay Digital Banking

Opay digital service has many features that have earned them the trust of most of their customers over the years.

Some of these features are below;

  • Cash Back

Cash-back is one of the features that allows you to earn bonuses as an Opay user. Earn as high as a 6% bonus anytime you buy airtime or data on the app. The cashback you earn on Opay can be used to buy airtime or data. Yet you will be given another cash back again.

  • Free Transfer

Opay Digital service offers free transfer features to its customers using the payment app. However, you will be charged a service fee of #10 if you are using their magic USSD code.

  • Fast 

One of the basic features that have given Opay over 35 million users is the speed at which transactions are carried out. Think of a banking platform where you can carry out your transactions in a blink of an eye. Then look no further than Opay.

  • Refer and Earn

Another beautiful feature offered by Opay Bank is the ability to refer to another customer and you get paid. That is, anytime you refer a new user to use Opay you will be credited with #800. The new customer too will be credited with #1200. Isn’t that nice?

  • Online Shopping

You can perform all your online shopping on the Opay app without stress. All you need to do is use the QR codes generated on the app and then pay for goods and services across Nigeria.

Furthermore, It also provides financial services to millions of people who have mobile phones, but do not have bank accounts, or only have limited access to banking services.

Read also; PalmPay vs Opay: Which is Better? – Everything you Need to Know Before you Decide

Features of M-PESA

M-PESA, being a leading digital payment platform in Kenya and other African countries has numerous enticing features to offer to its customers. Some of these are;

  • Mobile Payments

If you have an account with M-PESA you can easily make payments and send money to other users through the mobile app. Also, you can use their USSD code.

This is because M-PESA provides you with a secure and affordable way to send and receive money.

  • International Money Transfers

The M-PESA is not limited to a few countries. That is, as users you can send and receive money internationally. This is possible because of the partnerships they have with several countries around the world. 

  • Bill Payments

Just like most digital payment platforms. M-PESA also allows its users to pay for utility bills, such as tuition, electricity, and water bills. All this can be done on the M-PESA app or by using their USSD code.

  • Higher Transaction Limits

The M-PESA offers higher transaction limits when compared to Opay. This feature has been beneficial for users who need to make large transactions daily.

  • Offline but Connected

One of the good things about having an account with M-Pesa is that you can log in and access key M-PESA features. Even without the need for an active data connection.

As you can see, both Opay and M-PESA have outstanding features. However, we need to compare these two banks so as to help you make an informed decision.

Comparison Between Opay Vs M-Pesa: which is the best?

  • Market Domination

Both Opay and M-PESA have dominated the market in various countries. However, M-PESA is available in several countries across Africa and Asia. Unlike Opay which is currently available in Nigeria and two other African countries only.

  • Transaction Fee

The transaction fee is another important factor to consider when comparing Opay vs M-PESA. Opay digital service offers a lower transaction fee than the M-PESA. Thus, making it a more affordable option for users who use mobile money services frequently.

However, M-PESA charges a higher transaction fee which may be an issue for users who make regular transactions.

  • Ease of Use

The Opay mobile app has a friendly ease-to-use interface. This interface allows you to perform all your transactions without a hitch.

  • Business Model

M-PESA is chiefly run by mobile network operators. Whereas Opay on the other hand is a stand-alone mobile money service. Again, M-PESA has a bigger network of agents and merchants than Opay. Thus, allowing for its greater coverage.

  • Biometric Authentication

Another awesome feature offered by the M-PESA digital platform is the ability to access your account with a face or fingerprint. The main motive behind this is to increase the way your account is secured.

Opay on the other hand only makes use of the pin.

Final Thought

From the blog post above you can conclude that both mobile payment platforms are awesome.

As you can see both platforms offer similar services. However, they differ in terms of their transaction fees, range of services, mode of registration and network of agents and partners.

Hence, to choice which is better between Opay vs M-PESA it depends on your personal needs and priorities.

Ultimately, I have carefully selected some features you may consider when choosing which is better between Opay and M-PESA.

Frequently Asked Questions On Opay Vs M-PESA

Below are some frequently asked questions on Opay vs M-PESA.

Is M-PESA available in Nigeria?

No, M-PESA is not available in Nigeria as of present.

How do I use Opay?

In order to use Opay, you need to download the Opay mobile app, then you should then create an account. After that, you may link your bank account or debit/credit card if you wish.

Thus, you can then use the app to send and receive money, pay bills, and purchase goods and services anytime.

How do I use M-PESA in Kenya?

Before you can use M-PESA, you need to register for an account with a mobile network operator. Make sure the operator supports M-PESA, such as Safaricom in Kenya. 

Then use the M-PESA menu on your mobile phone to send and receive money, pay bills, and purchase goods and services after registering.

Which is cheaper, Opay or M-PESA?

Opay offers a lower transaction fee when compared to M-PESA, However, the exact fees may vary depending on the country in which the transaction is performed and the type of transaction.

Which is more widely accepted between Opay and M-PESA?

M-Pesa is the most widely accepted digital platform. Most business owners prefer M-PESA when compared to Opay. However, acceptance of each may vary depending on the country and specific location.


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