Opay Vs Moniepoint: Which is better?

About Opay

OPay Digital Services Limited is one of the leading digital platforms in Nigeria. Opay was founded by Opera Norway AS Group in the year 2018.

The main motive of the digital platform is to make financial opportunities accessible to you.

Since the past 5 years in which Opay has been in operation, it has been able to deliver the promise of financial inclusion in Africa. This is done by connecting their customers with the places, opportunities, and experiences that they truly care about.

Again, Opay is dedicated to enabling monetary inclusion through technology. And ultimately enable shared prosperity.

Also, they are committed to making opportunities accessible to people. This outstanding digital service is more than just a payment company. That is, it is Beyond Banking.

If you have an account with Opay, you can easily;

Make payments online
Transfers funds
Apply for loans in minutes
Save money
Book a ride
Order food and perform other essential services.

Yes, everything is just on your phone!

Also read: Opay Vs M-PESA: which is better?- The Authentic Answer That Will Guide You

You can perform all these and more on the Opay app because it is a one-stop mobile-based platform.

Likewise, their beautiful performance has earned them over 35+ million registered app users and 500,000 agents in just 5 years of operation.

Finally, Opay is not limited to Nigerians alone as the industry is now spreading across other African countries.

About Moniepoint

Moniepoint is a leading global business payments and banking platform. This platform recently became QED Investors’ first investment in Africa. At present, they are the partner of choice for over 600,000 businesses of all sizes.

One of the goals of this digital platform is to power the dreams of SMBs. Also, they are committed to providing them with equal access to the tools they need to grow and scale.

Furthermore, Moniepoint Inc. (formerly TeamApt Inc.) was established with the vision to create a society where you can experience financial happiness.

This digital platform is licensed to operate as a Microfinance Bank. That is, it is a CBN-licensed Microfinance Bank.

As of present, Moniepoint is Nigeria’s largest business payment platform. In fact, it is recognized by the Central Bank of Nigeria as the most inclusive payment platform in the country.

Although the company is a fully remote tech company. They have a diverse workforce worldwide and are headquartered in London, with offices in the US, Nairobi, and Lagos. Hence, you do not have to worry about being scammed.

Some of their investors are New Voice funds, QED investors, Novastar ventures, and Endeavour Catalyst among others.

The Initial approach of the bank is to deliver financial happiness and solutions. Thus, this was done by optimizing the operations of partner banks and financial institutions. In 2015, these solutions were deployed to 95% of Nigerian banks. And the outcome improved the service experience for over 10 million of their customers.

In 2019 this fintech offers financial solutions to merchants selling cash (agents) by providing business-facing products to them through their products – Moniepoint and Monnify.

Again, in 2020 they were able to build Nigeria’s strongest distribution network for financial services. Also, they became the leading agency banking solution in Nigeria processing up to $7 billion in over 120,000,000 transactions each month.

Yet, in 2022 they expanded to focus on the growth of all types of small businesses. Moniepoint ensured they had access to the financial growth engines necessary to accelerate their success.

Ultimately, all these are made possible with their industry experience, technical depth, and customer-first approach.

There is no doubt that these two fintech companies are both outstanding. However, there is a need to compare the features each of them has to offer.

Comparison of Opay vs Moniepoint Features: which is the best

In terms of PoS Opay VS Moniepoint: Which is better?

If you are a small business owner looking to get a PoS machine for your business or do you want to become a PoS agent? Then there is a need for you to pay attention to this.

Though PoS machines offer similar features. However, they still have specific advantages over each other.

Some are faster and more reliable than others, some offer higher commission fees, and some have lower restrictions when using them.

Both Opay and Moniepoint PoS machines can be used to deposit, withdraw and save funds.

Also, you can use it to buy airtime and data in bulk and you will get a commission.

There is no doubt that the Opay PoS machine is fast. This is because their network is excellent. Besides, it offers you a good commission for some of its services.

With the Opay PoS machine, you can enjoy your favorite TV shows daily and still earn commissions. All you need to do is to pay for your TV subscriptions or help your customers pay for their TV subscriptions.

Furthermore, as an Opay agent, you have the opportunity to save money and earn from it. You will earn up to 15% interest per annum.

Ultimately, you can apply for the PoS easily on the Opay app.

Moniepoint digital platform on the other hand is one of the best PoS machine providers in Nigeria.

The PoS machines provided by Moniepoint have low charges when compared to Opay. Likewise, the platform offers some commissions for services like airtime purchases. Thus, with Moniepoint PoS, you will make a lot of money by providing financial services to your customers as an agent.

Likewise, you can earn from the transaction charges.

But, one big clause is that you must be able to meet their daily limit of #50,000. Failure to do that three times will lead to withdrawing their PoS machine from you.

Rewards and Bonuses Opay vs Moniepoint: Which is better?

Both Opay and Moniepoint do reward their customers for performing some tasks in the app.

For Opay users, you have access to cashback rewards for every airtime or data purchase you made through the app.

Also, you will earn rewards for referring friends to join the platform.

Likewise, you will have exclusive access to limited-time deals that can help you save money on purchases and earn exclusive rewards points.

Moniepoint on the other hand, offers a discount on selected items and services when you use their digital wallet.

Also, you will be given free gifts with purchase and bonus points if you meet certain maxima.

Furthermore, you will earn some bonus in the form of points anytime you sign up as a new user.

Ultimately, you will have access to exclusive VIP events when available.

Security Opay vs Moniepoint: Which is better?

One of the most important features that should be considered in choosing a digital platform is how secure it is. Thanks to Opay and Moniepoint both of them offer strict security protocols that ensure your information is protected all the time.

However, Opay uses a risk assessment methodology, which is consistent with PCI-DSS standards to protect your account. Whereas, Moniepoint offers an even higher level of security with SSL encryption and two-factor authentication.

Mode of Transfer Opay vs Moniepoint

Opay allows users to make transfers to other bank accounts and mobile wallets.

But Moniepoint allows transfers to bank accounts only.

User Experience Opay vs Moniepoint

Opay and Moniepoint both offer a friendly user interface. That is, both interfaces are easy for you to use. Thus, making it easy for users to navigate and use their services.

Nonetheless, Opay’s app has a clean and modern Design. Also, the app offers a dark mode feature, which can be easier on the eyes in low-light conditions.

Moniepoint’s app on the other hand has a simple and straightforward design. But it does not have dark mode features.

Market Domination Opay Vs Moniepoint

Both Opay and Moniepoint are readily available to Nigerians. That is, their services are accessible to users nationwide.

Though Opay has a wider reach, it is available in other African countries such as Kenya, Egypt, and South Africa. Thus, making the Opay digital platform a suitable option for individuals. And especially businesses with cross-border transactions.

Moniepoint on the other hand is available in Nigeria as of present. But it is planning to have a presence in Francophone West Africa, East Africa between Rwanda, Uganda, Tanzania; Central Africa, etc.

Final Thought

Both Opay and Moniepoint are two distinguished fintech industries in Nigeria that provide digital payment services to Nigerians. Though they both offer similar services.

However, they differ in terms of transaction charges, availability in the market, PoS system, and security among others.

Consequently, choosing between these two (Opay and Moniepoint) will depend on your needs and preferences.

Ultimately, before you select it is important to check out features like availability, fees, customer support, and security.

Frequently Asked Questions on Opay vs Moniepoint which is better

Which is better, Opay and Moniepint Pos?

If you intend to start a PoS business it is better you go for an Opay PoS machine. Because it is way more better.

Also, they do not have a daily target. However, Moniepoint has a daily target of 50 thousand nairas that you must meet. Failure to meet this target may lead to them collecting back the machine from you. But the Moniepoint machine is cheaper. Besides, Opay has a better network than Moniepoint.

How do I set up an OPay merchant account

In order to set up an Opay merchant account. Just go to Google Play and download the OPay app. Then, follow the on-screen instructions to register your account.

Subsequently, send an email to ng-support@opay-inc.com requesting for an OPay merchant registration form after setting up your account.

How do I unregister a device from my Moniepoint dashboard?

If you want to unregister a device from your dashboard. Just follow the steps below;

First, log in to your Moniepoint dashboard.

Then click on the ‘Settings icon in the top right corner

After that select ‘Devices’

Then select the device you want to unregister and then click on deactivate.

Eventually, the device will be deactivated immediately. However, before you will be able to access your dashboard again. You will require an OTP upon logging in.

Still, if you have issues do not hesitate to contact us if you have any further questions or require additional information.

Which is better Opay vs Moniepoint

Both Opay and Moniepoint are two digital platforms licensed by the central bank of Nigeria. Hence they are both good choices.

However, individual choices will depend on their needs and preferences. But before you select it is important to check out features like availability, fees, customer support, and security.

What is Moniepoint’s daily target?

The Moniepoint operates with a daily target and this daily target is #50,000. But, if you cannot meet the daily target just ensure you make up to 150,000 withdrawal transactions. However, if you cannot meet any of these two conditions then Moniepoint will retrieve their Pos from you.