PalmPay vs Opay: Which is Better?

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PalmPay vs Opay

PalmPay vs. Opay: Which is better? This question has always bugged the minds of many Nigerians. This is so because the two fintech industries are one of those mostly used by Nigerians and Africans at large.

PalmPay and Opay are both mobile payment platforms with millions of customers. However, the competition between both of them has captured the attention of users seeking reliable financial solutions.

As we all know most individuals now turn to their smartphones for various financial transactions. Hence, there is a need to decide on which is better between these two fintech companies. Doing this will make you enjoy the banking system of your dreams without stress.

Do you need a genuine answer to the question PalmPay vs. Opay: Which is the best? If yes, continue reading.

In this blog post, I will enlighten you on both PalmPay and Opay’s factors such as their;

  • Unique features
  • Ease of use 
  • Coverage
  • Charges
  • And customer support strength among others.

Also, I will shed light on the similarities and thus compare both in order to enhance your decision-making.

Without wasting time let’s see which is better. PalmPay vs Opay.

About PalmPay

PalmPay vs. Opay: Which is better? In our quest to know this, there is a need to know about the PalmyPay and Opay fintech and what they stand for.

PalmPay is a unique digital wallet licensed by CBN as a mobile money platform (MMO) and has its deposits Insured by NDIC

With a PalmPay app, you can easily;

  • Open an account
  • Transfer money 
  • Make payments for Bill among others.

PalmPay is designed for those who want an easy and convenient way to manage their funds.

Over the years PalmPay has redefined the payments experience for its consumers and businesses in Africa. This is achieved by making financial services more accessible and affordable to everyone across Africa.

Furthermore, its goal is to empower over 100 million consumers and 10 million businesses with access to reliable and affordable financial services.

About Opay

OPay Digital Services Limited is a fintech company founded by Opera Norway AS Group. They aim to make financial opportunities accessible to everyone, especially those in the unbanked areas.

In the past year, they have been able to deliver the promise of financial inclusion in Africa. Because they have been able to connect people with the places, opportunities, and experiences that they truly care about.

Furthermore, Opay is committed to deepening financial inclusion through technology and enabling shared prosperity. 

Ultimately, the Opay digital service is more than a payment company. That is, OPay is Beyond Banking.

With an OPay account you can; 

  • Make payments
  • Transfers, 
  • Apply for loans,
  • Save and perform other essential services for every individual.

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

Due to their efficiency, OPay has over 35+ million registered app users and 500,000 agents in Nigeria.

As of present the digital bank has spread across Asia, Africa, and Latin America in countries like Mexico, Nigeria, Egypt, and Pakistan. And it is still spreading across the globe.

Features of PalmPay vs. Opay

PalmPay and Opay have unique features that make them outstanding.

Features of PalmPay

There are numerous features lined out for you as a PalmPay user. Some are; 

  • Great Customer Service 

The customer service of PalmPay is 100% efficient. That is, their customers can depend on them.

You can always depend on them

  • Reliability

In a recent survey, 99% of PalmPay users voted for PalmPay as the most reliable payment network in the country.

  • Fees and service charges

Many prefer PalmPay because its service charges are low compared to most conventional banks. 

With a PalmPay account, the first 3 transfers you make in a day are free of charge. However, you will be charged a service fee of #10 for other transactions you perform for that day.

  • PalmForce

PalmForce is one of the features you will have access to if you have a PalmPay account. However, before you can join the PalmForce you must have referred up to 5 people successfully on the PalmPay app.

The PalmForce allows you to earn cash instead of the usual PalmPoints. All you need to do is to invite people. Immediately after they create an account, you will get the reward paid into your PalmPay account.

Again, when any of your referrals make a transaction, you will also earn a little bonus. However, the bonus depends on the amount of money involved in the transaction.

  • Cash spree

The cash spree is another feature for all PalmPay users. It Is also referred to as the  “Referral Feature”. Here you make money whenever they invite someone to use PalmPay.

Immediately the person creates an account with PalmPay, you will receive a #500 reward. Also, the person you referred will receive a welcome bonus too.

Features of Opay

  • Ease of Use

One of the basic features of Opay is that it is easy to use. Since Opay is a one-stop mobile-based platform you can use it to transact your fund the way you like.

  • Cashback

The cashback feature is one of the major features that has earned Opay numerous customers.

With this feature, you will be given a commission anytime you buy airtime or data on the Opay platform. l also prefer to buy airtime and data using my Opay account because of the cashback features.

  • Free Transfer

Opay Bank transfer fee is totally free. All the transfer you perform on the App is free of charge. Though, you will be charged a service fee of #10 after your first 3 transfers which is free every day if you use the USSD code.

  • Fast 

One of the basic features that have earned Opay over 35 million users is the speed at which you can transact your funds. Do you desire a banking platform where you can carry out all your transactions in seconds? Then Opay is for you.

  • Online Shopping

With the Opay app, you can carry out all your online shopping without difficulty. Also, you can easily pay for goods and services across Nigeria using the QR codes generated on your app.

After considering some of the features offered by these two Banks. There is a need to compare their features. Doing that will help you decide which bank is good for you and your business.

Comparison of PalmPay Vs Opay

  • Merchant PoS PalmPay vs. Opay

PalmPay and Opay both have agents. The agent is to allow their users to be closer to the company.

This payment network allows every agent to obtain PoS terminals directly from the company. So as to enable them to offer payment services to customers in their area.

The presence of these PoS merchants has helped Nigerians have access to their funds without having to stand in a long queue in banks.

According to, the number of PoS agents in Nigeria grew significantly. In 2017, there were around 155 thousand terminals, while as of April 2022, this figure is roughly 1.1 million.

Opay is ahead of PalmPay in terms of providing PoS service to Nigerians. That is Opay has more PoS agents and terminals than PalmPay.

Cashbacks and Bonuses: PalmPay vs. OpayOpay

  • Referral Bonus

Opay and PalmPay both offer cashback on referrals. Opay offers ₦800 cashback for each person you refer. However, PalmPay offers you ₦500 cashback on referrals.

  • Cashback

Both Opay and PalmPay give out cashback to their customers. If you have an Opay account you will be given 6% of every airtime and data you buy on the platform. However, PalmPay gives their customers cashback in terms of points known as Palmpoint. 

  • Free Transfer PalmPay vs Opay

To attract customers, both Opay and PalmPay offer free transfers to customers that make use of their platforms. However, transfers made on the Opay App are completely free. But for PalmPay you will be charged a service fee of #10 after your first three transfers.

  • Investor Backing PalmPay vs. Opay

Opay is backed by numerous investors. Some of these are SoftBank, Sequoia Capital China, Redpoint China, Source Code Capital, and Softbank Ventures Asia, among others. And it is valued at $2B as of 2021 – Techcrunch.

PalmPay on the other hand is backed by Transsion Holdings; TECNO, Infinix, and Itel brands. As of 2021, PalmPay is valued at $100M.

Also, read: Kuda vs. Opay: Which is Better? The Untold Truth You Need to Know Today

Other Means of Banking: PalmPay vs. Opay

Debit Card

If you open an account with Opay one of the benefits you will enjoy is that you will be given a debit card. However, you must apply for one before you are given. With the card, you can easily transact your funds on any ATM, WEB, or PoS terminal. All you need to do is to fill out a form and then collect your card from the nearest agent to you. Although you will pay #500 to the agent.

Palm pay on the other hand does not have a debit card.


PalmPay Digital does not have a USSD feature. That is you cannot transact your funds if there is no internet connection. However, with an Opay Account, you can transact your funds even without an internet connection. All you need to do is dial the Opay USSD code *955# and enjoy your day.

Savings and Investment: Palmpay vs. Opay

Opay offers a savings and investment feature. This is called the Owealth. Here Opay offers you 15% interest on the first ₦100,000 you save in your account. Also, you will be offered 11% on the rest of your money above ₦100,000.

Furthermore, Opay also has a safebox feature that offers interest of up to 15% per annum for your fixed daily, weekly or monthly withdrawals. Opay fixed savings allow you to fix savings and get as high as 18% per annum.

But, PalmPay does not have a savings feature.

Final Thought

Now that you know what PalmPay and Opay have to offer. I know it is easier for you to choose now between PalmPay vs Opay. If all you need is just to use the App then you may consider PalmPay. However, if you desire more than that then Opay is your sure plug.

Frequently Asked Questions on PalmPay vs. Opay: Which is the best

Is it safe to use PalmPay or Opay?

Yes, It is very safe to use either PalmPay or Opay. This is because their deposits are insured by the NDIC. Also, both Opay and PalmPay are backed by many reputable companies. Hence your money is safe.

What is the interest rate on a PalmPay Personal Loan?

The interest rate on the PalmPay Personal Loan is 10% per month. This rate is fixed for the duration of the loan.

Can I use Palmpay or Opay outside of Nigeria?

No, you cannot use either Palmpay or Opay outside Nigeria. As they are currently only available within Nigeria.

PalmPay vs. Opay: Which is better?

Both PalmPay and Opay are digital banking platforms. Their services are similar. However, Opay has an edge over PalmPay in terms of investment, and availability of USSD code among others.

How do I Download the Opay app?

Downloading the Opay app can be done on the Google Play store or the Apple App Store. All you need is to go to either app store depending on your smartphone and then download it.

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