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Why is Opay so Embraced by the Informal Sector?

Why is Opay so Embraced by the Informal Sector? The informal sector is a major part of the Nigerian economy, accounting for over 80% of employment according to ILO and World Bank. However, informal sector workers often face challenges accessing financial services. This is because traditional banks typically require a regular income, references from bank account holders, proof of employment et cetera to open an account.

OPay is a mobile money platform that is changing the way informal sector workers access financial services. OPay makes it easy for informal sector workers to open an account and start using financial services, even if they don’t have a bank account or proof of employment.

Credit: Opay

Here are some of the reasons why OPay is so embraced by the informal sector:

Free and instant bank transfers: OPay users can send and receive money from any bank in Nigeria for free and instantly. This is a major advantage for informal sector workers, who often need to send and receive money quickly and without incurring any fees.

Instant and free debit cards: OPay users can apply for and receive an instant and free debit card, which can be used to make payments at any merchant that accepts Visa or Mastercard. This is another major advantage over traditional banks, which typically charge fees for debit cards and may take several days to issue a new card.

Wide range of services: OPay offers a wide range of financial services beyond mobile payments and money transfers. Users can also use the OPay app to pay bills, book flights, buy movie tickets, order food, and even invest in mutual funds. This makes OPay a one-stop shop for all kinds of financial transactions.

Focus on financial inclusion: OPay is focused on providing financial services to the unbanked and underbanked population in Nigeria. The platform offers a variety of features that make it easy for people to open an account and start using financial services, even if they don’t have a bank account. For example, OPay users can open an account using just their phone number and a valid ID.

Easy to use: The OPay app is easy to use, even for people with limited technical literacy. The app is available in both English and Hausa, Yes! Opay is available in Hausa, do you why, Hausa is the second most widely spoken language in Nigeria, after English, and it also offers a variety of features that make it easy to send and receive money, pay bills, and access other financial services.

Reliable: OPay is a reliable platform that is backed by a strong team of experienced professionals. OPay is also regulated by the Central Bank of Nigeria, which gives users peace of mind knowing that their money is safe.

Overall, OPay is a mobile money platform that is meeting the needs of informal sector workers in Nigeria. It is no wonder that OPay has been so widely embraced by this sector.

Why is Opay so Embraced by the Informal Sector?

Some specific examples of how OPay is being used by informal sector workers in Nigeria:

Market traders: Market traders use OPay to send and receive money from their customers and suppliers. They also use OPay to pay for their goods and services.

Transportation workers: Transportation workers, such as taxi drivers and bus conductors, use OPay to collect fares from their passengers.

Artisans: Artisans, such as carpenters, electricians, and plumbers, use OPay to receive payments from their customers.

Small business owners: Small business owners use OPay to pay their suppliers and employees. They also use OPay to accept payments from their customers.

In addition to the above, OPay is also being used by informal sector workers to save money and invest in their businesses. For example, OPay offers a savings product that allows users to earn interest on their deposits. OPay also offers investment products that allow users to invest in mutual funds and other financial instruments.

In a nutshell, OPay is a valuable tool for informal sector workers in Nigeria. It helps them to save money, access financial services, and grow their businesses.

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