Opay shuts down operations in Nigeria

shutting down the venture was in an effort to restructure its business framework.
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Opay Logo

In view of the notorious effect of the COVID-19 pandemic, Chinese-backed fintech player OPay has reportedly shut down its venture across all verticals in Nigeria.

Nevertheless, the company said it had been "pausing" its business in response to the investment's negative outlook since it entered the Nigerian area.

But analysts have suggested this could be an eventual, modest farewell to the market as the company has been struggling to keep its head above water without success in only a short period of time operating in Nigeria.

Note that Opay had to deal with the ban of its bike-hailing venture in Lagos, Opay's largest market, when the Sanwo-Olu led administration pulled the bike transportation plug, claiming that bikes as a means of transportation were not in the master plan of Lagos.

Thus, combined with the effect of the coronavirus pandemic, Opay, like many other businesses, has been financially displaced, and maybe prefers to sink its own ship at this stage.

As a result, its ORide, OTrike, OMall and OTrade like OExpress and OFood will cease operating, as the once-revolutionary business bows to economic pressure.

According to Opay, its motorcycle string redirected into logistics would be recovered similarly from the market.

The Chinese-backed company, however, noted that shutting down the venture was in an effort to restructure its business framework.

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