Today’s article would be focusing on the Opay vs M- Pesa: which is better? Sometimes users have their favorite banks and service providers. Users’ favorites always come top whenever they are about to choose from two alternatives. However, for some, they choose online banking services based on their features. Opay and Mpesa have been the two most sought-after microfinance banks in recent years. However, how do they fare when they are compared together?
Opay vs M Pesa: Mobile Payment
One of Opay’s best features is that it lets users use the Opay mobile app to send and receive money from other users. Also, customers can receive loans and credit facilities in the app. You can make fast transactions without charges on the mobile app.
Clients can make payments and send cash to different clients through the M-Pesa application or USSD code.
Opay vs M Pesa: International Transfer
Mpesa allows clients to make payments and receive funds internationally from Nigeria and beyond. Mpesa has a wide range of partners all around the world. They make the transfer of foreign currency seamless on that platform. These platforms seem to be more beneficial as it’s limited to a few countries.
Opay also allows transactions within and outside the country. Although, you may need to withdraw these foreign currencies with the Opay debit card. After these funds have been withdrawn you do well to exchange the currency for naira at the bank.
Opay vs M Pesa: Feedback
Opay and Mpesa have received complaints from their customers. This is normal because consumers are insatiable. Both platforms try to resolve their issues as soon as the complaint reaches their desk.
Opay vs M Pesa: Transfer Fees
The transfer fees of both platforms are relatively low. For Mpesa it is very low that it is designed to allow people to perform transactions with it. It is especially advantageous for people who. live in rural areas who may not have the opportunity of using a bank or have restricted financial resources.
Opay on the other hand is very unique. Opay doesn’t charge any fee for the transfer of funds. When one transfers funds, one is expected to be charged. Isn’t it? However, that is not the case with Opay. If you like to perform up to 5p transactions a day, you won’t pay a penny for charges. You can surf the app, transfer funds, and make withdrawals all you like!
Opay vs M Pesa: Security
The Mpesa app is very securitized and privatized user transaction details. Consumer details are safe in the hands of the app. Users’ information does not get to third parties. When users confirm a transaction, it is always best to choose a PIN that you would easily remember. The PIN or Fingerprint serves as a security guard and protects people from duping you of your hard-earned funds.
For Opay, the Opay app is one of the most secure apps when it comes to transactions. For deposit, it is secured by the National Deposit Insurance Company (NDIC). Also, for the transfer of funds, the PCI DSS compliance form guides Fintech organizations like Opay not to run away with people’s funds.
Opay vs M Pesa: Ownership
The ownership of Mpesa is owned and controlled by the Vodafone group. They’re a British multinational company. Opay on the other hand, is owned and controlled by Norwegian company, Opera.
Opay vs M Pesa: Range of Services
When talking about a wider range of services, these include other features of the app apart from sending and receiving of funds. If you need an increased range of services, such as insurance of property, savings, and investment of funds, and foreign currency transfer you can easily choose Mpesa for such transactions.
However, Opay also carries out a wide range of services which include Foreign payment, Food delivery, and bike Riding. The ORide feature of the app enables one to book a ride at any time of the day or night. So, Opay too offers other services apart from sending and receiving funds.
Does Opay give 10 naira daily?
Opay gives 10 naira cashback every day for logging in to the application. Palmpay offers rewards in other formats daily such as referral cashback, games, and completions of tasks.
Can I borrow 100k from Opay?
With Opay loans, you are eligible to access a minimum of 3,000 naira every day. Also, for a Max, you are eligible for 50,000 naira every day with no documentation requirements.
What is the full meaning of Opay?
Opay stands for Official Payment Corporation (Opay).
Is Kuda verified by CBN?
Kuda Bank is a Fintech organization that has a net worth of $500,000. It is fully licensed by the CBN as a Microfinance bank.
Is M- Pesa a bank?
M Pesa is a banking service that allows clients to save and receive funds. M- Pesa was introduced in Kenya as an alternative way for the population of a country to have access to financial services.
Having considered the two most popular microfinance banks, Opay and Mpesa had shown why they deserve to be up there among the best. Being the best bank gives beyond just offering services but being consistent in the service you’re rendering. Both platforms have been compared in terms of mobile payment, feedback, international transfer, and so forth and so on. Based on your specifications on what a microfinance bank should possess you’d know the one you’re to choose Opay vs M-pesa: Which is the best?