Contact Information

Nun Street Maitama Abuja

We Are Available 24/ 7. Call Now.

The financial services industry is progressively changing thanks to online banking solutions created by fintech players and platforms. Similar to the banking sector revolution of the 1960s, which led to the establishment of a structured banking system, the financial services industry is currently experiencing a departure from traditional banking.

Banking in the past decade is largely tied to movement in and out of the banking hall. However, with the introduction and disruption brought by tech, platforms like Opay and Palmpay, amongst a few, have sprung up to challenge the status quo.

These two financial applications have become two of the most reliable platforms for Nigerians who have lost hope in the financial services offered by many conventional banks and financial institutions.

Savings, deposits, and withdrawals were the three primary banking services until recently, but everything has changed thanks to technological progress. A reward system, safety and security, virtual transactions, seamless service, loan offers, P2P services, and features that may be lifestyle-related are now all incorporated into financial services under a single, simple approach.

In a period where many Nigerian banks and fintech platforms have shown their inefficiency, catastrophic services, low penetration, inadequate coverage and total failure with Nigeria burgeoning to a cashless economy, two fintech platforms have stood out for Nigerians: Palmpay and Opay.

Although their service offerings are comparable, these two financial platforms are distinct. But, if there is one thing that research, comments from Nigerians, and observation have indicated, both platforms are making Nigerians happy with their seamless and efficient services, which is unusual in a nation with more than 50 fintech platforms.

In this article, we reviewed both apps while engaging Nigerians on which they use and why they find it more efficient compared to others platforms. We examined the similarities and uniqueness between both apps too.

We also considered the features that are similar and different and we made a decision on which is preferable based on the ease of use and efficiency.

Similarities – Opay and Palmpay

OPay is a one-stop mobile-based platform for payments, transfers, loans, savings and other essential services for every individual. The platform boasts over 18 million registered app users and 500,000 agents in Nigeria who rely on OPay’s services to send and receive money, pay bills and many more.

Its major drive and focus are delivering financial inclusion across Africa with its seamless and easy platform, which can be used anywhere as long as there is an internet connection. And with a more easy-to-understand app, the platform is towing the path of having many registered users use the platform.

Plampay, on the other hand, is redefining the payments experience for consumers and businesses in Africa by making financial services more accessible and affordable. With over 5,000,000 users, Its goal over the next three years is to enter more markets and empower over 100 million consumers and 10 million businesses with access to relevant, reliable and affordable financial services.

This sole goal of the apps would make you think that the platform was created by the same individual going by the app design and structure. Almost every feature was replicated on both, with the colour being a major difference.

Both fintech companies seek to provide financial services for the unbanked and banked in a seamless, attractive and rewarding way that helps customers achieve satisfaction.

However, how do they do this? How easy is it for anybody to use the platforms?

Ease of use

Both platforms (Opay and Palmpay) are quite easy to use. From a personal experience, all you need to have both apps is a smartphone, phone number, BVN and a means of identity. Then, download from a Google Play store or Apple store.

For Opay, after downloading, click on ‘Create a new account’ and you will be required to enter your mobile number. OPay will send an OTP to that number, and you are expected to input in the box below your number for you to input and confirm. Then afterwards, you create your password, fill in the necessary information, and are ready to use.

For Palmpay, it is not so different. Signing up takes up few minutes after downloading from the Google Play Store or Apple store. After launching the app, head to the top section and click on sign up or get your welcome bonus (you get a sign-up bonus as a welcome reward on the app). Clicking on any of them will take you to the sign-up page.