Summary:
- Opay and PalmPay are two Nigerian fintechs that have overcome class barrier to appeal to every class of Nigerians.
- This article compares the two platforms, highlighting their differences, features, and similarities to help readers choose which to use.
- With over 11 million and 10 million downloads respectively, both apps offer basic payment platform features, and more.
Opay and PalmPay are two Nigerian fintechs that have become popular during the cash crisis of 2023 with many turning to them. Why?
While there are several other fintech startups in the country like Flutterwave, Paga, Carbon, Chipper Cash, and so on, they have not really managed to connect with the unbanked people.
The above mentioned fintechs suffer from a seeming class differences that makes them appeal to users in a social class slightly higher. Meanwhile, Opay and PalmPay has managed to overcome the barrier and enjoy usership from every class of Nigerians.
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Opay vs PalmPay: Differences, fees, features, and similarities
| Category | PalmPay | Opay |
| Downloads | 10 Million+ | 11 Million+ |
| Reviews | Over 266,000 (combined Android and iOS) | Over 246,000 (combined Android and iOS) |
| Average ratings | 4.35 | 4.3 |
| Valuation | Valued at about $500 million | Valued at over $2 billion |
| Accessibility | Fast and straightforward with occasional network issues impacting transfers and bill payments | Fast and straightforward with occasional network issues impacting transfers and bill payments |
| Features | Has Split Bill and Recharge2Cash in addition to other basic payment platform features | Has mainly basic payment platform features |
| Loan | Loan service is Flexi Fixed and requires usage of the app for some time to be eligible | Offers an instant loan service called Okash with loan amounts up to N500k depending on credit rating and report |
| Savings | No savings feature | Offers five savings modes with different interest rates (Flexible savings, Fixed savings, Spend and save, Targets savings, and Safebox) |
| Security | PCI DSS compliance, insured by the Nigerian Deposit Insurance Commission | PCI DSS compliance, insured by the Nigerian Deposit Insurance Commission |
| User feedback | Main issue is with the Ok-Card plugin and its consequences for non-repayment of loans | Main issue is occasional network issues impacting transactions and bill payments |
| Fees | First three transfers of the day are free, N10 is charged for subsequent transfers to other banks, and 0.9% to other mobile money platforms | Transfers are free with no fees charged |
| Similarities | Both can be accessed through a mobile app, offer sending and receiving money via cash deposit, online transfer, or USSD transfer, and give access to loans with varying interest rates | Both can be accessed through a mobile app, offer sending and receiving money via cash deposit, online transfer, or USSD transfer, and give access to loans with varying interest rates |
Choosing which of the platforms to use depends on what your specific needs are and since their is no exclusivity, you can use both Opay and PalmPay.
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