Opay vs Moniepoint: Which is Better? Fees, Features, User Feedback

In Nigeria, the financial technology (fintech) industry has witnessed significant growth in recent years, with the emergence of various digital payment platforms. Opay and Moniepoint are two of the most popular fintech companies in Nigeria, providing digital payment solutions for individuals and businesses.

While both companies offer similar services, there are differences in their features, fees, and overall user experiences.

In this blog post, we will compare Opay and Moniepoint, highlighting their similarities and differences to determine which is the best.

What is Opay and Moniepoint?

What is Opay

Opay is a fintech company that was launched in 2018 by Opera Software, the makers of the Opera web browser. Opay provides a range of digital payment services, including money transfers, bill payments, and mobile airtime top-up. Opay's services are available through a mobile app that is available for download on Android and iOS devices.

What is Moniepoint?

Moniepoint is a fintech company that provides digital payment solutions to individuals and businesses. Moniepoint offers services such as money transfers, bill payments, and airtime top-up. The company was launched in 2019 and has since grown to become one of the leading fintech companies in Nigeria. Moniepoint's services are available through a mobile app that is available for download on Android and iOS devices.

Opay Vs Moniepoint: Features Comparison

Opay and Moniepoint offer similar services, but there are differences in their features. Opay allows users to make transfers to bank accounts and mobile wallets, while Moniepoint only allows transfers to bank accounts. Opay also offers a "Ride" feature that allows users to hail a motorcycle ride, while Moniepoint does not have this feature. Moniepoint, on the other hand, offers a "Cashout" feature that allows users to withdraw cash from their accounts at any ATM, while Opay does not have this feature.

Opay vs Moniepoint: User Experience

Both Opay and Moniepoint offer a user-friendly interface, making it easy for users to navigate and use their services. Opay's app has a clean and modern design, while Moniepoint's app has a simple and straightforward design. Opay's app also offers a dark mode feature, which can be easier on the eyes in low-light conditions.

Opay vs Moniepoint: Fees Comparison

Opay and Moniepoint have different fee structures for their services. Opay charges a 1% fee for transfers to bank accounts and a 2% fee for transfers to mobile wallets. Moniepoint, on the other hand, charges a flat fee of ₦50 for transfers to bank accounts. Both companies do not charge fees for bill payments and airtime top-up.

Opay vs Moniepoint: Security Comparison

Both Opay and Moniepoint have security measures in place to protect their users' information and transactions. Opay uses SSL encryption to secure all data transmitted through their app, while Moniepoint uses two-factor authentication for added security.

Opay vs Moniepoint: Availability Comparison

Opay and Moniepoint are available in Nigeria, with their services accessible to users nationwide. However, Opay has a wider reach as it is available in other African countries such as Kenya, Egypt, and South Africa. This makes Opay a suitable option for individuals and businesses with cross-border transactions.

Opay vs Moniepoint: Customer Support Comparison

Opay and Moniepoint both have customer support channels, with their customer service teams available to provide assistance to users. Opay offers support through phone calls, live chat, and email, while Moniepoint offers support through phone calls and email. Both companies provide prompt responses to users' inquiries.

Opay vs Moniepoint: Pros and Cons

Opay's pros include its availability in multiple African countries, a wide range of services, a user-friendly interface, and a dark mode feature. However, its cons include its relatively high fees for transfers to mobile wallets and the unavailability of a cashout feature. 

Moniepoint's pros include its low flat fee for transfers to bank accounts, its cashout feature, and its straightforward design. However, its cons include the unavailability of a ride feature and its limited customer support channels.

Opay vs Moniepoint: Which is the Best?

Both Opay and Moniepoint offer quality digital payment services that meet the needs of individuals and businesses in Nigeria. However, the best option for users depends on their specific needs and preferences. For users who require cross-border transactions or a wider range of services, Opay may be the better option. On the other hand, users who prioritize low fees for bank transfers and the ability to cash out may prefer Moniepoint.

FAQS

Does Opay use ATM card?

Yes, Opay users can use their Opay card to withdraw cash from ATMs.

Is OPay a prepaid bank?

No, OPay is not a bank, but a mobile payment platform that offers various financial services, including money transfers, bill payments, and mobile airtime recharge.

Is Opay a wallet?

Yes, Opay is a digital wallet that allows users to store funds and make transactions using their mobile phones.

Does OPay do cardless withdrawal?

Yes, OPay offers a cardless withdrawal service that allows users to withdraw cash from ATMs without using their ATM card. Users can generate a one-time code on their Opay app and use it to withdraw cash at selected ATMs.

How much is Moniepoint POS now?

The cost of a Moniepoint POS device varies depending on the type of device and the payment plan selected. Interested users can contact Moniepoint for more information on pricing and device options.

How much can I earn from POS?

The amount of money a person can earn from operating a POS device depends on various factors, such as the transaction volume, the commission rates offered by the service provider, and the business model.

Does OPay require OTP?

Yes, OPay requires users to enter a one-time password (OTP) to verify certain transactions, such as money transfers and bill payments, for security purposes.

 

Conclusion

Opay and Moniepoint are two popular fintech companies in Nigeria that provide digital payment solutions. While both companies offer similar services, there are differences in their features, fees, and overall user experience. Choosing between Opay and Moniepoint depends on users' specific needs and preferences. Users should consider factors such as availability, fees, customer support, and security when deciding which platform to use.