Passionate reactions from Nigerians trailed the latest news on the Fintech Startup, OPay, following reports that the company would be shutting down all its businesses in Nigeria except for the payment services.
OPay to shut all Nigerian operations excluding payment.
Another start-up killed, employees returned back to status quo, join the queue again.
Nigeria is becoming a terminal nation.https://t.co/yZGfknnqIq
— ayemojubar (@ayemojubar) July 2, 2020
The shutdown is allegedly expected to cover the popular bike hailing service, ORide; the B2C e-commerce app, OMall; the B2B e-commerce platform, OTrade; the logistics delivery service, OExpress and the food delivery service, OFood.
African Fintech company, OPay, entered troubled land when the Lagos Government in January, banned the operations of motorcycles on all major roads in Lagos state; including the bike services provided by ORide.
With the ban in place, the company switched its operations to delivery services, but it seems that move didn’t yield much profit, considering the latest announcement.
Nigerians expressed sadness at the reports and lamented the unfavourable conditions in the country that chokes startups. They communicated that the money and resources invested in the startup seem to have resulted in nought; emphasizing that this development has left many jobless.
Sad to hear that Opay(and all the corresponding Os) is shutting down.
Used the last money left there to purchase airtime.
From signing an influencer deal with Opera news to using their payment gateway and ride system, I won't fail to admit that value was provided.
Go well.
— Cv revamp, Interview Prep service, UK (@mystiquesynn) July 2, 2020
Opay came to Enugu in August 2019 with much buzz and months later, the buzz wasn't felt anymore.
Opay is now set to shut down operations in Nigeria.
Is this a case of Nigeria typically killing start-ups or what?🤔#CoalCityConnect pic.twitter.com/e7H7kb3TlV
— South East Connect (@Coal_City) July 2, 2020
I heard OPay is shutting down in Nigeria. How true oooooo…This country don enter water ooooo.
— Amoto of Kogi (@femi4yo) July 2, 2020
https://twitter.com/SavvyRinu/status/1278650499433213952?s=19
Many lauded the startup for the value it added and the benefit it offered Nigerians; mourning its untimely demise.
https://twitter.com/meettherichard/status/1278633913187995648?s=19
So Opay don squander like $50 million investment just like that.
Shout out to Nigerians which chopped part of that monaaay!
— Macaddy (@MacaddyGad) July 2, 2020
There were those who still proclaimed that all hope was not lost; declaring that OPay, the payment service, is their primary product and they are still doing well in that sector.
Don’t be played. OPay is their primary product. They are still well around and they are doing big in payment/transfers sector https://t.co/pMX9ubUVFn
— Temiloluwa (@oloyetemii) July 2, 2020
OPay confirmed the reports in a statement, but noted that these businesses were to be placed on “pause.” The company established that the reason for this development was because of the harsh business conditions including the COVID 19 pandemic, the government ban and the lockdown. The statement added that OPay would continue to invest and grow in the e-commerce space.
A Statement From OPay. pic.twitter.com/mjvsKle6yH
— OPay (@OPay_NG) July 2, 2020
