Disadvantages of OPAY: Potential Risks to Consider
I have been using OPay since last four years and the payment app has been wonderful so far. However, many problems have surfaced and more potential risks awaits. Hence, I have compiled this article to broaden your idea about the potential risks, how to tackle it and whether your money is safe with the fintech app.
Since its inception in 2018, the OPay app has been offering best online payment services with advantages that includes fast transactions, convenience, low transaction fees, easy-to-access loans and credit, reward incentive programs, and flexible UI and UX app for for easy usage interface/dashboard.
However, with all the OPay app benefits, there are some certain disadvantages downgrading the online payment service and that's what I'm going to be talking about in this next section.
What are the Disadvantages of OPAY?
As popularly known, OPAY is a mobile payment platform that has gained significant traction in Nigeria. The finance app has been lauded for its convenience and innovative features.
However, beneath its veneer of user-friendliness lies a tapestry of potential drawbacks that you should be aware of before embracing its services. Here are the disadvantages of OPAY:
Customer Service Shortcomings
OPAY's customer service has been a source of frustration for many users, with complaints ranging from slow response times to a lack of resolution to customer grievances.
The platform's reliance on online chat and email support can lead to delays and miscommunication, leaving you feeling neglected and without adequate assistance.
Security Concerns and Fraudulent Activities
Security concerns have also emerged as a major drawback of OPAY. There have been instances of fraudulent activities, such as unauthorized access to accounts and unauthorized transactions.
These incidents have raised concerns about the platform's security measures and the potential for your financial information to be compromised.
Limited Merchant Acceptance
While OPAY has made strides in expanding its merchant (POS Agent) network, it still lags behind its competitors in terms of widespread acceptance.
This limitation can be particularly inconvenient for you reling on OPAY merchants for daily transactions.
Over-reliance on Mobile Connectivity
OPAY's reliance on mobile connectivity can be a significant drawback, especially in areas with poor network coverage or during network outages. In such instances, you are rendered unable to access your funds or make payments, causing disruptions and inconveniences.
While OPAY offers a convenient and accessible mobile payment platform, its disadvantages should not be overlooked. You should carefully consider these factors before making OPAY your primary payment option.
Can I Trust OPAY with my Money?
Yes, you can definitely trust OPAY with your Money. Although, reading through its disadvantages might have changed your mind towards the usage of the app, notwithstanding, OPAY is still one of the most trusted mobile payment app in Nigeria.
Aside the fact that OPAY is licenced by the Central Bank of Nigeria (CBN), all money deposition are also insured by the the Nigeria Deposition Insurance Company (NDIC). You can read our guidelines about OPAY approval status in Nigeria.
As it's known, if a fintech or Neobank is licenced and regulates by country's authority, it will be nearly impossible for that financial institution to fraud you as their assets are with the authority.
Meanwhile, if by any chance such thing happens, the authority will have to pay back the bank's customers with the collateral assets deposited when issuing an operating license to the bank.
In essence, you money is safe with OPAY through Central Bank Licensing and Regulatory and through NDIC's Assurance.
