OPay vs Moniepoint: Which Is Better for Your Business?
OPay and Moniepoint are the two giants of Nigerian digital payments, but they serve different strengths. This guide breaks down exactly which one is better for your specific business needs.
Company Background
OPay started in 2018, backed by Opera Group from Norway. Initially launched as a ride-hailing and delivery super-app, it pivoted to focus on mobile money and has grown to 35M+ users. It received $400M in funding and is valued at over $2 billion.
Moniepoint (formerly TeamApt) started in 2015 as a payment infrastructure company. It became Nigeria's first fintech unicorn in the POS space, valued at over $1 billion. It focuses heavily on business banking and now processes more daily transactions than many traditional banks.
POS Terminal Comparison
| Feature | OPay | Moniepoint |
|---|---|---|
| Terminal Cost | N25,000-40,000 | N30,000-50,000 |
| Transaction Fee | 0.5-0.6% | 0.5% capped at N1,000 |
| Settlement | Same day | Instant |
| Uptime | 95%+ | 98%+ |
Key insight: Moniepoint's instant settlement is a game-changer for businesses managing daily cash flow. OPay's same-day settlement means you might wait several hours.
Who Should Use What
Choose OPay if:
- You need a wide agent network for cash-in/cash-out
- Your business handles many small consumer transactions
- You want the lowest possible transfer fees
- You need USSD support for basic phone users
Choose Moniepoint if:
- POS reliability is your top priority
- You need instant settlements for cash flow
- You want business banking features (payroll, sub-accounts)
- You serve walk-in customers who pay with cards
Our Verdict
For pure POS and business banking, Moniepoint is the better choice. For broader financial services and consumer reach, OPay has the edge. Many businesses actually use both.