Popular Chinese-owned, Nigeria-based fintech company – OPay has recently announced that it is suspending all operations of its ride-hailing platforms which includes OExpress, OCar, and ORide. The startup company made this disclosure in its recent statement issued as a public notice via its websites and social media handles on Thursday 2nd of July 2020. The company blames the COVID-19 pandemic as the major cause of setbacks for its businesses which eventually made it come to this point of shutting down all operations.
Fintech company, OPay suspends all operations of its popular ride-hailing platforms OExpress, OCar, and ORIde in Nigeria
According to OPay’s public statement, quite a number of factors caused setbacks for its ride-hailing businesses leading to its eventual suspension of operations at this moment. The company explained in its recent statement that some of the main negative factors include;
- The ban on commercial motorcycles by the government of Lagos state just after ORide was launched in Lagos.
- The Coronavirus pandemic which prompted the ban on interstate travel that lasted for more than three months and also the federal government's imposed lockdown which restricted vehicular movements within major cities in Nigeria during the 3 months period.
Below is a soft copy of the recently released public statement by OPay:
OPay releases statement confirming the immediate suspension of all its popular ride-hailing platforms in Nigeria
OPay mentioned in its public statement that the above-listed negative factors have resulted in currently “harsh” business conditions for its ride-hailing platforms thereby leading to its final decision to suspend operations for now. The company, however, revealed that its major brand “OPay” which is a mobile money platform actually experienced an upsurge in growth by 44% during the COVID-19 pandemic. So, for that reason alone; the company says operations of OPay will continue in Nigeria while all other subsidiary brands remain suspended till further notice.
For those who don’t know much about the OPay mobile money platform, below is a recent video of an agent explaining how he makes money by using the platform to serve people;
OPay Agent Taiwo Talks About Making Money By Providing Financial Services