Business and Finance

Opay vs Moniepoint: Which is better?

Mobile online banking is currently a hot topic in Nigeria, with strong and reliable fintech firms competing in the financial market. Two prominent players in this industry are Opay and Moniepoint. In this article, we will compare these two fintech organizations to determine which one is a better option for business owners and vendors.

Both Opay and Moniepoint have gained significant recognition in Nigeria’s financial industry. Despite facing competition from other fintech firms, they have consistently provided excellent services. These online banking apps have played a crucial role in facilitating transactions between buyers and sellers, especially during Nigeria’s cashless policy implementation earlier this year.

However, it is important to note that neither of these apps is without flaws, and users may have their preferences when choosing which one to use.

Opay Vs Moniepoint

Let’s analyze the comparison between Opay and Moniepoint to determine which one is the best and can be considered the preferred choice for users.

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Opay has 11 million downloads. However, Opay has accumulated 246,000 reviews, The average rating for Opay is 4.3.

While, Moniepoint has achieved 500,000 downloads on the Google Play Store, accompanied by more than 2,000 reviews and an average rating of 3.6.

Software Usability

To ensure optimal user experience, it is recommended to have a smartphone with a minimum of 2 GB RAM when using either Opay or Moniepoint app. Insufficient RAM may disrupt the smoothness of the app and affect user usability.

Both Opay and Moniepoint offer a seamless registration and signing-in process, with minimal to no lag. The apps boast fast transfer speeds, enhancing the overall user experience.

However, users may encounter errors when the internet connection is disabled. Additionally, occasional network issues can lead to delays in deposits and bill payments while using these apps.


The two apps have similar functions with some little differences, Opay features are as follows; airtime top-up, sending and receiving money, bill payment, USSD banking, Cashback and bonus, savings, physical and virtual debit card, loans, etc. 

While Moniepoint offers the same as Opay, except that it doesn’t have the loans, savings, cashback, and bonuses features, Moniepoint users can check the network of a particular bank, before transacting with it, to avoid issues such as; funds hanging, or transaction declined while been debited.


Opay offers an integrated financial lending services called “Okash” and “EaseMoni.” These services are standalone apps available on the Google Play Store. Users can borrow money and repay it within a specified timeframe. If a user fails to meet the payment deadline, any funds available in their Opay account will be automatically withdrawn to cover the loan payment. Opay, Okash, and Easemoni are all managed by Blue Ridge Microfinance Bank.

While Moniepoint has no provisions for loans, users can not borrow money from the app, but hopefully maybe shortly, such would be introduced.


The Opay App provides users with five different ways to save money: Flexible savings (wealth), Fixed savings, Spend and save, Target savings, and Safebox. These options offer individuals various approaches to saving and managing their funds within the Opay platform.

By utilizing these savings methods, users can save their funds and enjoy the added benefit of earning interest. The amount of interest earned will depend on the specific savings method chosen by the user. It offers a flexible and rewarding way to grow your savings within the Opay App.

While Moniepoint, doesn’t have any feature which covers savings, hopefully maybe shortly, such would be introduced.


Both Opay and Moniepoint prioritize security and comply with the Payment Card Industry Data Security Standard (PCI DSS). They work tirelessly to ensure the protection of your funds. As a user, it is crucial to treat your mobile banking application PIN as highly confidential and accessible only to you.

Opay and Monipoint are also insured by the Nigerian Deposit Insurance Commission (NDIC), further bolstering the security measures in place to safeguard your funds.


Almost all Opay transfers are free, However, Moniepoint applies a transaction fee of 0.5% per transaction, with a maximum cap of 100 Naira. This means that for each transaction, a fee of 0.5% of the transaction amount will be charged, up to a maximum of 100 Naira.


Several similarities between Opay and Moniepoint make them comparable options. Both platforms offer mobile applications that users can access to perform various financial transactions. Users can conveniently deposit cash through their extensive network of nationwide merchants, making it easy to add funds to their accounts. Additionally, both Opay and Moniepoint enable users to send and receive money, utilizing the convenience of online banking for seamless transfers.

Opay P.O.S

Opay P.O.S. are portable devices or machines that enables merchants, business owners, or vendor, to obtain payments from their customers, This machines has various ways of accepting payments, the most common of all is to use credit and debit card. There are 3 several kinds of these machines, equipped with their special features and capabilities, which includes; 

  • Opay Smart POS Machine: This terminal operates on the Andriodthe system, it stands out as the best device out of others, due to its unique ability and Andriod integrated features. The cost of obtaining this machine alone is worth to be around ₦60,000.
  • Traditional Opay POS Machine: This is the first type of Opay P.O.S enabled device, it comprises a rectangular-shaped display screen and keypads, Just like the smart P.O.S, it undertakes most of its functions. The cost of obtaining this machine alone is worth to be around ₦45,000.
  • Opay Mini POS Machine: This type of device shares a striking resemblance, with a calculator, but don’t be deceived, it is a device used in authenticating a transaction made on the smart P.O.S. It works with Bluetooth and it can also be connected to your smartphone. It has a slot for inserting cards, for transaction purposes, unlike others, it doesn’t have an inbuilt printer, but you can connect it to an external printer, to print receipts. The cost of obtaining this machine alone is worth to be around ₦10,000.

Moniepoint P.O.S

Moniepoint P.O.S. devices are compact tools or devices that allow merchants, business owners, or vendors to receive payments from their customers. These devices offer multiple methods for accepting payments, with the most prevalent one being the utilization of credit and debit cards.

As seen on Moniepoint’s website, the total cost of obtaining their P.O.S is ₦21,500, This amount covers; ₦10,000 caution fee, ₦10,000 logistics fee, and ₦1,500 insurance fee for 1 year.



  • They Offer Cashback and Bonuses.
  • Users can also request and access virtual Naira cards, as well as physical cards.
  • Integration of various products.
  • Instant access to loans.
  • User can access an Opay-enabled POS device by requesting one.
  • All daily transfers are free.
  • When no internet connection, Opay-enabled USSD banking can be adopted.
  • Users have access to secured savings.
  • Recipients usually receive a transaction notification in less than a minute.
  • Opay has three different kinds of P.O.S terminal


  • They offer physical and virtual Naira debit cards.
  • User can also request and access Moniepoint-enabled POS device.
  • It takes less than a minute before the recipient would receive a transaction notification.
  • It gives users the privilege of checking the banks network, before a transaction.



  •  There might be downtimes in the transfer network.


  • It doesn’t have a savings feature.
  • It doesn’t have a financial lending feature.
  • Unlike Opay, it doesn’t have a USSD banking Code.
  • It Lacks cashback and bonuses feature.
  • It has a cheap P.O.S terminal.


What is Moniepoint?

Moniepoint is also a mobile payment service that provides similar features as OPay, enabling users to send and receive money, pay bills, and purchase airtime using their mobile devices.

How do OPay and Moniepoint differ in terms of user experience?

OPay offers a user-friendly interface with a wide range of services, including ride-hailing, food delivery, and online shopping, making it a comprehensive mobile platform. On the other hand, Moniepoint focuses solely on providing convenient and secure payment solutions without additional features.

How do OPay and Moniepoint handle refunds or disputes?

OPay and Moniepoint typically have procedures in place to handle refunds or disputes. Users can reach out to customer support and provide the necessary details and evidence to initiate the refund or dispute resolution process.

Can OPay and Moniepoint be used for international transactions?

Both OPay and Moniepoint primarily focus on domestic transactions within Nigeria. International transactions may not be supported directly through these platforms, but alternative methods such as bank transfers or third-party services may be available.

Are there any customer support options available for OPay and Moniepoint?

OPay and Moniepoint provide customer support through various channels, including phone, email, and in-app messaging. Users can reach out to their respective customer support teams for assistance with any queries or issues they may have.


OPay and Moniepoint are two prominent mobile payment services in Nigeria, offering convenient and secure solutions for financial transactions. OPay stands out for its comprehensive platform, providing additional services such as ride-hailing and online shopping, while Moniepoint focuses solely on payment solutions. Both platforms prioritize user experience and security, and they allow users to link their bank accounts for seamless transactions.

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