Opay, a major financial technology (FinTech) startup that is backed by major funders like Opera and others has announced that is shutting down all its ride-sharing business as it focuses on its FinTech and digital commerce angle, OYOGist.com has gathered.
The announcement was contained in a press statement released by the company on Thursday, June 2nd. The company announced that, while the COVID-19 lockdown measures and the government ban on motorcicles have pushed it to shut down these operations, as a business, it is experiencing growth thanks to its FinTech arm.
Experts have always considered Opay’s ride-hailing arm as a customer acquisition strategy for its FinTech and eCommerce arm.
Opay revealed that it had witnessed a “44% growth of offline and online transaction value even in the midst of pandemic and lockdown.”
Read more stories from OYOGist.com:
In the press statement, the company revealed that is is still one of the most well-funded and profitable mobile money platforms in Nigeria.
The company further announced that it will continue to invest in and grow in the eCommerce space.
Read the full statement below:
Follow OYOGist.com on Twitter and Facebook.
