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OPay to shut all operations in Nigeria excluding payments



Popular bike hailing fintech startup, OPay, is set to shut down its operations in Nigeria.

This according to Opera, is excluding its payment operations.

A source farmiliar with the matter said, OPay’s investors sent a memo in the early hours of Tuesday to the Nigerian team directing all other verticals but payments to shut down operations and all the Chinese expatriate workers to return to China as soon as possible.

“I can confirm to you that they are shutting down operations. They have asked their managers here to return home. The memo came around 2AM on Tuesday,” the source said.

Listing the businesses to be shut, the source said, Popular bike hailing service, ORide; a B2C e-commerce app, OMall; a B2B e-commerce platform, OTrade; a logistics delivery service, OExpress and a food delivery service, OFood.

The team has been set up with the tasked of recovering all the ORide motorcycles on the road.

Oride was one of the bike hailing service affected by the ban on commercial bikes imposed by the Lagos State Government.

However, the firm tried leveraging on logistics after the ban, so as not lose out but this has also proved unprofitable, leaving the investors stranded.