Moniepoint vs Opay: Which is Better

This Article was Reviewed by The Chief Editor, Godfrey

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The choice between Moniepoint and Opay depends on specific preferences and requirements. By carefully weighing options, including features, fees, coverage, customer service, security, promotional offers, and rewards, you will surely have a more convenient user experience.

In the last decade, banking was characterized by customers physically going to the bank for every financial operation required. However, a profound transformation has occurred in the financial sector, driven by the disruptive force of technology. 

This evolution has led to the development of mobile payment platforms like Opay and Moniepoint, pioneering a massive shift in how Nigerians manage their finances and, in turn, challenging traditional banking methods.

Financial transactions are now more easily accessible and convenient than ever. Thanks to the growth of mobile money services, users have an abundance of options to select from. 

Among the prominent players in the Nigerian market are Moniepoint and Opay. Both services offer a range of features tailored to meet their users’ diverse needs. 

This article will compare these fintech companies to help you decide which best suits your requirements. But first, let’s examine these payment platforms and their impacts and features.

READ ALSO: Moniepoint POS Daily Target and Monthly Target 

What is Opay and Moniepoint?

What is Opay?

Moniepoint vs Opay: Which is Better

Opay is a fintech company and mobile-based platform launched in 2018 by Opera Software, the company behind the Opera web browser.

Opay offers a variety of digital payment services to consumers, such as loans, savings accounts, bill payments, mobile airtime top-ups, and money transfers. Users can have access to its services by downloading the mobile banking app on Android and iOS devices.

At the moment, in Nigeria, OPay has 500,000 agents and over 18 million registered app users who rely on its services for various tasks, such as bill payment and money transfers.

What is Moniepoint?

moniepoint pos

Moniepoint, formerly Teamapt, is one of the leading fintech companies in Nigeria that provides digital payment solutions such as money transfers, bill payments, and airtime top-ups to individuals and businesses alike. 

The company was launched in 2019 and has, over time, evolved to become the number one fintech in the agency banking sector. 

Moniepoint has over 600 thousand agents and processes over 7 trillion Naira monthly. 

 Impacts and Features of Moniepoint and Opay

1. Enhanced Bank Service

The advent of Opay, Moniepoint, and similar platforms marks a paradigm shift in Nigeria’s financial landscape. They are redefining the very essence of banking, making it more accessible and customer-centric.

2. A Rewarding Experience

Unlike traditional banks, these digital platforms introduce reward systems that incentivize users. Loyalty is recognized and rewarded, making financial transactions a more engaging and enjoyable experience.

3. Virtual Transactions

Physical boundaries no longer confine banking. Users can efficiently conduct virtual transactions, bridging geographical gaps and fostering financial inclusivity.

4. Seamless Services

These platforms offer seamless services, making everyday financial activities more efficient. Customers can now make bank transfers, bill payments, and other account management activities.

5. Access to Loans

Beyond the conventional, Opay and Moniepoint introduce innovative loan offers, empowering users with access to credit facilities that cater to their needs.

6. Peer-to-Peer Services

Facilitating peer-to-peer (P2P) transactions, these online payment platforms promote social financial interactions, allowing users to share funds and split expenses effortlessly.

7. A Lifestyle Integration

Opay and Moniepoint go beyond financial transactions, incorporating lifestyle-related features that enhance the user experience. From shopping to entertainment, these apps integrate seamlessly with daily life.

8. Reducing Cash Reliance

Adopting mobile payments reduces the country’s dependence on physical cash, improves security, and decreases the risks associated with cash handling.

Opay and Moniepoint represent a groundbreaking evolution in the Nigerian banking sector. They challenge the status quo and also introduce a new era of financial services that are more customer-centric, secure, and technologically advanced.

Moniepoint Vs Opay

moniepoint nd opay

Although the services provided by the two companies are comparable, there are distinctions in terms of features, costs, and overall user experiences.

However, in comparing Opay and Moniepoint, we will be examining both payment platforms under the following topics of discussion which are: Network, Features, Charges, Reliability, Customer Service, Coverage and Accessibility, and Security and User Experience

1. Features

Opay and Moniepoint offer similar services, but their features differ. Moniepoint is known for its robust features, which are designed to facilitate seamless transactions. From fund transfers to bill payments, Moniepoint caters to various financial needs. 

On the other hand, Opay boasts a user-friendly interface and a comprehensive suite of services, including airtime recharge and utility bill payments. Both platforms prioritize user convenience, but the specific features may vary slightly.

Also, in contrast to Moniepoint, which only permits transactions to bank accounts, Opay enables users to make transfers to both mobile wallets and banks. 

2. Charges

When it comes to charges, it’s essential to consider the cost-effectiveness of using Moniepoint vs Opay. Moniepoint POS offers competitive rates for its services, with minimal transaction fees of 0.5% of the transaction amount for withdrawals between N1 to N20,000 and N100 for transactions above N20,000.

Similarly, Opay strives to keep its fees affordable, ensuring users can conduct transactions without breaking the bank. It offers an initial charge of 0.6% per transaction and 0.5% after upgrading to Preferred Merchant status. Bill payment and airtime top-up are free of charge for both companies.

3. Coverage and Accessibility

Accessibility is a crucial factor to consider when choosing a mobile money service. Both payment platforms boast extensive networks of agents and service points across Nigeria, making it convenient for users to access their services. 

Whether in a bustling city or a remote village, chances are you’ll find a Moniepoint or Opay agent nearby.

Opay, on the other hand, is more widely distributed because it can be found in other African nations like South Africa, Kenya, and Egypt. Opay is therefore a good choice for people and companies carrying out international transactions. No matter where they are, consumers may complete transactions with ease regardless of location.

4. Reliability and Customer Service

Reliability is paramount when entrusting your financial transactions to a mobile money service. 

Moniepoint and Opay both prioritize reliability, with robust infrastructure, customer support channels and secure payment systems in place.

In the rare event of any issues or concerns, both platforms offer responsive and helpful customer support to assist users promptly.

Opay offers phone calls, live chat, and email support, while Moniepoint offers support through phone calls, in-app chat, and email. 

Both companies provide quick and prompt responses to users’ inquiries. As a frequent user of Opay’s services, I’ve had the opportunity to interact with their customer support team on several occasions. One experience is a testament to their dedication to resolving user issues promptly and efficiently.

Recently, I encountered an unexpected error while attempting to complete a transaction through the Opay mobile app. Concerned about the status of my funds and the pending transaction, I decided to contact Opay’s customer support for assistance.

I contacted a customer service representative using the in-app chat feature. Surprisingly, I received a response within minutes, indicating that a support agent was ready to assist me. I provided details about the transaction and the issue I was facing, expecting a lengthy wait for a resolution.

However, much to my delight, the support agent quickly acknowledged the problem and assured me they would investigate it promptly. They guided me through a series of troubleshooting steps to gather more information about the transaction and verify my account details.

Throughout the conversation, the support agent remained polite, professional, and empathetic, acknowledging my frustration and assuring me that they were working diligently to resolve the issue. After a thorough investigation, they identified the cause of the problem and initiated the necessary steps to reverse the transaction and refund the funds to my account.

The issue was resolved within minutes, and the funds were credited to my account. I was impressed by the efficiency and effectiveness of Opay’s customer service team, which went above and beyond to ensure a positive outcome.

This experience left me with a newfound appreciation for Opay’s commitment to customer satisfaction and their dedication to resolving issues promptly and professionally. It reaffirmed my trust in the platform and solidified my loyalty as a satisfied user.

Overall, my personal experience with Opay’s customer service was overwhelmingly positive. It demonstrated their commitment to providing exceptional support and assistance to their users. It also serves as a testament to the importance of responsive and reliable customer service in fostering customer trust and loyalty.

Therefore, should you encounter a technical glitch or have a query about a transaction, the dedicated support teams at Opay and Moniepoint can assist.

5. User Experience

User experience plays a significant role in determining the overall satisfaction with a mobile money service. Moniepoint and Opay both prioritize user-friendly interfaces and intuitive navigation, ensuring a seamless experience for their users. 

Whether you’re a tech-savvy individual or a first-time user, you’ll find both easy to use and navigate. From initiating transactions to checking account balances, the platforms offer a stress-free experience from start to finish.

6. Security

Security is crucial when it comes to financial transactions, and Moniepoint and Opay are committed to safeguarding their users’ personal and financial information.

Both platforms leverage advanced encryption technologies and stringent security protocols to protect against unauthorized access and fraud. While Opay uses SSL (Secure Sockets Layer) encryption  to secure all data transmitted through their app, Moniepoint uses two-factor authentication for added security.

So, whether you’re transferring funds or making a purchase, you can be rest assured that your transactions are secure on Opay and Moniepoint.

7. Promotional Offers and Rewards

Moniepoint periodically offers promotional discounts and cashback rewards to incentivize users to use their platform for transactions. These promotions may include discounted transfer fees or bonus cashback on certain transactions.

Similarly, Opay frequently runs promotional campaigns offering transaction discounts, cashback rewards, and referral bonuses. These promotions encourage user engagement and loyalty to the platform.

8. Regulatory Compliance and Legal Framework

Speaking of Moniepoint vs Opay, both platforms are regulated by the Central Bank of Nigeria (CBN). They must comply with regulatory guidelines and standards to ensure users’ funds and personal information safety and security. This includes adhering to the Know Your Customer (KYC) requirements and implementing robust security measures to prevent fraud and unauthorized access.

9.Cost of POS machine Acquisition

Many business owners have incorporated POS machines to ensure fast and efficient transaction processes. However, while both Moniepoint and Opay offer a smooth and reliable transaction process, the cost of acquiring the POS machines differs. 

While the application for the POS machine for both mobile payment platforms is free, getting a Moniepoint POS machine requires a One-Time Payment of N21,500 at the Moniepoint office. The ₦21,500 includes a ₦10,000 caution fee, ₦10,000 logistics fee, and ₦1,500 insurance fee for one year.

Opay POS has three different kinds of machines at various price rates. Opay Smart POS costs N50,000, Opay Traditional POS costs N35,000, and Opay Mini POS costs N8,500.

10. Additional Services

In addition to their core financial services, when comparing Moniepoint vs Opay, both mobile payment platforms offer a range of additional services to enhance the user experience. 

Moniepoint provides access to micro-loans and savings products, empowering users to manage their finances more effectively. 

Users can make informed decisions based on their individual needs and preferences by thoroughly checking each of these online payment platform’s strengths, weaknesses, similarities, and distinguishing features.


Both Moniepoint and Opay offer robust and user-friendly mobile money services tailored to meet the diverse needs of their customers. Whether you prioritize affordability, accessibility, or additional services, there’s something for everyone on both platforms. 

Ultimately, the choice between both payment platforms boils down to your preferences and requirements. By carefully weighing the Features, Fees, Coverage, and User Experience, you can make an informed decision that aligns with your financial goals. 

So, whether you opt for Moniepoint or Opay, rest assured that you’re choosing a reliable and convenient mobile money service to meet your needs. Thanks for reading!


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About the Chief Editor

Godfrey Ogbo, the Chief Editor and CEO of AtlanticRide, merges his environmental management expertise with extensive business experience, including in real estate. With a master's degree and a knack for engaging writing, he adeptly covers complex growth and business topics. His analytical approach and business insights enrich the blog, making it a go-to source for readers seeking thoughtful and informed content.

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