OPay has announced that it will be pausing some of its business units, including its ride-hailing (ORide, OCar) and logistics (OExpress) services, due to harsh business conditions caused by the COVID-19 pandemic, the lockdown, and government ban on motorcycles.
In February 2020, the Lagos state government imposed a ban on motorcycle and tricycle operations (excluding delivery services) in key commercial and residential areas within the state.
OPay had already taken pre-emptive steps to restructure its business focus away from rides several months ago.
The company said the ride-hailing units were not a major part of its business, and it has been investing more in its commitment to Nigeria’s financial and technology inclusion.
From January to April 2020, OPay saw a 44% growth of offline and online transaction value, which the company believes is a testament to the high demand for flexible and easy financial services by Nigerians.
The fintech part of OPay’s business coupled with goods’ platform will form the future of Nigeria’s technology development, according to the company