Follow CGSP on Social Media

Listen to the CGSP Podcast

OPay’s Failure Prompts Reflection in Nigeria’s Tech Community

Opay workers sit to monitor riders in the field at the company's control room, Ikeja in Lagos, on August 30, 2019. PIUS UTOMI EKPEI / AFP

Last week’s announcement by the Chinese-owned Nigerian-based e-commerce and payments company OPay to suspend four of its services (ORide, OTrade, OCar, OFood) caught a lot of people by surprise. After raising an impressive $170 million in a Series B funding round last fall from some of China’s hottest VC and tech companies, OPay was among the most well-funded fintech start-ups in Nigeria’s burgeoning tech sector.

Just over half a year later, the company said in a statement on Twitter that due to the worsening economic conditions brought on by the COVID-19 outbreak, the company needs to restructure its business away from transportation and mobility in order to focus on its already successful payments operations.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.