How to Start Opay Business in Nigeria and Earn a Living

Imagine turning your smartphone into a money-making machine right from your neighborhood in Nigeria! Starting an Opay business in Nigeria is a fantastic way to tap into the booming fintech industry and earn a steady income.

Opay, a leading mobile money platform, has transformed financial services in Nigeria since its launch in 2018, offering opportunities for anyone with a phone, a small space, and a drive to succeed. Whether you’re a student, a stay-at-home parent, or someone looking for a side hustle, becoming an Opay agent or merchant can help you achieve financial freedom.

In this guide, I’ll walk you through everything you need to know about starting an Opay business, from registration to scaling your operations, all in simple English with practical tips to help you succeed.

What Is Opay and Why Is It a Great Business Opportunity?

Opay is a mobile money platform backed by Chinese investors and licensed by the Central Bank of Nigeria (CBN) as a Mobile Money Operator (MMO). It’s more than just a payment app—it’s a one-stop solution for financial services like money transfers, bill payments, airtime purchases, and even transportation and food delivery services. Since its inception, Opay has grown to serve over 35 million users and supports a network of 500,000 agents across Nigeria, making it one of the top fintech companies in the country, alongside Moniepoint, Kuda, and PalmPay.

Why is Opay a golden opportunity? Nigeria has a large unbanked and underbanked population, with nearly 40% of adults lacking access to traditional banking services. Opay bridges this gap by offering easy, secure, and fast financial solutions through its app and Point of Sale (POS) terminals. As an Opay agent or merchant, you can provide these services to your community, earning commissions on every transaction. The demand for convenient financial services, especially in rural and semi-urban areas, makes the Opay business a low-risk, high-reward venture.

Benefits of Starting an Opay Business

Starting an Opay business comes with a ton of perks that make it an attractive option for entrepreneurs. Here’s why you should consider it:

Low Startup Costs: Unlike traditional businesses, you don’t need a huge capital investment. A smartphone, internet connection, and a small shop or kiosk are enough to get started.
High Demand: Nigerians rely on mobile money services for daily transactions like airtime top-ups, bill payments, and cash withdrawals, ensuring a steady flow of customers.
Flexible Income: You earn commissions on every transaction, and the more customers you serve, the more you make. Some agents report earning up to ₦61,243 monthly, depending on their location and effort.
Free POS Terminal: Opay provides free POS devices to approved agents, reducing your startup costs.
Quick Settlements: Transactions are settled instantly, so you don’t have to wait long to access your earnings.
Referral Bonuses: Opay’s referral program lets you earn extra cash by inviting new users to the platform.
Scalability: You can grow your business by hiring sub-agents or expanding to multiple locations.

With these benefits, it’s clear why thousands of Nigerians are jumping on the Opay bandwagon to earn a living.

Steps to Start an Opay Business in Nigeria

Ready to dive into the Opay business? Follow these simple steps to get started and build a profitable venture.

1. Understand the Opay Business Model

Before you start, it’s important to know how the Opay business works. As an Opay agent or merchant, you act as a middleman between Opay and customers in your community. You provide services like:

Cash withdrawals and deposits
Fund transfers to Opay accounts or other banks
Bill payments (electricity, water, TV subscriptions, etc.)
Airtime and data purchases
Betting payments (e.g., Bet9ja)
QR code payments for merchants

You earn a commission for each transaction, typically a percentage of the transaction amount. For example, Opay charges a 5% fee on daily transactions, and you keep a portion of it as your income. The more transactions you process, the higher your earnings.

2. Meet the Requirements

To become an Opay agent, you need to meet some basic requirements:

A Smartphone: You need a modern Android or iOS device to run the Opay app smoothly.
Internet Connection: A reliable internet connection (mobile data or Wi-Fi) is essential for app operations.
Valid Identification: You’ll need a National ID card, driver’s license, voter’s card, or international passport for KYC (Know Your Customer) verification.
Bank Verification Number (BVN): This is required to link your Opay account to a Nigerian bank account.
Utility Bill: A recent utility bill (not older than three months) serves as proof of address.
Business Location: A small shop, kiosk, or even a table under an umbrella in a busy area will do.
Basic Literacy: You should be able to read, write, and communicate effectively with customers.
Capital: While registration is free, you’ll need some cash (around ₦50,000–₦100,000) to fund your Opay wallet for customer transactions.

Having these in place sets you up for a smooth registration process.

3. Download and Install the Opay App

The first practical step is to download the Opay app from the Google Play Store for Android or the Apple App Store for iOS. Once installed, open the app and select your preferred language. The app is user-friendly and designed to make financial transactions quick and secure.

4. Sign Up for an Opay Account

To create an Opay account:

Open the Opay app and click “Sign Up.”
Enter your mobile phone number (this will serve as your account number).
Create a secure password.
Provide your full name, email address, date of birth, and gender.
Submit your BVN for verification.
Link your Opay account to a Nigerian bank account for funding your wallet.

After signing up, you’ll start at KYC Level 1, which allows basic transactions. To become an agent, you need to upgrade to KYC Levels 2 and 3, which I’ll explain next.

5. Upgrade Your KYC Level

To operate as an Opay agent or merchant, you must upgrade your KYC level to access advanced features like POS services. Here’s how:

Upgrade to KYC Level 2

Open the Opay app and tap on “Account.”
Click on your current KYC level (below your name).
Provide your BVN, gender, date of birth, and state of residence.
Submit the details for verification.

Upgrade to KYC Level 3 (for POS Agents)

Go to the “Me” section in the Opay app.
Click the picture icon (top left) to access Account Details.
Select “Upgrade to Level 3.”
Upload a passport photo.
Upload a valid ID (National ID, voter’s card, driver’s license, or international passport).
Upload a recent utility bill (e.g., electricity or water bill).
Submit your BVN again if prompted.
Click “Submit.”

The Opay team will review your application within 24–72 hours. Once approved, you’re ready to apply for a merchant account or POS device.

6. Apply to Become an Opay Merchant or POS Agent

To run a full-fledged Opay business, you need to register as a merchant or POS agent. Here’s how:

For Merchants

Email ng-support@opay-inc.com to request the Opay merchant registration form.
Fill out the form with details like your BVN, valid ID, utility bill, and proof of address.
Submit the form and wait for approval (usually within 48 hours).
Once approved, log in to the Opay Merchant Dashboard to start accepting payments.

For POS Agents

After upgrading to KYC Level 3, open the Opay app.
Navigate to the “POS” section and apply for a POS terminal.
Provide additional details if required (e.g., business location).
Opay will deliver the POS device to your location for free if approved.

The POS terminal allows you to process card payments, cash withdrawals, and other transactions, making it a key tool for your business.

7. Set Up Your Business Location

Your business location is crucial for attracting customers. Choose a busy area like a market, bus stop, or residential neighborhood where people need quick access to financial services. You don’t need a fancy shop—a small kiosk, a table with an umbrella, or even a corner in an existing store works fine. Make sure your location is visible and accessible, and display a signboard that says “Opay Agent” or “POS Services Available.”

8. Fund Your Opay Wallet

To start processing transactions, you need to fund your Opay wallet with cash. This is the money you’ll use to facilitate customer withdrawals, transfers, and bill payments. Start with at least ₦50,000–₦100,000, depending on the demand in your area. You can fund your wallet by transferring money from your linked bank account or visiting an Opay agent store to deposit cash.

9. Market Your Opay Business

To attract customers and grow your business, you need to spread the word. Here are some practical marketing tips:

Use Word of Mouth: Tell friends, family, and neighbors about your services.
Leverage Social Media: Share your Opay referral link on platforms like WhatsApp, Facebook, and Instagram to attract new users and earn cashback (up to ₦550 per referral).
Create Signage: Place a bold, colorful signboard outside your shop with services listed (e.g., “Pay Bills, Buy Airtime, Withdraw Cash”).
Offer Excellent Customer Service: Be friendly, fast, and reliable to keep customers coming back.
Target Local Businesses: Partner with small shops, salons, or restaurants to process their payments using your POS terminal.

You can also join local community groups or forums to promote your services and attract more customers.

10. Start Providing Services and Earning Commissions

Once your account is set up and your POS terminal is ready, you can start offering services like:

Cash Withdrawals and Deposits: Help customers withdraw cash or deposit money into their accounts.
Money Transfers: Facilitate transfers to Opay accounts or other banks for a small fee.
Bill Payments: Pay electricity, water, or TV subscription bills for customers.
Airtime and Data: Sell airtime and data for MTN, Airtel, Glo, and 9mobile.
Betting Payments: Process payments for betting platforms like Bet9ja.
QR Code Payments: Accept payments for merchants using QR codes.

You earn a commission on each transaction, and Opay settles your earnings instantly or daily, depending on the service. For example, you might earn ₦50–₦100 per withdrawal or transfer, depending on the amount.

Maximizing Your Earnings with Opay

To make a sustainable living with your Opay business, you need to go beyond the basics. Here are some strategies to boost your income:

1. Leverage the Opay Referral Program

Opay’s referral program is a great way to earn extra cash. When you sign up, you get a unique referral link to share with others. For each new user who signs up using your link and completes tasks like updating their KYC or funding their wallet, you earn up to ₦550. To make ₦5,000 daily, you only need to refer about 9–10 people who complete at least four tasks. Share your link on social media, WhatsApp groups, or offline community networks to reach more people.

2. Offer a Wide Range of Services

Don’t limit yourself to one service. The more services you offer, the more customers you attract. For example, combine POS services with bill payments, airtime sales, and betting payments to cater to different needs. You can also promote Opay’s value-added services like OWealth (savings and investments) or Opay Loans to earn additional commissions.

3. Build a Loyal Customer Base

Customer loyalty is key to a successful Opay business. Be reliable, keep your shop open during peak hours, and resolve issues quickly. If a transaction fails, contact Opay’s customer support at 0700 8888 329 or use the in-app live chat to resolve it promptly. Happy customers will return and recommend your services to others.

4. Scale Your Operations

Once your business gains traction, consider scaling up by:

Hiring Sub-Agents: Train others to work under you and share commissions.
Opening Multiple Locations: Set up additional POS points in different areas to reach more customers’.
Partnering with Businesses: Offer your POS services to local merchants, such as shops or restaurants, to process their payments.

Scaling requires more capital and effort, but it can significantly increase your earnings.

5. Use the Opay Business App

The Opay Business App is designed for merchants and offers tools to manage transactions, track earnings, and generate reports. It also allows you to manage multiple branches and employees, making it easier to scale your business. Download it from the Google Play Store and explore features like:

Omnichannel payment collection
Employee and store management
Access to over 200 billers
Business intelligence dashboards for growth insights

Challenges of Running an Opay Business and How to Overcome Them

Like any business, running an Opay agency comes with challenges. Here’s how to tackle them:

Network Issues: Poor internet connectivity can disrupt transactions. Solution: Use a reliable network provider (e.g., MTN or Airtel) and keep a backup data plan.
Competition: Other POS agents in your area may compete for customers. Solution: Differentiate yourself with excellent customer service, faster transactions, and promotional offers.
Fraud Risks: Scammers may try to exploit your services. Solution: Verify customer identities for large transactions and use Opay’s security features like NightGuard and Large Transaction Shield.
Low Capital: Limited funds can restrict your ability to handle large transactions. Solution: Start small, reinvest your profits, and gradually increase your wallet balance.

Tips for Success as an Opay Agent

To thrive in the Opay business, keep these tips in mind:

Stay Updated: Regularly check the Opay app for new features, discounts, or promotional offers to attract customers.
Maintain Cash Flow: Always have enough cash in your wallet and physical cash to handle withdrawals.
Be Trustworthy: Build a reputation for honesty and reliability to gain customer trust.
Monitor Transactions: Use the Opay Business App to track your earnings and identify high-demand services.
Engage with Opay Support: If you face issues, contact Opay’s customer service via the app, call 0700 8888 329, or visit an Opay office near you.

Opay’s Impact on Financial Inclusion in Nigeria

Opay’s mission is to make financial services accessible to everyone, especially the unbanked and underbanked. By becoming an Opay agent, you’re not just earning a living—you’re contributing to financial inclusion in Nigeria. Your services help people in remote areas access cash, pay bills, and manage their finances without visiting a bank. This social impact, combined with the potential for profit, makes the Opay business a win-win.

Opay vs. Other POS Platforms

How does Opay compare to other POS platforms like Moniepoint or PalmPay? Here’s a quick breakdown:

Opay: Free POS terminal, low transaction fees (5%), instant settlements, and a wide range of services (transfers, bill payments, airtime, etc.).
Moniepoint: Known for competitive fees and reliable service but may charge for POS devices.
PalmPay: Offers similar services to Opay but has a smaller agent network.

Opay stands out for its free POS terminal, referral program, and extensive service offerings, making it a top choice for new agents.

How Much Can You Earn with Opay?

Your earnings depend on your location, customer volume, and the services you offer. On average, Opay agents earn ₦61,243 per month, according to some estimates. However, in busy areas like Lagos or Abuja, you can earn significantly more by processing high volumes of transactions. For example:

Withdrawals: Earn ₦50–₦100 per transaction.
Transfers: Earn ₦20–₦50 per transfer.
Bill Payments: Earn ₦10–₦50 per bill.
Referrals: Earn up to ₦550 per referred user who completes tasks.

To make ₦5,000 daily, you could process 50–100 transactions or refer 9–10 new users daily. With dedication, you can scale your earnings to ₦100,000 or more monthly.

Legal and Regulatory Considerations

As an Opay agent, you must comply with the Central Bank of Nigeria’s regulations for mobile money operators. This includes:

Completing KYC verification to prevent fraud.
Keeping accurate records of transactions.
Reporting suspicious activities to Opay or the CBN.

Opay is licensed by the CBN and insured by the Nigeria Deposit Insurance Corporation (NDIC), ensuring your transactions are secure. Always follow Opay’s guidelines to avoid account suspension.

Where to Get Support

If you run into issues, Opay offers 24/7 customer support. Contact them via:

Phone: 0700 8888 329 (general queries) or 020 18888 329 (POS queries).
In-App Live Chat: Available on the Opay and Opay Business apps.
Social Media: Reach out on Instagram or X.
Physical Offices: Visit an Opay office in cities like Lagos, Abuja, Ibadan, or Kano. Check the full list on Opay’s website.

Conclusion

Starting an Opay business in Nigeria is a smart way to earn a living while providing valuable services to your community. With low startup costs, a free POS terminal, and the potential to earn thousands daily, it’s an opportunity worth exploring.

By following the steps in this guide, registering, upgrading your KYC, setting up a location, and marketing your services, you can build a profitable Opay business. Whether you’re in Lagos, Abuja, or a rural area, Opay’s platform makes it easy to tap into Nigeria’s growing fintech market. So, download the Opay app today, take the first step, and start your journey to financial freedom!