April 3, 2020 All Things Fintech in Africa

Opay Expands as it launches tricycle hailing service, OTrike in Nigeria

 

Introduction

The opera company, the Chinese-backed startup is giving other fin tech startups a clear run for their money with strong product diversification.  In 2018, it started operations as a mobile payments platform to carter the Nigerian’s unbanked population. Opay has grown as a platform where merchants and buyers trust enough to use to perform transactions.  It soon diversified its product offerings into a food delivery service, Ofood and a motorcycle ride-hailing, ORide. The Opera –founded startup have further introduced a tricycle hailing service, in the commercial city of Aba, southeast of Nigeria and northwestern City, Kano.  This has moved the startup a step further to becoming Africa’s biggest super-app.

What is OTrike?

OTrike is a tricycle hailing service. The three-wheel  hailing app provides an opportunity  for Nigerian to embark  on short  road trips; involving using the OTrike app to book and board commercial tricycles. ORide giving its competitor, Gokada a huge market gap. While OTRike in turn is also penetrating the Nigerian ecosystem as  kekes  is on high demand both on major and minor roads.

What’s the Catch? 

The OTrike, which is popularly known as Maruwa  in Lagos, can be ordered by Aba  and Kano residents on their smart phones. The discounts on every trip are less than 400 naira. For a ride the company is offering the users a token of N20 for people in Aba and N30 for Kano OTrikers, while private trips cost about N50 in both cities.

What’s next?

The opera company doesn’t want to slow down. OTrike is likely to be expanded to other cities. With the recent 50 million dollars investment funding it received, the Opera Company has gone on an aggressive innovative spree. The capital is allowing the startup explore new and existing opportunities in commercial business, strengthen Opay as it makes its way to becoming a multi-service commercial platform.

 

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