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Customers Kick As Opay Increases Transaction Charges

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Opay - Investors King
  • Customers Kick As Opay Increases Transaction Charges

Opay has increased its bank transfer charges from N10 to N45 and also introduced a 1% fee on subsequent transfers.

This means when users make transactions from their Opay wallets to regular bank accounts; the first transaction will attract N45, while the second transaction on the same day attracts 1%; for example, N50,000 will attract N500 (1%).

Opay had earlier raised its charges to 2% but reversed the rate, the same week, due to the criticism it received from its users, as they were not notified before the changes were made. Customers only found out when they tried to make transactions.

“We sincerely apologize for the inconvenience we caused you by our lack of notice on the 2% bank transfer fee. We understand that this was not communicated appropriately and sincerely apologize for this.

“We have now reviewed our bank transfer fees, and from 6 AM tomorrow, the fee for our bank transfers will be N45 for the first transaction of the day and 1% for subsequent ones,” Opay tweeted.

The Effect Of N45, 1% Charges

Transaction from one bank to another bank attracts N52.5, the reason why many people turned to Opay since it was charging N10 for its transactions.

However, with the new rate of N45 charges (an increase of N35) on bank transfer and the 1% fee on subsequent transfer, it appears Opay might soon lose some of its customers who are not happy as they will not be getting the benefit that attracted them.

The new policy may also affect other services on the app apart from the bank transfer, especially OWealth.

Owealth is an investment product on Opay that offers 10% interest annually on the amount the user invests. As a result of the new transaction charges, the users may lose part of their return when they try to transfer the money out of the app when it is mature.

Meanwhile, Opay has received an international money transfer license from the Central Bank of Nigeria (CBN), that will allow users to receive money directly into their OPay wallet from any bank.

Customers Reaction

After Opay took to its Twitter page to announce its decision to charge N45 and 1% on subsequent transactions, many of its users also shared their opinions.

A user on Twitter, Toluwase Omo Ogundele said, “So if I transfer 100k, you guys will charge me 1k? 200k=2k? Nobody will patronise you guys. Transfers on bank app to another bank is N52.5 and you expect somebody to come and use a service that charges exorbitantly? he queried.

Another user, Dauda Hammed Lekan who seems to be a victim of the 2% that was earlier deducted said: “Refund the overcharged customers first and let’s start after people must have heard the info. You don’t give apology on what you have done intentionally. It makes no sense to me. I have plans for my fund, you don’t just charge me without notice just like that.@SRunsewe please act.”

“I lost over #1200 transferring 62k to my account. They have lost my trust unless they agree to refund my money,” African Child said.

Onye Oraifite who is disappointed that Opay wasn’t transparent enough, said, “When I thought this platform will save me from the useless bank charges, obviously I’m wrong.”

These are just few among various reactions that trailed Opay’s move.

Why Opay Increased Its Transaction Charges

According to OPay’s Country Manager, Iniabasi Akpan, the company is hoping the move will lead to more financial activities within the Opay ecosystem.

“Peer-to-peer transactions do not attract any fees within the OPay app,” he told TechCabal.

“Evidently, with the new policy, users are encouraged to do more transfers and payments within the app,” he added.

Akpan also said that the “OWealth users should not be affected” by the new charges as it is developing its technology to “accommodate this change.”

He assured that the company is working on a “plan to resolve any issue affecting OWealth users.”

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Technology

Softcom Announces Day X, The Launch of Intuitive Solutions For Businesses

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SoftCom Day X - Investors King

Softcom has announced the launch of new intuitive solutions and initiatives the company has built to accelerate inclusion and growth for Africans which will be happening on Day X: July 29, 2021.

The company states that it has thoroughly examined the state of society and what sustainable growth looks like for people and businesses and has designed products and platforms focusing on unlocking the inherent potential that exists in every individual.

Day X will expose us to an ecosystem of tools that will empower business owners to sell better, sell more, identify people, control their money and make better decisions. Initiatives and platforms have also been designed with the entrepreneur to enable ambitious and early-stage businesses to position themselves for rapid growth.

Softcom also states that its crucial strategy is to make these human-centered solutions accessible to all entrepreneurs who are dreamers and those who have begun to take action. This ability to deliver value and innovation of active or passive entrepreneurs within any society will ultimately contribute to its people and businesses’ collective growth and advancement.

In his newly released letter to the public, Yomi Adedeji, CEO of Softcom X, wrote; ”Our ultimate goal is to create an open world with equitable access to intuitive solutions that address the most basic human needs and by doing so enable societal development, business growth and human prosperity.”

Day X will provide answers to questions entrepreneurs ask, no matter the size of their ambition and help them commence their journey of leveraging these human-centered tools to drive transformational growth for themselves and society at large.

Day X will take place virtually. To find out more about Softcom and register for Day X, visit here

About Softcom
Softcom is a 14-year-old company with experience in innovation, technology solutions for businesses and enabling access at scale.

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Social Media

FG To Lift Suspension On Twitter Once It Registers With NBC and CAC

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Twitter Tip Jar- Investorsking

The Nigerian government will lift the suspension of Twitter, the microblogging platform once the digital social media app registers with the National Broadcasting Commission (NBC) and the Corporate Affairs Commission (CAC).

According to an affidavit deposed to by the office of the Attorney General of the Federation in response to a suit filed by a human rights lawyer, the government said Twitter would not have been suspended if it complied with Nigeria’s laws.

The affidavit deposed by Ilop Lawrence on behalf of the Federal Government and the AGF, it was stated that the suspension of Twitter was not an abuse of human rights because Nigerians were still using Twitter despite the suspension.

The government told the court that the Twitter suspension would be lifted once the platform registers with the NBC and the Corporate Affairs Commission.

The government had on June 4, 2021, suspended Twitter barely two days after the social media platform censored a tweet by President Muhammadu Buhari.

Subsequently, the AGF, Abubakar Malami threatened to prosecute Nigerians still using the platform while NBC ordered all radio and television stations to stop using Twitter or picking content from the platform.

Human Rights lawyer, Inibehe Effiong, subsequently sued the Minister of Information and Culture, Lai Mohammed, Malami, and the Federal Government for suspending the social media platform.

In the fundamental human rights suit marked FHC/L/CS/542/2021, Effiong is seeking nine reliefs, including an order of perpetual injunction restraining the respondents from further suspending, deactivating, or banning the operation and accessibility of Twitter or any other social media service in Nigeria because the act was in violation of his rights.

Effiong asked the court to declare as illegal the threat of criminal prosecution by Malami and Lai Mohammed against Nigerians who ‘violate’ the suspension or ban of Twitter, despite the absence of any written law.

But in its response to the originating motion, the government said Nigerians are still using the microblogging platform despite the suspension placed on the app.

“The applicant (Effiong) and the class he seeks to represent can still operate those Twitter accounts from anywhere in the world and even from Nigeria.

“Nigerians are still tweeting, even at this moment as the ban on Twitter is not aimed at intimidating Nigerians or an infringement on the rights of Nigerians to express their opinion.

“The respondents (Federal Government and AGF) have never stopped the applicant (Effiong) and the class of persons he seeks to represent from voicing their opinions to access government information and offer criticism where necessary,” the government said in the affidavit.

The government told the court that Nigerians are still free to use other platforms like WhatsApp, Facebook, Tiktok and others.

The Federal Government also denied knowledge of Twitter censoring Buhari’s tweet on the Biafra civil which offended many Nigerians.

It said Twitter had made its platform accessible to elements like Nnamdi Kanu, the leader of the Indigenous People of Biafra; and had supported the #EndSARS protests of October 2020 which was later hijacked by hoodlums.

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Startups

Health Tech Startup 54gene Launches Trust to Amplify Africa’s Capacity in Scientific Research

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54gene Lab

54gene, the health technology company centered on advancing the field of African genomics to unlock scientific discoveries as well as improve diagnostic and treatment outcomes within Africa and the global community, is creating a trust which it will use to invest up to 5 percent of future proceeds from the company’s commercial drug discovery program.

The creation of the trust is part of its Commitment to Africa in establishing a more sustainable and thriving cyclical ecosystem across Africa’s scientific development space, as well as ensuring better quality healthcare delivery for the communities in which the company operates.

54gene is focused on creating a pipeline of novel drugs for global populations, based on insights drawn from the healthcare and research ecosystem in Africa and wants to ensure that the 1.5 billion people in Africa benefit from its endeavors.

While ensuring Ethical, Legal, Social Implication (ELSI) guidelines are rigorously followed, 54gene is focused on advancing better health outcomes for global populations through precision medicine and addressing the unmet need for novel therapeutics in healthcare.

The company has created a proprietary platform that powers drug discovery through its substantial bio- and data-repository of deeply phenotyped and diverse datasets. It has the potential to power understanding across multiple disease areas such as cancers, neurodegenerative diseases, sickle cell, autoimmune and rare diseases, and infectious diseases.

The new trust has been designed to enable a consistent provision of better diagnostics and medicines for Africans as well as amplifying capacity building within the scientific research space across Africa.

“The biggest challenge in drug discovery in Africa is adequate infrastructure and the extensive need for capacity building.

“As we work on delivering on our promise of precision medicine for Africans and the global population, we are striving to ensure that our work involves current African scientists and leaders in the field as well as supports the creation of more skilled Africans in science and additional jobs across the continent.

“This initiative is designed to continue fostering partnerships within the African scientific body, to reflect the leadership of Africans in global drug discovery research, and to generate sustainable healthcare delivery systems that will ultimately benefit African communities participating in the scientific work that advances better outcomes for all.

It is the inclusion of African talent that will make our drug discovery work successful in bridging the disparity gap within genomics data. Africa has the ability to contribute far beyond the 1 percent in global drug discovery that is currently taking place within the continent, and we believe 54gene will help accelerate those contributions.“

The 54gene trust will be managed by an advisory committee. As the company’s commercial operations grow, the demonstrated Commitment to Africa and creation of the trust will ensure an African footprint and sustainable growth in global drug discovery across the continent.

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