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Rent and Earn: Oscar Danladi’s Bet on Nigeria’s Broken Housing Market

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Oscar Danladi founded Rentstay to address Nigeria’s chaotic rental market after becoming frustrated by misleading listings and excessive agency fees. His platform aims to streamline the rental process by enabling direct tenant-landlord interactions, verifying properties, and offering digital caution-fee management. Rentstay seeks to transform how rentals work, ensuring transparency for both parties.

Fwangmun Oscar Danladi had done everything right. He had found a listing, confirmed a price, and arranged a viewing. The apartment, a two-bedroom flat in Jos, had decent road access, reasonable rent, and looked promising on paper. Then he arrived, and the agent asked him to wait.

“He needed to call someone else who knew where the property was,” Danladi recalls.

What followed was a slow unravelling. One agent became two, then three. Each new arrival got into Danladi’s car and directed him further down a road that bore no resemblance to what had been described. By the time they reached the property, Danladi had been in the car for the better part of an hour. The house was nothing close to what he had asked for.

Then came the real surprise: despite all of this, the agents still expected to be paid an amount more than the initial agreement, because “more people had gotten involved.”

Danladi is not the kind of person to write off a bad experience. Instead, he started asking questions. Why does renting in Nigeria require navigating an arduous path laden with unnecessary middlemen and agents? Why is a ₦500,000 apartment so often actually a ₦900,000 apartment, once agency fees, legal fees, and caution fees are piled on? Why is there no system?

“It just dawned on me,” he says. “This is what almost everybody goes through.”

Nigeria has a housing problem that its property market has largely failed to solve. The country’s urban population is expanding at roughly 2.8% to 3% annually, and demand for rental accommodation in cities like Lagos, Abuja, and Jos continues to outpace the supply of quality, verifiable listings. Sadly, this deficit is both physical and structural.

The informal networks that dominate Nigeria’s rental market, where a tenant finds an agent who knows an agent who knows a landlord, with fees accumulating at every handshake, have remained largely unchanged for decades. Technology has made its way into fintech, logistics, agrotech, and healthcare. Rental housing, for the most part, has been left behind.

A handful of startups have tried to close the gap. RentSmallSmall pioneered the rent-in-instalments model in Lagos. PropertyPro.ng built a listings aggregator. But outside the major southern cities, the informal system still holds. In a city like Jos, the kind of multi-agent chaos Danladi experienced is not a bug but a feature.

Danladi’s response was to spend months in research mode, mapping the problem before building a solution. RentStay.

Together with Jonah Onah and Abel Ochika, Danladi co-founded Rentstay, a rental platform designed, as he describes it, not just to list properties but to restructure how the entire rental transaction works.

“The system allows the tenant to go in, create an account, and you can verify your identity during registration. The property owner also has a dashboard where he can create a property listing. We then verify the property by doing background checks on th property to ensure transparency. Tenants can directly chat with the property owner via our platform,” Danladi says.

The most immediate promise is zero agency fees. Rather than paying agents to unlock access to viewings, users interact directly with landlords through the platform, where properties are listed, digitally managed, and verified before they go live.

The verification model is where Rentstay departs from the usual proptech playbook. Rather than relying purely on document checks, the platform uses a network of local affiliates who function a bit like traditional agents but with a different mandate. Their job is to confirm that a property physically exists and matches its description. They are paid for that confirmation, not for closing a deal.

It’s a subtle structural shift, but the incentive change matters. A traditional agent profits when a transaction closes, regardless of whether the tenant is satisfied. Rentstay’s affiliates profit when information is accurate. Whether that holds at scale is a question the platform has not yet had to answer.

The more unusual piece of Rentstay’s model is what it does with the caution fee
The more unusual piece of Rentstay’s model is what it does with the caution fee.

In Nigeria, caution fees, sometimes called cushion fees, are a standard part of the rental process. Tenants pay a lump sum upfront, meant to cover potential damage, and routinely struggle to recover it when they move out. The money sits idle, earns nothing, and is often the subject of disputes.

Rentstay holds caution fees digitally and invests them through what Danladi describes as insured financial channels. Tenants earn a 5% annual return on that deposit. When they leave — assuming the property is in good condition — they get back both the original amount and the interest it accumulated.

“You’re renting, but you’re also earning” – Danladi Oscar

For landlords, the platform offers a different value proposition: structure. Tenant verification, automated payment tracking, and property management tools are bundled together, which is an appealing pitch for landlords who currently manage everything through phone calls and paper receipts. Getting them to actually use it is the harder part.

Danladi is straightforward about this. Older landlords, accustomed to dealing in cash and relationships, will not convert overnight. The strategy is incremental: start with early adopters, let results travel by word of mouth, and where needed, lean on younger family members already comfortable with digital platforms to bring the older generation along.

Rentstay launched in Jos in March 2026, which is a deliberate choice. The platform’s founders are from there, knows its contours, and is realistic about the limits of dropping a new product into a market without roots. And already, the site visits show promise with hundreds of new users indicating interest in RentStay.

The five-year target is 2,500 properties under management. Danladi calls it modest, and it is, relative to the size of Nigeria’s housing market. But he frames the goal less as a number and more as a proof of concept. If Rentstay can shift how tenants and landlords in Jos think about the rental relationship, the larger cities become easier to enter.

The harder questions are still ahead. Fake listings are endemic in Nigerian proptech, and no amount of affiliate verification eliminates the possibility of fraud — it only adds friction. Maintaining landlord engagement on the platform, rather than reverting to direct deals once they’ve found a tenant, is a problem every Nigerian proptech startup has encountered. And the caution fee investment model, while compelling on paper, introduces financial risk that will need regulatory clarity as the platform scales.

None of this makes Rentstay’s ambition unreasonable. It makes it difficult in the specific, familiar ways that building in Nigeria is always difficult.

Danladi drove nearly an hour on a bad road to reach a house that didn’t match its description, and at the end of it, agents still asked for more money. That experience sits at the centre of what Rentstay is trying to solve — not by making housing frictionless, which may be too much to promise, but by making it at least legible. A market where tenants know what they’re paying for, and landlords know who they’re dealing with.

“There are properties, but there’s no system” – Danladi Oscar

Rentstay is his attempt to build one.

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OPay lists on NYSE, raises $304m in IPO at $4 billion valuation

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OPay, a Nigeria-focused digital financial services company, has listed on the New York Stock Exchange (NYSE), raising $304 million in its initial public offering (IPO) and securing a market capitalisation of more than $4 billion.

The company began trading on Friday, pricing its offering at $19 per American Depositary Share (ADS). It sold 16 million ADSs, with each representing 10 ordinary shares.

According to the company, the United States Securities and Exchange Commission declared its registration statement effective on 29 October, and the offering was expected to close on 2 November.

Lars Boilesen, OPay’s co-chief executive officer, said the listing marked a significant milestone for the company and Nigeria’s financial technology sector.

“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered seamless digital payments to become the country’s leading digital financial platform,” he said.

Mr Boilesen said the company had recorded a 9.9 per cent market share across Africa and the Middle East based on monthly average users in the first half of 2026.

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He said OPay saw further growth opportunities in Nigeria, where an estimated 40 million adults remained outside the formal financial system.

“Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system,” he said.

He added that the company intended to apply its experience in Nigeria to other emerging markets, where young populations and increasing mobile internet access were expanding demand for digital financial services.

Stephen Wen, another co-chief executive officer of OPay, said the company was positioned to expand across emerging markets, citing growing smartphone penetration and demand for accessible financial services.

“In Nigeria, more than 60 per cent of the population are underserved by traditional banks and rely on cash. As we grow, we will stay focused on solving our customers’ pain points to make financial services accessible and convenient,” he said.

James Perry, OPay’s chief financial officer, said the company had reached a $1 billion revenue run rate in the second quarter of 2026.

He said OPay recorded 137 per cent year-on-year growth and a 19 per cent net margin in the first six months of the year.

ALSO READ: How OPay is taking financial inclusion closer to more Nigerians

“OPay enters the public markets from a position of financial strength, reaching a $1 billion revenue run rate in Q2 2026. For the first six months of 2026, we grew 137% year-on-year and reached 19% net margin,” Mr Perry said.

He said the company planned to use the IPO proceeds to invest in technology and support growth in Nigeria and other African markets.

OPay has expanded beyond payments into savings, credit and merchant services, with plans to develop a broader financial and lifestyle platform.

Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia.


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NIA Chairman Engages Technical Committee Leadership, Calls for Proactive Industry Advocacy

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PRESS RELEASE—The Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, has charged the Association’s Technical Committees to strengthen their contributions to industry development through proactive engagement, strategic recommendations and effective collaboration in addressing emerging challenges in the insurance sector.

Mrs. Nwachukwu gave the charge during a breakfast meeting with Chairmen and Secretaries of the Association’s Technical Committees on Tuesday, October 27, 2026.

The meeting provided an interactive platform for the NIA leadership and representatives of the Technical Committees to assess their activities, identify areas for improvement and explore strategies for enhancing their effectiveness and contributions to the growth of the Association and the Nigerian insurance industry.

Speaking at the engagement, Mrs. Nwachukwu commended the Technical Committees for their invaluable contributions to the Association’s activities and the development of the insurance industry over the years.

She, however, challenged them to demonstrate greater commitment, innovation and responsiveness in discharging their responsibilities, stressing that their expertise and recommendations remain critical to the Association’s strategic direction and industry advocacy initiatives.

According to her, the NIA Governing Council places significant expectations on the Technical Committees, particularly in providing informed recommendations that serve as the foundation for Council decisions on market conduct guidelines, regulatory policies and other critical industry matters.

The Chairman emphasised the need for the insurance industry to move beyond reactive responses to emerging issues and assume a more proactive role in shaping national economic conversations and policies.

“As insurers, we must not be reactive but proactive in driving conversations around policies and developments affecting the economy and its various sectors. As risk bearers, we have a critical role to play in providing insights and solutions that promote economic stability and resilience.

“The NIA must become stronger and more influential in advancing the collective interests of the insurance industry. To achieve this, our Technical Committees must be at the forefront of driving meaningful engagements, developing practical solutions and providing strategic recommendations that will strengthen the industry,” she stated.

Mrs. Nwachukwu further underscored the importance of collaboration, knowledge-sharing and timely responses to industry developments, urging the Committees to leverage their collective expertise to address emerging risks, regulatory challenges and opportunities for sustainable growth.

She noted that the effectiveness of the Technical Committees would significantly influence the Association’s ability to champion industry reforms, strengthen stakeholder confidence and contribute meaningfully to national economic development.

In her welcome address, the Director-General of NIA, Mrs. Bola Odukale, expressed appreciation to the leadership and members of the Technical Committees for their unwavering commitment, professional contributions and continued support to the NIA Secretariat and the insurance industry.
Mrs. Odukale reiterated the Secretariat’s commitment to strengthening its working relationship with the Committees and providing the necessary institutional support to enhance their operational effectiveness and delivery of their mandates.

The Director-General assured the Committee leadership of the Association’s readiness to facilitate greater coordination, improve communication channels and promote timely consideration of technical recommendations to ensure that their contributions translate into measurable outcomes for the industry.

The NIA Technical Committees represented at the engagement cut across major areas of insurance operations and industry administration. They include the Accident Offices Committee; Accounting Technical Committee; Claims Management Committee; Corporate Affairs Committee; Energy and Special Risks Technical Committee; Fire Offices Committee; Human Capital Management Committee; Information Technology Committee; Legal Committee; Life Offices Committee; Marine Offices Committee; Microinsurance Committee; Motor Technical Committee; Risks, Audit and Compliance Committee; Agricultural Insurance Committee; and Reinsurance Committee.

The breakfast meeting underscored the NIA leadership’s commitment to fostering stronger institutional collaboration, promoting proactive industry advocacy and repositioning the Technical Committees as strategic drivers of innovation, regulatory engagement and sustainable growth in Nigeria’s insurance industry.

The post NIA Chairman Engages Technical Committee Leadership, Calls for Proactive Industry Advocacy appeared first on Business Today NG.

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