If you have been seeing the OPay Bank for a while now, and you have been confused about what they are all about, especially how they were efficient and the talk of the town between February and March 2023 when the federal government of Nigeria was trying to introduce new naira notes into the country ahead of the Elections. Well, that’s why I am here to tell you what this OPay is all about, including if it’s a Microfinance Bank or not. Stay with me.
Key Points
- OPay is a popular fintech company in Nigeria, founded in 2018, aimed at making financial services more inclusive through technology.
- OPay offers various payment services, including money transfer, bill payment, and mobile banking, licensed by the CBN and insured by the NDIC.
- Although OPay offers some microfinance services, it is not a microfinance bank but a financial technology company providing diverse services.
- OPay allows users to create a digital wallet on their mobile device, facilitating easy access to banking features from the comfort of their homes.
- OPay provides numerous benefits, including airtime purchases, bill payments, money transfers, loans, and investments through its app.
The Origins of OPay
Before we dive into discovering everything about this company, let’s get the basics first to help us blend in easily. In that light, OPay is a popular fintech company in Nigeria and was founded in the year 2018. Since its emergence it has had intentions to make financial services more inclusive and accessible to everyone through technology, particularly in regions where traditional banking may not be as accessible.
In this course, they have introduced a wide range of payment services, including money transfer, bill payment, airtime & data purchase, card service, and merchant payments, among others. It has been up with its services and superfast experience/network, hence OPay is now currently licensed by the CBN and insured by the NDIC with the same insurance coverage as traditional banks.
Who is the Owner of Opay?
OPay was founded in 2018, by Opera Group, a Norwegian company known for its web browsers. The bank is currently owned by Zhou Yahui who is a Chinese billionaire and owner of Opera Group. When this company emerged, it quickly made its presence and became the first Africa-focused company with footprints in emerging markets in countries like Nigeria, Egypt, and Pakistan, interesting isn’t it?
This same company is also one of the two unicorn companies with its roots traced to Telnet. which is a company that specializes in helping companies treat their clients better digitally. The name OPay, which is a combination of Opera and PayCom, came about when Opera bought a good sum of controlling stakes in PayCom. Later took over it and then merged it with Opera to birth OPay.
This bank has since then been relevant and a dominant player in the Nigerian fintech space. It has even expanded its wings to birth housing services like ORide, OTrike, OBus, OExpress, OKash, and OWealth.
Is OPay a Microfinance Bank?
One might ask, with all these functions, is OPay really a microfinance bank? The short answer to that is “NO”, OPay is not a microfinance bank. Being called a fintech company, this bank can be graded under a financial technology company that provides various services, including mobile money, bill payments, and ride-hailing services. I know it might be confusing because the bank offers some microfinance services, but don’t be carried away because its structure and regulatory framework differ from that of a microfinance bank.
After it was founded, the bank became visible due to its unique features and services including mobile money and ride-hailing. And aside from Nigeria, this bank has also made the same great impacts on other countries in Africa.
Aside from the said services, iOPay also offers some services commonly seen among microfinance banks including savings and small loans. And while on all of this, the company leverages just technology and not the traditional form of banking. Its main goal still remains to empower individuals and businesses with convenient and efficient financial solutions, and they have been living up to it.
The mobile money I mentioned earlier has the ability to aid people in sending and receiving money, paying bills, and purchasing goods and services from their mobile devices. They also deal with savings accounts and insurance products but those are mainly carried out with partnerships from other banks and financial institutions. And both their ride-hailing services and housing section have been doing well.
So in a more collective term, OPay is not a microfinance bank, instead, it specializes in offering a wide range of services including that of a microfinance bank.
How Does OPay Work?
We can’t possibly talk about OPay and its origin without telling you how it works incase if you wish to give it a try. Well, the process isn’t complicated. It works by allowing you to create a digital wallet on your mobile device, whether Android or iOS, and store your funds there and then explore any banking features while in the comfort of your home. I promise it’s as easy as it sounds.
So when you finally download the app or use your web browser to access the bank, you will then need to fund it. To do that you will need to link either your bank card or bank account or make use of a USSD code. When you are on this platform, you also have the luxury of receiving money from anyone, even buying airtime or data subscriptions for your phone is not left out. Would you be trying this out?
How to Sign up for OPay
To open an OPay account there are some important steps you need to follow to make the process swift. Let’s carefully have a look at these steps:
- First and foremost, run to your Apple store or Google store to download the OPay official app.
- Then when you have finally downloaded the app, you will need to open the app and tap on the “Sign Up” button
- If you have any referral code, you can go ahead and include that, if you don’t then skip to the next part.
- Next, you will need to enter your personal information like your phone number, full name, date of birth, and email address in the corresponding spaces meant for them.
- Then go ahead and enter a password you can recall even in your sleep.
- Agree with the terms and conditions then proceed to verify your phone number with the OTP sent to your phone.
- You can then complete a KYC verification if you want. It will unlock more functions for you.
- Once your account is set, you can then proceed to explore all the functions that come with the app. That includes instant transfers, airtime and data top-ups, bill payments, debit cards, Owealth, and more.
How to Use OPay on a Web Browser
In case you don’t want to access OPay using its app, you can also have access to this same OPay using a web browser. Let me guide you through the steps of doing that:
- Firstly to do this, you need to have the Opera Mini browser. If you don’t have it then please go ahead to download and install it.
- Then on the Opera Mini homepage, you will see some default icons that are already present there, look for the symbol that displays the OPay icon (or cashback), then click on it.
- Proceed to cancel a large ad banner that usually appears. If it didn’t then process to the next step on this list.
- You will see a login button at the top left corner of your phone, click on it, input your phone number, enter the same password used to register on the app, and wait for an OTP. Once you get it then log in and enjoy all the benefits OPay has to offer on your Opera Mini browser.
Benefits of Using OPay
Aside from the numerous services this company offers, there are also great benefits that come with using it. They include:
- The OPay app can serve when you need airtime or a data subscription on your phone. Instead of going through the stress and hurdle of sourcing for one, you can easily buy on the app. OPay supports all Telecom companies in Nigeria including, (MTN, Airtel, Glo, and 9Mobile).
- Payment of electricity bills can be done on OPay.
- You can make your DSTV, GOTV, and Startimes subscriptions through the OPay app.
- Money transfers can be done on the OPay app. You can send money to users on the app and also to normal bank accounts.
- You can get a loan by using OKash services.
- You can make an investment and gain interest annually through OWealth.
- You can deposit money on betting platforms through OPay. NairaBet, Bet9ja, Cloudbet, and Supabets are supported.
- You can become an OPay merchant and make money with OPay using referrals.
How to Get a Loan on OPay
Even with all the incredible features imbibed in this bank, it also offers loans to its users. To take out a loan, you will need to complete some major requirements. And remember I once said that OPay loan is also known as OKash, so let’s look at how you can take out a loan from OKash.
- To start, you need to have the Okash loan app downloaded to your phone either from the Apple App Store or Google Play. Don’t worry, it takes less than five minutes to register by creating an account and entering the required information.
- Create an Account and register for the Okash program with a working phone number. Once finished, use the Okash loan app to apply for the Opay loan.
- Go ahead to pick out a particular credit that you desire. In the app, you will see that they have cash loans, airtime loans, and store loans available for grabs. Once you select any of these options, you will then see more details like the information about the loan, including the interest rate and other crucial details.
- Proceed to choose the loan goals from the six choices that are displayed study the terms and conditions, and pay attention to the interest rate and the repayment schedule. You will see that these terms and conditions are under business, everyday needs, medical, rent, education, and many others. Go for the one that suits you better and click on it.
- OKash will then need access and your permission to see your position, SMS history, and contact information. By clicking on “Agree to Continue,” you give the OKash permission to view your phone’s location.
- At this stage. they will also demand more of your personal information like your name, BVN, gender, email address, closest bus station, and other personal details that might be needed for the process to be complete.
- “Submit” is the next button you will click to send your credit request over to them. After a couple of minutes, your loan will appear on your account and sit there till you are ready to use it for any transaction.
Remember that before you start this process, just have on standby, your BVN, a legitimate form of identity, an active phone number, an email account, and then a working device, either your phone or a laptop. But it must be connected to the internet.
Conclusion
OPay has made a name for itself within a short period after its debut in Nigeria and now, it has also expanded to other countries in Africa. It has developed a very applaudable innovative approach to mobile banking while offering a wide range of services that are beneficial to all. Its focus still remains on working with technology and also making it convenient and pleasing to effectively participate in digital banking. To get more from this company, you can try them out yourself when you are more convinced with your research.
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