Yes, OPay is a digital bank and at the same time, it's also known as digital wallet or e-wallet. In other words, OPay is a digital wallet and fintech company that offers a wide range of banking services in to the banked and the unbanked people of Nigeria.
OPay operates as a digital wallet and a digital bank. Here’s a detailed explanation of both aspects:
OPay is a digital wallet that makes managing money easier. With the OPay app, you can send money to other OPay users or bank accounts, pay bills, and even save money. OPay offers savings plans like Owealth, Fixed Savings, and Target Savings, that's making it easy for users to earn interest while also keeping their money secure.
More so, as an OPAY user, you can make quick payments using QR codes, and if you need extra funds, OPay offers small loans to help with financial needs. To further make all these feature convenient, OPAY allows users to carryout these transaction directly from their smartphones (be it Android or iPhone).
Now, as a digital bank, OPay offers a range of banking services without the need for physical branches. You can easily open an account using your phone number, BVN, or NIN, and you’ll get access to deposits, withdrawals, and balance checks right from the app.
The digital bank/online bank also issues debit cards for online and in-store purchases and physical/plastic ATM card for withdrawals. The fintech app also renders lending options, investment products, and ensures top-notch security since it's licensed by the Apex Bank of Nigeria - CBN. Furthermore, with it 24/7 hand-on-desk customer support, the fintech app can provides a free banking support for customer's complaints from the convenience of their mobile devices, eliminating the needs to visit a bank.
The Bottom Line
OPay merges the features and functionalities of a digital wallet and a digital bank into one integrated app. This innovation has make it easy for the fintech app users to handle their finances without any hassle. With OPay, you can quickly make payments, perform interbank money transfer within Nigeria, and access savings accounts, all in one app interface.
In a nutshell, OPAY app ensures secure transactions and offers fast approvals for loans and other financial services. By offering both mobile payments and full banking services, OPay provides a modern, convenient alternative to traditional banks, helping millions of Nigerians manage their money more easily.
