No, OPay is not under a bank or traditional bank in Nigeria. It is a fintech company licensed as a Mobile Money Operator (MMO) by the Central Bank of Nigeria (CBN). This means it operates independently but under the regulatory oversight of the CBN.
However, OPay is digital bank in Nigeria that provides financial services such as money transfers, bill payments, and loans through its mobile app and network of agents. Another Name for OPay Bank is OPay Digital Services Limited. You can learn more about OPay Bank Here.
OPay, officially known as OPay Digital Services Limited, is not a traditional bank but functions as a digital bank licensed by the Central Bank of Nigeria (CBN). OPay provides a range of financial services, including payments, transfers, savings, and loans, similar to those offered by banks, but it does not hold a banking license itself. The fintech offers it services through technology, often with a more user-friendly and accessible approach compared to traditional banking.
In terms of regulatory oversight, OPay is insured by the Nigeria Deposit Insurance Corporation (NDIC), which provides it with insurance coverage comparable to that of commercial banks. This means that while it is not a bank, it is subject to certain regulations that govern financial institutions in Nigeria.
Recently, OPay, along with other fintech companies, has faced restrictions from the CBN regarding the onboarding of new customers. This measure is part of an ongoing audit related to compliance with Know-Your-Customer (KYC) regulations, which are critical for preventing financial crimes such as money laundering and terrorism financing.
In a nutshell, OPay is not directly under a traditional bank in Nigeria, but it operates under a license from the Central Bank of Nigeria (CBN) as a Mobile Money Operator (MMO). However, do note that the OPay partners with various financial institutions including Blueridge MFB to facilitate its Loan services through Easemoni but is primarily a fintech company, not a bank.
Which Bank is Paycom?
Paycom is not a Bank. OPay was formerly known as Paycom Nigeria Limited when the company was incepted. But after Opera Group acquisition, the company name was rebranded to OPAY. Since the acquisition, the fintech has evolved to become a significant player in Nigeria's fintech landscape, providing services such as mobile payments, food delivery, and quick loans.
There's another company named "PAYCOM" now. It's an American HR company that focuses on payroll and human capital management software. Well, the company doesn't provides any banking services, but it does partner with banks and other financial institutions to facilitate payroll deposits and other financial transactions.
