Full Name of OPAY Bank

Here are the names OPay is being called in Nigeria and beyond.
OPay Real Name and Another Name

The official name of OPay Bank is OPay Digital Services Limited. This name reflects its status as a digital service bank focused on providing accessible financial services, including savings accounts, loans, and digital payment solutions, particularly aimed at individuals and small businesses.

However, another name for OPay Bank is Paycom. OPay was formerly named Paycom Nigeria Limited - the name was given to the bank at it inception. PayCom was founded as a fintech mobile money company established in 2013 and has gained significant prominence in Nigeria's digital finance landscape. Hence, many people and banks are still referring to OPay as Paycom.

Meanwhile, Paycom has been rebranded to OPay since 2018 when the Opera Group acquired the company, making the real name of OPay Bank to be OPay Digital Services Limited. The OPay Digital Services Limited name also reflects the company's abilities to leverage technology to offer exclusive financial solutions in Nigeria.

OPay operates under a Mobile Money Operator (MMO) license issued by the Central Bank of Nigeria (CBN). It is also officially known as OPay Digital Services Limited by the Corporate Affair Commission (CAC), having previously been called Paycom Nigeria Limited.

As a licensed mobile money operator, OPay is part of a group of companies authorized by the CBN to facilitate electronic financial transactions in Nigeria, ensuring that customer funds are secure and insured by the Nigeria Deposit Insurance Corporation (NDIC).

Is OPay a Bank?

OPay is not a traditional bank; it is a fintech company. It offers various financial services such as mobile payments, money transfers, and digital banking solutions through its app. OPay operates under the license of Mobile Money Operator (MMO) in Nigeria. While it provides some services similar to those of a bank, like savings and loans, it is not classified as a full-fledged bank but rather as a mobile money and financial technology platform. You can learn more about "is OPay a bank or wallet?"

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About the Author

With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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