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 one of the companies approved by the Central Bank of Nigeria (CBN) to handle electronic financial transactions in the country. This means that customer funds are safe and protected, as they are insured by the Nigeria Deposit Insurance Corporation (NDIC).
Is OPay a Bank?
Think OPay as a digital bank because the fintech company is not a traditional bank. 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?"
