Than just an e-wallet, OPAY is providing more comprehensive financial services similar to those offere by a bank. In fact, many Nigerians have replaced OPay with their banks because the finance app is offering swift inter-bank transfers.
OPAY is more than an E-wallet
When OPay got into Nigeria, it was a mobile money operator (MMO) because it was licensed as MMO by the Nigerian Apex bank, the central bank of Nigeria (CBN).
Although, OPay still maintain it license as MMO in Nigeria and continue to improve in technology and this is why we can refers to OPay as a Financial technology app (Fintech App).
OPay is more than just an e-wallet or digital wallet because it offers services that surpass the offering of just a e-wallet app. For example, you cannot compare the amount of financial services OPay is offering to the amount Google Wallet is offering.
That's to say, Google Wallet or Google Pay, Apple Pay are examples of an E-wallet. M Pesa, OPay, PalmPay, Kuda Bank, Moniepoint, Flutterwave, Paystack and Paga are some typical examples of a Financial technology apps.
OPay is not a Bank
Despite the fact that OPay offers financial services more than ordinary e-wallet or digital wallet app, it cannot still be considered as a bank.
There are some services a fully licensed bank can offers to customers that OPay doesn't have the privilege to offer.
Examples including ability to process or receive remittance payment from abroad. Ability to operate domiciliary account for customers, ability to collect payment for businesses and ability to open a business banking account for customers.
More so, a bank are mandatory to have at least a branch in every state in Nigeria while a finance technology companies, like OPay, operate majorly online.
In conclusion
OPay is neither an E-wallet nor a digital wallet and it's also not a bank. OPay is in between a digital wallet and a bank. In a nutshell, we can call OPay a digital bank.
