Recently, Nigerians are gradually embracing the rise of Fintech. The digital banking sector is growing rapidly not just in Nigeria, but all over the world.
The Naira scarcity that occurred in early 2023, brought a high level of uncertainty to the Nigerian residents. All the major banking sectors failed to balance the inconvenience caused by the Naira scarcity. Thereby, putting on the likes of Opay, PalmPay, Quickteller, and the rest on the line map.
We are in the digital world and almost everything is now possible with just your phone, tablet, or PC, including Sending and Receiving money.
In this article, we will be discussing specifically how to open Opay account.
Grab your coffee, and stick around.
What Is Opay?
Opay is an online mobile banking wallet in Nigeria, created in 2018, which offers bill payment, sending and receiving of money, data and airtime subscription, loans, hotel, and flight booking opportunities to its users.
They have over 30 million registered users, and up to 500,000 Agents.
What Is Required To Open an Opay Account?
Every Financial Institution has its setup requirements.
When it comes to Opay, the necessary things that are needed to set up an Opay tier 1 account are,
Phone Number and lastly
However, to upgrade your account to level two, and also stand a chance to order an Opay Card, you’ll need to verify your account by providing your BVN (Bank Verification Number), and a valid ID. eg, NIN.
How To Create an Opay Account
As I mentioned earlier, for a basic Opay account, you’ll provide your Name, phone number, and email address.
Follow the steps below to create an Opay account.
- Download and install the app. Go to Apple App Store for iOS or Google Pay for Android.
- After installing the app click Open, then click on “Create a new Account”
- Enter your “Number” and tap on “Get OTP”
- You’ll receive an SMS, enter the 6 digits number that was sent to you and click “Continue”
- Set your password, then tap “Done”
- Opay will have to capture your face.
- After the capturing, click “Skip” located at the top right corner, to bypass the verification process
- Enter your information, such as name, date of birth home address, State, and the rest, then click “Done”
- Your account is created successfully.
How To Add Money On Opay
After you’re done creating your account, the next thing is to fund it.
There are five(5) different ways to fund your app wallet.
To get started, click on the “Add Money” option on the home screen, you’ll see the 5 possible ways to fund your account.
Top-Up With Card/Account
Request Money From Others
Scan My QR Code.
- Top-Up: this is the first option on the Opay list. Once you click on the Top-Up tab, you’ll see a box where you can enter the amount you wish to add. Then click “Next”.
- Click on the “Add New Payment” option
- Choose either “Debit Card” or “Bank Account”
- For the Debit Card, Provide the card information such as card number, expiration date, and CVV, and enter your PIN.
- For Bank Account, enter the bank account number and your BVN, then click “Confirm”
- Wait for some minutes and your Opay wallet will be funded.
Note: you can only enter a maximum amount of ₦9,999.00. If you wish to add more than that, tap on “Click Here” under the box.
- Cash Deposit: to fund your wallet using the Cash Deposit option, follow the steps below
- Visit any POS Agent near you
- Provide your Opay account number
- Hand in the money you want to deposit
- And your account will be funded immediately.
- Bank USSD: Also, you can fund your account using the Bank USSD option. To use this, follow these steps.
- Click on “Bank USSD” under the “Add Money” tab.
- Enter the amount you wish to add, then click “Next”
- Click on the “Tap to dial” the number that was sent by your bank(you have an estimated period of 5 minutes to do that)
- After dialing the number, click on “I have completed the payment” and you’re done.
- Request Money From Others: another way of adding money to your account is by request from people. To use this option,
- Click on “Request Money From Others”
- Enter their name or number in the search box
- Choose the recipient
- Enter the amount of money you’re requesting for
- Write an optional note
- Click “Done”
- Your request will be sent to your friend.
- My QR Code: the last on the list. You can fund your account using the Opay QR Code. To do this,
- Click on “My QR Code”
- Visit any nearby Opay Agent/Merchant request and they scan your QR Code.
- Enter the amount you want to send, and you’re done.
Note: you can save the picture as a reference.
What Are The Benefits Of Using Opay?
There are several advantages of using Opay such as,
Unlimited Withdrawal at no cost
15% annual interest on your savings
Up to 30% airtime discount
Fund your betting wallet
Pay your bills at a discounted rate
These and many more are what you stand to gain with Opay.
How To Withdraw Money on Opay
There are two ways to withdraw money from your Opay wallet.
Withdraw Via Opay Merchants and
Withdraw with Opay Card.
Opay card withdrawal is free.
- Withdraw Via Opay Merchants
Let’s discuss the first option.
To get started, click on the option you’ll see three different methods to choose from.
- You can either visit the nearest Opay merchant, then scan the QR Code to withdraw the amount you want.
- You send the money you want to withdraw to the Opay merchant’s wallet, and in return, get the exact money back
- You can withdraw from the merchant by entering the 4-digit code that was generated.
- Withdraw With Opay Card
Opay has its Debit Card. I know you might be surprised. I have mine.
Not just that, they offer both physical and virtual cards.
To withdraw with Opay Card, you need to first order for it
Follow these steps
- Click on “Withdraw With Opay Card”
- Select either the “Physical Card” or “Virtual Card”
- Click on “Get it Now” located at the bottom of the screen.
- Once the card gets to you, you can go on and use it at POS or ATM.
Note: to order an Opay card, you need to verify your account.
You can use the Opay virtual card in more than 40,000 online merchants.
How To Transfer Money Using Opay
You can transfer money directly from your app wallet without going to the bank or POS.
Follow the steps below
- Open your Opay app, and click on “Transfer”
- Choose either transfer “To Opay Account” which earns you ₦200. Or transfer “To Other Bank Accounts”
- For the transfer to the Opay account, enter the recipient’s phone number, Opay account number, and name, then enter the amount. Write a note(optional), and tap “Done”. Choose your payment channel and confirm the transaction with your PIN or Biometric
- For the transfer to other banks, select the recipient bank, enter the 10-digit account number, and click “Next”. Enter the amount you’re transferring and tap “Done”. Select your payment channel and confirm the transaction with your PIN.
Do You Need BVN to Open an Opay Account?
Using BVN on Opay is not mandatory.
To create an account with Opay, all you need is your name, phone number, and email address.
However, without your BVN, your account will be limited. Meaning, you can’t transact huge amounts of money with it.
To upgrade your account from level 1 to level 2, you’ll need to provide your BVN and ID.
Which Bank Owns Opay?
Opay is owned by Opera Mini and powered by “BlueRidge Microfinance Bank”.
How Much Can Enter an Opay Account?
Your transaction limits on Opay depend on your level.
For a tier 1 Opay account, you can only transfer a maximum amount of ₦50,000 daily.
For a tier 2 Opay account, you’ll have an increase of ₦200,000 daily transactions.
For a tier 3 Opay account, you will be able to transfer as big as ₦5,000,000 per day.
For Opay Agents/Merchants, your daily transfer is unlimited.
Opay is committed to easing the problem faced by many Nigerians when it comes to money transactions, bill payments, and data & airtime subscriptions.
With Opay, your transactions are fast and secure.