11 Benefits of Using OPay Account for Banking
OPay has been in existence for years in other countries before it was launched in Nigeria in June 2018.
The FinTech company (OPay) has found its way to officially get licensed by the CBN (Central Bank of Nigeria) and insured by the NDIC (Nigeria Deposit Insurance Corporation).
The official registration of OPay with these two major independent agencies handling financial institution matters for the Federal Government of Nigeria signifies that your account and funds are safe on OPay.
Below is a compilation of eleven (11) benefits you can derive from using the OPay account for payments, withdrawals, transfers, loans, savings, investments, and other important banking services:
1. Easy and Instant Account Opening
It is very easy to open an OPay account and instantly start using the account with your phone number, or NIN (National Identification Number), or other information and documents.
That is, OPay allows users to open an account with a phone number even if they don't have a BVN or NIN at the time of registration; the only difference is that there is a daily transaction limit, just like other normal bank accounts, because OPay also has different account tiers.
> OPay Account Tier 1:
Single transaction limit – #50,000
Daily transaction limit – #50,000
7-day cumulative transaction limit – Unlimited
Maximum account balance – #300,000
> OPay Account Tier 2:
Single transaction limit – #200,000
Daily transaction limit – #200,000
7-day cumulative transaction limit – Unlimited
Maximum account balance – #500,000
> OPay Account Tier 3:
Single transaction limit – #5,000,000
Daily transaction limit – #5,000,000
7-day cumulative transaction limit – Unlimited
Maximum account balance – Unlimited
As time goes on, you can provide your BVN or NIN, electricity bill, passport photograph, email address, residential address, and other necessary information to migrate from one account tier to another in order to increase your single transaction limit, daily transaction limit, 7-day cumulative transaction limit, and maximum account balance, using the OPay mobile app at the comfort of your home without the need to go to any branch office.
2. Instant Account Opening with a Welcome Bonus
Despite the fact that OPay allows customers to instantly open an account without stress, OPay still gives welcome bonuses to all their new account users, such as a N10 daily reward and a N50 cashback for buying airtime or data for the first time on the OPay mobile app, to name a few.
3. Free Transfers and Payments
Using the OPay app or USSD code will give you access to do transfers and make payments for free, avoiding traditional bank charges and unexpected deductions.
All transactions on the OPay app are totally free, except for OPay merchants who are using it for business.
4. Unlimited Withdrawals for Free
OPay bestows their customers or users with unlimited withdrawals for free, so there is no need to be afraid of charges for using your OPay app or physical card multiple times in a day.
5. Cheap Debit Card
There are cheap application, ATM withdrawal and maintenance fees on OPay.
You can apply for OPay card with just N500 and collect it instantly from any OPay merchants around you. But you will be charged N1,000 when applying for another OPay Verve card after losing or misplacing the first card.
In addition to this cheap debit card benefit, the OPay card is easy to apply for, track, and collect using the OPay app without wasting your resources (time, money and energy) as the card will be given to you immediately or delivered to your doorstep.
6. Offline Banking with the OPay USSD Code
Like other financial institutions, OPay also has a USSD code for offline banking.
This means you can perform transactions (buy airtime, send money, make deposits and withdrawals from your OPay account) without using an app or when you don't have data at any time and from any location.
This allows OPay account users to have peace of mind even if they don’t have browsing phones, or their browsing phones are not working (faulty), or the OPay app is not accessible at the moment they need their money.
OPay’s USSD code is *955# for MTN, Glo, Airtel, and 9mobile networks.
7. Access to Auto-Save Plans
You can choose from various saving plans in the OPay app, including OWealth, Fixed Savings, Target Savings, SafeBox, and Spend & Save, and set a daily, weekly, or monthly auto-save plan that meets your personal saving goals.
Your savings will be automatically deducted from your OPay balance and added to the balance of your chosen saving plan.
8. 8 – 18% Annual Interest on Savings
Saving your money using the OPay app or USSD code will give you the opportunity to earn between 8 and 18 percent annual interest on your savings, depending on the OPay saving plans you select.
OPay interest is prorated based on the saving plans you activate.
For instance, your total balance on your OWealth saving plan at the end of each day will determine the interest you will get the following day as daily interest, which will accumulate to annual interest at the end of the year.
So, it should be noteworthy that to enjoy most of the OPay daily or yearly interest, you must invest in or set up OPay saving plans like OWealth, Fixed, Target, SafeBox, Spend & Save, and other available plans on the OPay mobile app or use the OPay USSD code.
9. Flexible Savings
OPay savings is very flexible in nature because you can stop the selected plan and withdraw your money at any time of the day, week, or month without any restriction in case there is any urgent financial obligation you need to meet.
This is what keeps many users excited about joining OPay on a daily basis.
10. Account and Fund Security
Your account and funds are safe on OPay.
As said earlier, OPay is licensed by the CBN and insured by the NDIC. So, there is no cause for alarm.
Meanwhile, as OPay is aiming to keep you safe at all costs, it is paramount that you are aware of some security tips that can safeguard your hard-earned money from fraudsters. Always stay alert! And beware of some scammers or fraudsters out there.
11. 24/7 Customer Support
The adage "customer is king" is very common. This age-old business adage continues to emphasize the importance of retaining existing and prospective customers in every business.
Therefore, for any business to be successful, there should always be a platform for their customers to reach the business’ customer service representative in order to receive their feedback or comments, attend to their inquiries or complaints, assess their satisfactions or dissatisfactions, and meet other customers’ needs.
So, OPay has put an outstanding customer service system in place by rendering 24/7 customer support to their numerous customers, both online and offline, via self-service, live chats, phone calls, and feedback forms.
OPay’s official website is https://opayweb.com, customer service phone number is +2347008888328; and its customer service email address is customerservice@opay-inc.com.
Conclusion
OPay keeps offering their customers or users more exciting and mouth-watering promotions on a regular basis. If you don’t have an OPay account, now is the right time to open one.
It is also advisable that you check on post on ways to make money on OPay app in order to take full advantage of using your OPay account and its mobile app.
Thank you for reading and sharing this post.
Olajide Olubamiro
Olajide Olubamiro is a resourceful and passionate blogger who is fond of deriving great pleasure from disseminating memorable, clear, and concise information to other people in a simple, learner-friendly approach. He is an inspiring content creator, weblog designer, graphics artist, printer, publisher, and the Founder/CEO of Clicko Innovation. He is well known as a fully committed, goal-oriented, highly organized, and consistent individual who always bears in mind the need for further personal development and progression.
