OPay Wallet: Everything You Need To Know

Hello guys! In this article, I’m going to walk you through everything you need to know about OPay wallet, how to create the wallet, how to fund the wallet, how to withdraw from the wallet, the wallet login processes, the wallet app, the wallet account number and many more.

OPay is a digital payment bank in Nigeria that’s offering financial services to Nigerians. The digital bank is one of the leading online bank in Nigeria. Just like PalmPay, Moniepoint and Kudabank, the app called “OPay” is a household name in Nigeria.

It was founded in 2018 as PayCom, but after being fully acquired by the Opera Group in 2019, it was rebranded as OPay, likely standing for Opera Pay. Since then, OPay Wallet serves as payment service for all Opera products including OKash, ORide, POS, and many more.

With OPay Wallet, you can manage your finances on the go with your smartphone, eliminating the need for physical cash. Now, let’s delve into the primary reason of this article.

What is OPay Wallet?

OPay Wallet is a digital wallet or e-wallet within the OPay App. It allows you to safe, send, and receive money electronically within Nigeria. The wallet is like a virtual version of your hand purse, but accessible through your internet-connected smartphone.

With OPay Wallet, you can securely deposit funds into your OPay Account from various sources like bank transfers, debit cards, or cash deposits at agent locations/POS. The wallet has an integrated PIN and OTP verification for transactions, ensuring your funds are protected.

In addition, all money deposited into your OPay Wallet are insured by the Nigeria Deposition Insurance Cooperation (NDIC). The apex bank of Nigeria, CBN, also approved OPay Wallet operations in Nigeria.

In essence, OPay Wallet is a comprehensive mobile financial solution that simplifies everyday transactions and empowers users with greater financial control.

Features of OPay Wallet

Here are the features, benefits and what you can do with OPay Wallet in Nigeria.

1. Send and Receive Money

The OPay Wallet allows you easy transfer of funds to other OPay users. You can also withdraw cash at ATMs with your OPay debit card.

In addition, with the OPay Wallet, you can receive inward funds transfer from any banks in Nigeria using your “Wallet Number.” You can also send money to any CBN-licensed banks in Nigeria.

Funds transfer between OPay Wallet to another OPay Wallet is free of charge. However, offers three (3) free transfers per to any third-party banks in Nigeria.

Money can be transferred to your OPay Wallet via bank transfers, debit cards, mobile money, and cash deposits at POS agent locations.

2. Save Money

OPay Wallet is a suitable and secure e-wallet to save your hard-earned money. The wallet has an high-tech implemented security on PIN and OTP verification, ensuring your saved funds are safe.

However, OPay Wallet has many savings features under “Finance” that allows you to save money towards your goals. The features I’m talking about are “Target Savings,” OWealth,” “SafeBox,” “Fixed Savings,” “Save and Spend,” and “Saving Report.”

With these savings features on OPay Wallet, you can build a savings plans and securely and easily save towards your goals.

3. Pay Bill

You can use OPay Wallet to pay almost all bills in Nigeria. Precisely, you can use OPay Wallet to make payment for Utility Bills (including electricity, water, waste, TV-cable, and betting account), Education Bills (including PayChoice and School & Exam fees), Finance Services (including prepaid card services, invoice payment, credit and loans,e.t.c.) and Payment and Services (including traveling services bills, shopping, government payments, merchants payments, grants, donations and many more).

4. Airtime and Data Top-up

You can also use OPay Wallet to top up your mobile. Precisely, you can recharge your calling card and renew your data subscription easily. In addition, OPay Wallet allows you to earn airtime and date vouchers through completing of daily task on the wallet app. This vouchers can be used to topup your mobile without paying dime.

Furthermore, you can also start data and airtime reselling business in Nigeria using the OPay Wallet. The wallet gives you 6% cashback on airtime and data transactions you perform on the wallet app. For instance, if your buy N2000 airtime, you will get N60 cashback. The same is applicable to data top up.

With this OPay Wallet’s vouchers, cashback and coupon, you can successfully venture into airtime and data reselling business in Nigeria.

5. ATM Card

The OPay Wallet offer ATM cards that can be used to withdraw your funds at any ATMs in Nigeria. The card is usually verve card and it’s acceptable in any online and in-store shop. It can also be used to make payments at any participating merchants online and offline.

In addition OPay Wallet Card functionalities, you can use your OPay Card at any POS terminal regardless of the merchant company; be it Moniepoint, Kudi, or OPay POS itself, the card will work so far it’s within Nigeria. In a nutshell, OPay Wallet Card is a debit card widely accepted at any ATMs, POS or Web services in Nigeria.

6. POS

Diving quickly to OPay Merchant Wallet: this is a part of the OPay Wallet where you need to upgrade your OPay Wallet Account to have unlimited transactions per day. This wallet is usually refers to as OPay Business.

The OPay Business Account or OPay Business Wallet features POS and unlimited daily transaction, With it, you can become a POS agent in your area and offer financial/banking services to the banked, unbanked and underbanked.

However, to upgrade your OPay Wallet to OPay Business Wallet, login to your OPay App and tap on your profile at the top lift corner of your homepage. Then, scroll down and click on “Upgrade to Merchant.” You’ll be redirected to your phone app store to download the OPay Wallet Business App.

Once download, you will have to login your OPay wallet account and proceed with the KYC verification for merchant account. You will be required to submit your business documents such as physical picture of your shop, business name certificate or related documents, proof of address, proof of wealth and many more.

7. Rewards and Earnings

Incentive programs such as tasks that allows users to earn rewards on daily basis is part of what OPay Wallet offers. To access this feature, login to your OPay App and tap on “Rewards” tab”. You’ll see all available rewards and earnings you’ve earned so far.

In addition, you can partake in the incentive program to earn rewards such as airtime and data vouchers, betting or TV coupons, and cashbacks. Rewards earned will be store in your “Reward” and it’s available for use at payout page of each requirement.

For instance, if you have Airtime and Data cashbacks, you can only use it whenever you want to top up your mobile. At the payout page, you’ll have to toggle ON “Cashbacks” to use the available cashback balance.

How to Open/Create OPay Wallet

Now, you’ve known what is OPay Wallet and its characteristics. Hence, if you’re interested in using the wallet for your day to day transactions, follow these steps to successfully open the wallet.

• Go-to your phone app store and search for “OPay App.”
• From the list of available options, tap on “OPAY” and “Install” to start downloading the wallet app.
• Once the installation complete 100%, tap on “Open” to begin the registration processes.
• On the main page, click on “Sign Up” and input your phone number. Note that, already registered phone number cannot be used again for new account.
• An OTP code will be sent to the submitted phone number, confirm the code and input it where it’s required. Then tap on “Next.”
• After that, you’ll be required to submit your bank verification number (BVN). Input the 11-digit bank verification numbers and tap on proceed.
• Input your full legal name and email address. The email address is optional but it’s essential to get electronic alerts on everything going on in your OPay Account. It’s important to let you know that your names and date of birth must tally with the once on your BVN.
• After, you’ll be required to submit your national means of identification. You can submit your NIN, Voter’s Card, International Passport, or Driver’s License. However, the names on the ID card must also tally with the ones on your BVN and OPay Account.
• Once all that are completed, your account will be created on a “Tier 2” level. To upgrade to “Tier 3” level, you’ll need to submit your proof of address. The proof of address can be your “Utility Bill,” “Bank Statement'” or “Residential Permit if you’re a foreigner.” It’s important that the names on your proof of address is the same as the ones on your OPay Wallet Account.
• Once you’ve completed the Tier 3 KYC verification, then your Personal OPay Wallet Account is ready to send and receive money from any bank in Nigeria without restrictions.
• For unlimited daily transactions, you’ll need to become a merchant. In this case, a proof of wealth or business name registration is required. You’ll also be redirected to your phone app store to download the OPay Wallet Merchant App.

How to Fund OPay Wallet

You can securely deposit funds into your OPay Wallet from various sources like local bank transfers, debit cards, or even cash deposits at any POS agent kiosks. The good part of it is the any money deposited into OPay Wallet is insured by the NDIC. Cool right? Follow these steps to add money to your OPay Wallet.

Firstly, once your OPay Wallet Account is created, you’ll be given a OPay Wallet Number. The numbers are usually 10-digits, part of your registered phone and serves as your account. To receive inward transfer from any banks in Nigeria, this wallet number will be required as beneficiary account number.

Here’s how to fund your OPay Account using Wallet Number:

• Give the creditor your OPay Wallet Number
• The creditor will input the wallet number where beneficiary account number is needed.
• He will enter amount, input transfer PIN and tap on “Send.”

Interbank transfer usually take 5 minutes to be completed. Hence, you may have to wait for at least 5 minutes to receive funds into your OPay Wallet.

How to Withdraw Money from OPay Wallet

To withdraw from OPay Wallet or transfer to any bank account in Nigeria is simple. Here’s how:

• Login to your OPay Wallet App.
• Tap on “Transfer” and choose between withdrawing to “Another OPay Wallet User” or to “other Bank Account”
• If you’re transferring to another opay user, simply input the OPay beneficiary 10-digit wallet number. And, if you’re withdrawing to other bank account in Nigeria, input the beneficiary account.
• Next, input “Amount” and confirm your transaction.
• Enter your OPay Wallet PIN and tap on “Confirm” to send the money.

FAQs

Final words

OPay Wallet’s core functionalities empower users to manage their finances, make payments, and potentially explore investment avenues conveniently and cost-effectively. As it evolves and expands its offerings, its role as a multi-purpose financial tool can potentially become even more significant.

Do you find this article interesting? Share to your audiences on social media and comment below if you have any contrary opinion to whatever that’s written on this page. Cheers!