Opay Investment Review (2024)

Opay Investment Review

Opay Investment Review 

This article provides an Opay Investment Review for 2024. If you are interested in investing in Opay, I advise you to carefully read this article to the end.

Opay is indeed a great digital bank in Nigeria that provides various services such as sending and receiving funds, withdrawing, buying airtime and data, and paying bills from home. It’s amazing to see how technology is making things easier for people, especially during these times when staying at home is the best option.

Yes, Opay is a digital banking platform in Nigeria that provides users with instant access to a wide range of savings and investment opportunities. It’s amazing to see how technology is making things easier for people, especially during these times when staying at home is the best option. With Opay, users can easily send and receive funds, withdraw, buy airtime and data, pay bills, and even make investments with little capital.

Nevertheless, Opay, an online investment and savings platform, faces doubts due to its lack of physical bank branches, prompting a review of its trustworthiness.

Usefulness of Opay Investment Platform to Small Scale Investors

The Opay investment platform allows small-scale investors to make reasonable investments with minimal capital, providing an opportunity for those who prefer starting with a small amount of money.

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Is Opay Investment Legit?

Absolutely yes. Opay Investment is a legitimate Nigerian fintech company that has been authorized by the SEC and other authorities and is a trusted platform due to its strong reputation and license from the Central Bank of Nigeria.

How Opay Investment Works

Importantly, Opay Investment allows users to earn interest rates on their investment capital through various investment packages on the app.

Opay Investment has a remarkable package that offers annual rates ranging from 8% to the highest rate, resulting in a return on investment of approximately N2,000 per year with a 20% interyear.

Types of Opay Savings Account

Currently, Opay offers five distinct savings/investment products, each offering unique plans for customers despite appearing similar. Such as:

  • Owealth
  • Fixed savings
  • Savebox
  • Target savings
  • Spend and save

1. Owealth savings

Owealth is the best branch, or you can type of Opay investment; it is also called Owealth default savings/investment account, offering daily interest payments until the maturity date.

Interest Earn with Owealth Savings

The Owealth package offers 15% yearly interest on savings of N100,000 and below, with 15% interest for the first N100,000 savings and 5% for the rest.

How Owealth Interest Paid

Owealth Interest is paid daily to your Owealth account on the Opay platform, allowing you to track your savings’ growth.

Owealth Withdrawal Method

You can withdraw your Owealth account funds on Opay without penalty and use them for bill payments, airtime purchases, and other expenses.

How to Deposit on Owealth

  • To access the Opay mobile app on your smartphone, navigate to the footer navigation and tap on “finance.”
  • Click on the “Owealth” button.
  • Then click on “Invest.”
  • Enter the actual amount you wish to invest.
  • Click on Confirm.
  • After completing the transaction, wait for a “successful transfer to your Owealth account” text to confirm its completion.

2. Fixed savings

Opay fixed savings provides interest based on your fixed deposit account, unlike Owealth, which offers daily interest payments.

Note that Opay fixed savings have two modes: locked and unlocked, allowing for advance withdrawals in case of emergencies.

Interest Earn with Fixed Savings

Saving N300,000 or more yields 15–18% yearly interest, with the first 300k saved earning 15–18% and the remaining money earning 6%.

3. Opay Safebox Savings

Opay Safebox is a savings product on the Opay platform that allows daily, weekly, or monthly deposits and interest payments, with penalties for withdrawals before due dates to promote discipline.

How Much Interest Do I Earn With Safebox?

The annual interest rate for savings balances under N300,000 is 15%, while for those exceeding N300,000, it’s 15% for the first 300k and 6% for the remaining balance.

4. Opay Target Savings

This is another vital Opay savings account. The Opay Target savings package, allows users to create daily, weekly, or monthly savings plans for specific expenses like school fees, accommodation, or gadget purchases.

How Much Interest Do I Earn with Target Savings?

The target savings package offers 15% annual interest for savings balances under N300,000, 15% interest for the first 300k deposit, and 6% interest for the remaining amount.

5. Spend and save.

Opay Spend and Save is a savings product that encourages users to save a specific percentage of their spending.

Setting a 5% percentage in Opay’s spend-and-save product automatically saves 5% of your spending or withdrawals. The product has a 15% yearly interest rate and allows you to cancel at any time. Additionally, you can withdraw from your savings without penalty.

How to Invest With Opay

The Opay platform offers an easy investment process, completed in less than 15 minutes, with simple steps to follow.

1. Download and Install the OPay App

To access Opay, you must download the app on your smartphone from the Google Play Store or Apple Store if you don’t already have it. Note that this is the first.

2. Sign Up for an OPay Account

Once you’re downloading, you’re to create a personal Opay account. Then open the app, tap on the “Sign Up” tab, fill out the online registration form with your personal details, and your account is set up.

3. Fund the OPay Account

At this level, you’re required to fund your account. To do that, open your Opay account, log in, and fund your wallet using the bank transfer option from another bank account.

4. Fund your Preferred Investment Programme on the Platform

The Opay investment program concludes with a final stage where you fund your Opay wallet, choose your preferred investment program, enter your investment amount, and confirm your transaction.

Finally, wait for OPay to send a debit alert indicating the completion of the investment process, then tap “done” to complete the process. 

Pros and Cons of Opay Investment

The Opay platform offers both advantages and disadvantages for investors. The followings are the Pros and Cons of the Opay investment platform:

Pros

  • Enhance the ease and convenience of making payments.
  • Enjoy a 15% yearly interest rate on the popular Opay savings feature, OWealth, with a reasonable interest rate.
  • The Opay app is a well-designed and user-friendly tool.
  • The site is flexible and easy savings for all individuals.
  • There are numerous excellent and dependable investment opportunities available.
  • The OPay platform is highly regarded by numerous Nigerians and is regulated by the Central Bank of Nigeria.

Cons

  • Some reviews have reported poor customer service.

How Long Does Opay Investment Take?

The maturity time of an OPay investment depends on the chosen investment type, typically ranging from a few months to a year.

Requirements/Documents Needed to Open an Opay Account?

  • A legal and valid means of identification such as an NIN, international passport, driver’s license, etc.
  • Functioning phone number and active email address
  • Bank Verification Number (BVN)

Conclusion

Thanks for reading this article and learning about Opay Investment. I can tell you that this is a great option for people looking to save and invest their money at reasonable interest rates. It’s always important to do your due diligence before investing, but it’s good to know that there are legitimate platforms like Opay Investment available for those interested in investing in Nigeria.

Nevertheless, we hope that OPay makes their customer service response better, as that is one of the major things lacking in this platform, according to reviews.

I’ve heard that some reviews have reported poor customer service as one of the major issues with the Opay investment platform. It seems that this is an area that OPay needs to improve on to provide better service to its customers. 

However, it’s worth noting that the OPay platform is highly regarded by numerous Nigerians and is regulated by the Central Bank of Nigeria. So, while customer service may be lacking, there are still benefits to using this platform for investing and saving.

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Author

  • Smith

    Meet Mr. Smith, a seasoned professional with a wealth of experience as an author and researcher at Recruitment Portfolio. With a passion for words and a keen eye for detail, Mr. Smith has become a cornerstone of our team, bringing a unique blend of creativity and analytical prowess to his work.

About Smith 158 Articles
Meet Mr. Smith, a seasoned professional with a wealth of experience as an author and researcher at Recruitment Portfolio. With a passion for words and a keen eye for detail, Mr. Smith has become a cornerstone of our team, bringing a unique blend of creativity and analytical prowess to his work.

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