One year ago, 70% of Opay’s current users were never interested in the banking app. But today, the platform has gained immense popularity due to its user-friendly interface, fast and secure transactions, and the convenience that comes with it.
Opay has become a go-to when you think about banking apps in Nigeria. Apart from a seamless banking experience, the reward system has been up and running for referrals, daily logins, and transactions.
If you haven’t enjoyed any of these benefits, read this piece carefully to learn how to sign up for an Opay account, and the use case effectively. Let’s get in by showing you why you might need an Opay account today.
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Why Sign Up For an OPay Account?
There are some reasons why you should get yourself an Opay account. For instance, Opay allows you to send and receive money from anyone in Nigeria, even if they don’t have an Opay account.
This is to say that you can easily transfer money to your friends, family, or business associates without any glitches. Moreso, you can pay bills, purchase airtime and data, and make online and offline payments.
This is a convenient feature for those who prefer to carry out their transactions digitally. Opay also offers attractive cashback rewards and discounts on transactions made on the platform.
If all these benefits look like what you’ll want to enjoy, then let’s head to the business of the day.
Steps to Sign Up For an OPay Account
Signing up for an Opay account is a straightforward process that can be completed in a few easy steps. Follow the steps listed below to sign up for an Opay account:
- Step 1: Download the Opay app
- Step 2: Launch the app
- Step 3: Enter your details
- Step 4: Create a PIN
- Step 5: Verify your phone number
- Step 6: Set up your Opay account
- Step 7: Start using your Opay account
Step 1: Download the Opay app
The Opay app is available for download on the Google Play Store and the Apple App Store. Download, then install the banking app on your smart device.
Step 2: Launch the app
Launch the app and click on the “Register” button on the home screen.
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Step 3: Enter your details
Enter your details, including your full name, email address, phone number, and date of birth.
Step 4: Create a PIN
Create a four-digit PIN that you will use to sign in to your Opay account.
Step 5: Verify your phone number
You will receive an OTP (One-Time Password) via SMS on the phone number you provided. Enter the OTP in the space provided to verify your phone number.
Step 6: Set up your Opay account
Once you have verified your phone number, you will be prompted to set up your Opay account. You will be required to enter your bank details, including your account number, bank name, and account name.
You will also need to provide a valid means of identification, such as your National ID, Driver’s license, or International passport.
Step 7: Start using your Opay account
Congratulations, you have successfully signed up for an Opay account. You can now start using your account to send and receive money, pay bills, purchase airtime and data, and make online and offline payments.
How to Fund Your OPay Account
After successfully creating your account, you’ll have to fund the wallet, to start making transactions with your account.
To begin, Open your Opay account and Tap on “Add Money“. The next page will load with funding options like
- Bank Transfer
- Top up with Card/Account
- Bank Deposit
- Scan my QR code
- Bank Ussd
Using Bank Transfer as a case study, you’ll have to;
- Open the Opay app and log in.
- Tap on “Add Money”
- Choose “Bank Transfer”
- Copy your account number
- Open your traditional bank mobile app
- Select the “Transfer” option
- Enter the account number in the provided space.
- Select Opay as the beneficiary bank name
- Click Proceed to complete the transaction
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If the transaction is successful, your Opay account will be credited with the exact amount.
How to Fund Your OPay Account Using Ussd Code
- Open the Opay app and log in.
- Tap on “Add Money”
- Choose “Bank USSD”
- Select the benefactor bank
- Input the amount to transfer, and click next.
- Copy the USSD code that will display
- Dial the code you copied
- Check the name, and enter your bank authorization pin.
How to Get a Loan From OPay
If you want to get a soft loan from Opay, you’ll have to download its associate mobile loan app, Okash. Afterward, Create an account with your certified details, if the process is completed, a verification option will follow.
Click on “Loan” and the next page will load the terms and conditions of their service. You must read thoroughly, so you’ll be aware of the interest rate and tenure.
If you’re good with the conditions, validate your loan request, and you will be credited in no time. While you can start from N3000, the maximum amount you can get on OKash is N50,000
Requirements to Get a Loan From OPay
You don’t need so much to qualify for a loan on Okash. The loan services are for all and sundry, but you must adhere to the following.
- You should be Nigerian and resides here
- Must be between the ages of 20-55 years.
- You are required to have a monthly source of income.
- You must have a Valid ID Card
- Must have BVN Number
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NOTE: You’ll have to pay a daily interest rate of 0.1% to 1%, if you choose to pay per annum then the interest rate will be from 36.5% and 360%.
A service fee of N1299 to N6000 applies, while you get a tenure of 91 days for the shortest and 365 days for the longest tenure.
How to Repay a Loan on Okash
- Open your mobile app
- Log into your account
- Click on ‘Make a Repayment’
- Enter all required details
- Click on the ‘Repay’ button
If you are not interested in this process, all you have to do is wait till the due date and the exact amount will be deducted from your balance.
Is it Safe to Use OPay?
Yes, Opay is a secure platform that uses the latest encryption technology to protect users’ personal and financial information. It’s a system you can trust.
Can I use OPay Without a Bank Account?
No, you need to have a bank account to use Opay. You will be required to provide your bank details during the account setup process. Again, you will need to fund your Opay using a traditional bank.
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What are the Transaction Fees on OPay?
Opay charges a flat fee of 50 Naira per transaction for transfers to other Opay accounts.
For transfers to bank accounts, the fee is 45 Naira for transactions below 10,000 Naira while you’ll be charged 100 Naira for transactions above 10,000 Naira. Fees for other transactions vary and can be found on the platform.
What is the Daily Transaction Limit on OPay?
The daily transaction limit on Opay varies depending on the type of transaction. For instance, the maximum amount you can transfer to another Opay account is 200,000 Naira, while the maximum amount you can transfer to a bank account is 500,000 Naira.
However, these limits are still subject to change based on Opay’s policies.
Can I use OPay to Receive International Payments?
No, Opay currently does not support international payments. The platform only supports transactions within Nigeria.
What Happens if I forget my OPay PIN?
If you forget your Opay PIN, you can reset it by clicking on the “Forgot PIN” button on the login page. You will be prompted to enter your registered phone number, after which you will receive an OTP via SMS.
Enter the OTP in the space provided and follow the instructions to reset your PIN.
How do I contact OPay Customer Support?
If you face any issues while using Opay, you can contact their customer support team via email at [email protected] or via their social media channels. You can also visit their website for more information.
Final Thoughts
Opay has saved the Nigerian banking system and it is a reliable and convenient platform for carrying out digital transactions in Nigeria.
With its user-friendly interface, fast and secure transactions, and attractive rewards, it is no surprise that the platform has gained widespread popularity in recent times.
By following the steps outlined in this article, you can easily sign up for an Opay account and start enjoying the benefits of the platform.
If you have any challenges, or concerns about Opay, do not hesitate to contact their customer support team for assistance using the link included in this article.