OPay is one of the leading mobile money operators (MMO) and financial technology platforms in Nigeria.
Launched in August 2018, Opay offers mobile payment service with focus on reaching the majority of the unbanked population in Nigeria.
OPay also offers an exciting opportunity for customers to save and invest their money in its FlexiFixed service, which offers up to 12% returns per annum.
OPay enable its customers to use their OPay accounts to carry out international transactions (receive and send foreign currencies abroad)
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OPay is one of the Fintech companies licensed by the Central Bank of Nigeria to operate as mobile money financial institutions.
OPay is also approved by National Deposit Insurance Commission (NDIC) all deposits in OPay are insured by NDIC. OPay customers have nothing to fear as all their deposits are covered by NDIC.
Bank Deposits Insurance
Bank deposits insurance is a guarantee by the National Deposit Insurance Corporation (NDIC) of deposits in a bank. Bank insurance helps protect individuals who deposit their savings in banks against deposit money banks (DMBs) insolvency. Each depositor is insured up to N500,000 per bank. NDIC maximum coverage limits are N500,000 per depositor in commercial, merchant, and non-interest banks, primary mortgage banks, and mobile money operators, and N200,000 per depositor in microfinance banks.
OPay falls under the category of mobile money operators. Therefore, each OPay account (depositor) has a maximum cover of N500,000. Read more about bank deposits insurance.