Unlike traditional banks, the introduction of a fast and free online banking system like Opay has made it the most sought-after bank app. Opay covers a wide range of services and benefits, which has not only brought users to the app but kept them using it frequently.
This article will not only show you how to open an Opay account but also give you an incredible banking experience.
Opay Account Opening Requirements
There are four basic things you must have handy while opening an Opay account.
.Your Opay app was downloaded from the Google Play Store or Apple App Store.
.Your email address and other personal information
.Your Bank Verification Number (BVN)
.Ready to take a selfie?
These account opening requirements will grant you access to a tier 1 or tier 2 membership, which allows a maximum of 200,000 NGN as your daily transaction limit.
Also, your holding limit on the app cannot exceed 500,000 NGN as your maximum account balance.
If you want to upgrade to a Tier 3 account, which allows an unlimited account balance and a 5 million naira transaction limit daily, This particular upgrade will require the provision of the following:
.ID number
.Utility bill of not more than 3 months
How to Open an Opay Account on a Phone (Android and iPhone)
Opay Account Opening Requirements
There are four basic things you must have handy while opening an Opay account.
Your Opay app was downloaded from the Google Play Store or Apple App Store.
Your email address and other personal information
Your Bank Verification Number (BVN)
Ready to take a selfie?
These account opening requirements will grant you access to a tier 1 or tier 2 membership, which allows a maximum of 200,000 NGN as your daily transaction limit. Also, your holding limit on the app cannot exceed 500,000 NGN as your maximum account balance.
If you want to upgrade to a Tier 3 account, which allows an unlimited account balance and a 5 million naira transaction limit daily, This particular upgrade will require the provision of the following:
ID number
Utility bill of not more than 3 months
How to Open an Opay Account on a Phone (Android and iPhone)
Download The Opay App
When you want to open an Opay account, you can either download the app directly from the Google Play Store or Apple Play Store or through the referral link of an already-existing user. This guide will show you how.
Fill in Your Personal Information
Opay will require that you fill in some important details during signup to make them know you better and, most importantly, create a personalized banking experience for you. This includes your name, phone number, email address, transaction pin, and passcode for logging in.
Get Your Account Verified
The verification process is the usual one, where a passcode is sent to the number you indicated to be yours while filling in your personal information while opening your Opay account. This is how they confirm you have direct access to the digits, which automatically become your bank account number on Opay.
Set Up Your Wallet
Certain transactions you’ll be making on your Opay account will require a lot more than just your four-digit pin. Setting up your wallet after opening your Opay account will require a 6-digit pin to authorize those kinds of transactions.
Fund Your Account
This step also comes with a cash-back bonus of 1,200 NGN when you fund your account immediately after signing up. You simply send money from your local bank to your Opay wallet or link the two accounts together.
Start Using Your Opay Account
When your Opay account is opened and successfully funded, you can start making transactions on the app.
How to Open an Opay Account Without BVN
If it’s your first time having a bank account and you do not have a Bank Verification Number with your local bank, you can still own an Opay account without it. This is how you open an Opay account without it:
What is Opay?
Opay (Opera Payment) is one of the fintech banking apps currently operating in Nigeria, whose primary functionality is providing seamless transactions. Their other business sectors cover food deliveries, ride-hailing, and offering loans.
Their mobile banking system is one you can use to send and receive money, invest your money, purchase airtime and data, and pay utility bills.
Benefits of Opening an Opay Account
There are several benefits that come with opening an Opay account, and some of them include:
Accessibility
When you open an Opay account, you can easily access the services offered by the mobile banking app after a successful verification process. The app contains very simple and easy-to-use features for first-timers to have a wonderful banking experience.
Low transfer rate
Currently, by being an Opay user, you’re entitled to a daily 3-times free transfer, and even after you’ve exceeded your daily bonus, you spend as little as 10 NGN as a transfer rate.
Cash back policy
By opening an Opay account, you have access to more benefits when you make certain transactions that involve investments and certain payments. Do you know that, unlike other banks, you can make so much money by being an Opay user?
Mobile app security
Despite being a 100% banking system, they ensure transactions are secured through encryption and biometric authentication. This, of course, disrupts possible attacks from scammers. Yet the app advises against sharing personal bank details, especially your BVN, and pin.
Speedy transactions
The best part of using Opay is the instant transfer rate on the app. You quickly get your credit or debit confirmation after it’s been processed. The app allows multiple transactions for yourself and your business, if any.
Tips for Using Opay
While Opay ensures a safe and secure transaction process, you’re equally obliged to protect your account from fraudsters by taking note of these safety tips:
Do not share your OTP, PIN, or any other number.
Use an easy password for the app, but don’t share it.
Do not click on unverified links connecting to Opay, especially on social media platforms like Telegram.
Do not join an investment program you know nothing about. Opay has a safer investment system on the app.
Do not just pay into any account at the POS port. Ensure you’re directly transacting with a verified Opay agent.
Common Issues With Opay Wallet and How to Solve Them
Poor Internet Connection:
Your location can hinder strong network access, especially when you want to perform a transaction on your Opay account. In this case, you might turn on your airplane mode for a short while and turn it off again to see if a strong network is restored. If there’s still no improvement, then you go for the USSD code option.
Incorrect Login Detail:
There are situations where you no longer remember your login details after opening your Opay account. In this case, just go for the ‘forgot password’ option and restore your account by entering new login details.
Application Update:
In most cases, your account can be at risk when you fail to update your banking app. It’s advised that you keep your app up-to-date to be free from fraudulent attacks and also maximize the opportunities that the new update brings. It could be another cash-back offer.
Technical Problems:
This problem could make your mobile bank inaccessible for a while and could be a result of your phone storage system or even a breakdown in the general Opay server. This is usually temporary if the exact problem is detected and fixed, especially when it comes from your phone. Otherwise, you’re at liberty to contact Opay customer service and file a complaint.
Account Suspension:
Your account can be suspended when you have exceeded certain transaction limits or gone against the terms and conditions of Opay. Contacting customer care in this situation will help fix the problem.
Opay is licensed by the Central Bank of Nigeria and currently ranks #1 as the fastest online banking system so far. This comprehensive guide on how to open an Opay account gives you room to maximize all the opportunities on the site.
Opay Account Opening: FAQs
Opening an account on Opay happens to be a very easy task, and below are some of the most common questions users ask for better clarity.
Is It Free to Create an Opay Account?
Creating an account on Opay is completely free. It only requires the use of your phone and strong internet access.
What Is the Bonus for Opening an Opay Account?
You’re entitled to a 1,200 NGN sign-up bonus if you’re a new user on Opay. This bonus is awarded to you when you make a deposit of 1,000 NGN in your account.
Does Opay Require Verification?
Opay requires a verification process to provide security and ensure your transactions are protected. This process involves providing the 6-digit code sent to the number provided during signup.
Can I Use My Opay Account Without BVN?
You can skip the part where your BVN is needed and still open an Opay account. It’ll only limit your transaction limits on the app.
Can I Open an Opay Account Online?
You can open an Opay account online through the Opay website or by directly accessing the Google Play Store or Apple App Store.
Can I Open Two Opay Accounts?
You can’t open two Opay accounts. Automatically, you’re only entitled to your individual account and a merchant account for businesses.
What Is the Code to Open an Opay Account?
Use *995# as the code to access the download link for your Opay account. You can go ahead and use USSD to carry out transactions afterward.
How Much Can an Opay Account Hold Without BVN?
Your Opay account registered without BVN has certain transaction limits and can only hold a total of 300,000 NGN with a single transaction limit of 50,000 NGN and a daily transaction limit of 200,000 NGN.
