Is OPay legal in Nigeria?

OPay, one of the fintechs barred by Nigeria's Central Bank from onboarding new customers, says it has closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

Is OPay approved by CBN in Nigeria?

Renowned for its super-fast experience and reliable network, OPay is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC) with the same insurance coverage as commercial banks.

Is OPay safe in Nigeria?

OPay offers secure, easy, and affordable financial solutions. Enjoy fast transactions, incentives, and a reliable debit card.

Is OPay closing down?

OPAY stated, “The post mentioning the CBN shutting down our operations is false and misleading to the general public.” CBN's Acting Director of Corporate Communications, Isa AbdulMumin, told the News Agency of Nigeria (NAN) in Abuja on Friday that the viral news “is simply fake.

Which country owns OPay in Nigeria?

It has been confirmed that Zhou Yahui, a Chinese tech billionaire, is the owner of OPay Bank in Nigeria. Zhou, who is also the chairman of Opera Software and founder of Kunlun Tech Co. Ltd, controls the mobile money platform dominating Nigeria's fintech space.

How Opay Exposed The Flaws in Nigerian Banking

Which bank controls OPay?

OPay is a CBN licensed mobile money platform. We offer low fees and a hassle-free way to carry out an array of services for your customers.

Who is the real owner of OPay?

Opay Digital Services Limited commonly called Opay, and formerly Paycom Nigeria Limited, is a fintech mobile money operating company founded by Zhou Yahui in 2013 with headquarters in Ikeja, Lagos State, Nigeria.

Why did CBN ban OPay?

The CBN's move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.

Does OPay freeze an account?

⚠️ The recent blocking and freezing of select OPay accounts were carried out according to financial compliance and regulatory rules. Please note that OPay will never block your account unjustly and will only do so in cases of suspicious transactions or account activities, fraud reports, password and payment PIN errors.

What happened to the CEO of OPay?

On July 31, 2023, Olu Akanmu, former co-CEO of Opay, stepped down after almost two years at the Chinese-owned fintech; his exit surprised many, given Opay's impressive growth under his leadership.

Is it safe to leave money in OPay?

Rest assured, your OPay account is protected when faced with unforeseen circumstances! If you misplace your phone or ATM card, quickly dial the blocking number to prevent any unauthorized access to your finances. Ensure your money remains safe by taking immediate action.

Can an OPay account receive dollars in Nigeria?

Promotional FX rate applies to first 500.00 USD sent. See Terms and Conditions for details. Transferring money to Opay in Nigeria is fast and secure. Rest easy, knowing your money will arrive through your preferred delivery method and popular currencies are supported.

Why do Nigerians use OPay?

Its mobile-driven approach allows users to perform banking activities without visiting bank branches, thus democratizing financial participation. As more Nigerians gain access to digital financial services, Opay benefits from a larger user base. Building trust is essential in financial services.

How reliable is OPay in Nigeria?

OPay is Nigeria's trusted financial services platform, offering secure, fast, reliable, and affordable solutions for all payment needs. With OPay, you can: Send and receive money instantly with seamless transfers and a 100% success rate.

Who is moniepoint CEO?

Tosin Eniolorunda. Tosin Eniolorunda (born Oluwatosin Michael Eniolorunda; September 1985) is a Nigerian software engineer and entrepreneur who co-founded and is the CEO of the Nigerian fintech bank, Moniepoint Inc.

Which online banking is the best in Nigeria?

Which countries use OPay?

Who brought OPay to Nigeria?

It has been confirmed that Zhou Yahui, a Chinese tech billionaire, is the owner of OPay Bank in Nigeria. Zhou, who is also the chairman of Opera Software and founder of Kunlun Tech Co.

Is OPay owned by Chinese?

Meet Zhou Yahui, the Chinese billionaire who owns OPay, one of the most used online banks and fintech platforms in Nigeria. He is also the chairman of Opera Software, OPay's parent company.

Is OPay used in the UK?

You can now receive money from your friends and families in the United States, the United Kingdom and 50 other countries directly into your OPay wallet. OPay is providing a fast, convenient and affordable way to receive money from abroad without leaving the comfort of your home.

Is OPay a bank yes or no?

By 2031, serve 1 billion users and 10 million merchants, and create 1 million jobs. We established in 2018 with license from CBN and insured by NDIC with thes same insurance coverage like other commercial banks, committed to deepening financial inclusion through technology and enabling shared prosperity.

How does OPay make money?

For every transaction carried out on the platform, OPay charges a small percentage as a service fee. This applies to payments, fund transfers, ride services, food delivery, and other services offered on the platform.

How rich is OPay?

Opay has made significant leaps in the past year and is now worth close to 3 billion dollars. Here's how the Nigerian fintech startup achieved this.

Who owns PalmPay in Nigeria?

Last week PalmPay announced its launch in Nigeria with a $40 million investment to support its African activities. PalmPay is co-owned by Chinese-based Transsion Holdings and NetEase.

What is the new name for OPay?

Our official company name is now OPay Digital Services Limited. Kindly take note for bank transfers and other official purposes.