Who Owns Opay, Is It A Bank and Is It Legit?

Opay is owned by the Chinese billionaire Zhou Yahui through his web browser company Opera. The company was founded in August 2018 as a platform for the delivery of services and experiences that create customer satisfaction.

OPay is a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services for every individual. The demand for a reliable and fast payment partner, with low fees and convenience of use has increasingly allowed online banks like Opay to challenge traditional banks in Nigeria. OPay boasts over 35 million registered app users and about 500,000 agents in Nigeria. Here are other important facts to know about the platform.

Who is the Owner of Opay?

OPay is an ePayment wallet owned by Zhou Yahui, the Chinese billionaire and owner of Opera Group. Opay became the first Africa-focused company with footprints in emerging markets in countries like Nigeria, Egypt, and Pakistan. The company is also said to be one of the two unicorn companies with their roots traced to Telnet, a digital transformation company known for helping companies better serve their customers digitally.

The name “OPay” is a combination of the prefixes of two entities, Opera and Paycom. The company came into existence in August 2018 after Opera paid an undisclosed fee to acquire a controlling stake in PayCom. Paycom was a Nigerian-based Fintech platform owned by Telnet that allows customers to transfer money to both users and non-users from their mobile phones.

Establishing itself as a dominant player in the Nigerian fintech space, Opay as a company became known for housing services like ORide for fast transportation using motorcycles, OTrike – three-wheel transportation (in Aba and Kano), OBus – a bus hailing service, OFood – a food delivery service, OExpress – a delivery service, and OKash and OWealth for quick loans and investment options for users.

Is Opay a Bank?

Opay is a fintech platform that has its products powered by Blueridge microfinance bank.  Fintech refers to the integration of technology into offerings by financial services companies to improve their use and delivery to consumers.

OPay is one of the fastest-growing companies in Nigeria, providing consumers with a wide range of services. The company is one of the many fintech companies in Nigeria that is fully licensed by the central bank of Nigeria (CBN). With OPay, people can easily create an account and start making digital payments. They are to provide mobile money services, including mobile payment services to both the banked and unbanked, and to drive financial inclusion.

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Is Opay Legit?

OPay is licensed by the CBN, and NDIC insures all deposits. All transactions done on this platform are encrypted, and returns are guaranteed. The fintech company is very good, and this is evident in the brand’s growth in the last few years. Evidently, all monies transferred are delivered with ease and no delays.

This, in a nutshell, means that with Opay, Your money is safe, the same way you trust your traditional banks like the First Bank, Access Bank, and GT Bank

Is Opay Shutting Down?

Opay is still very much active. It is one of the fastest-growing fintechs in Nigeria. In March 2023, the company was listed among the fintech companies proposed to be shut down by the Nigerian apex bank CBN. The viral news about the suspension of the company stated that the CBN was about to suspend the accounts of the Fintech companies because they were being used to perpetrate fraud.

Both the CBN and the Chinese-backed fintech company debunked the rumor and classified it as fake. “The post mentioning the CBN shutting down our operations is false and misleading to the general public,” OPAY stated.

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