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Frequently asked questions about Opay

December 1, 2025

Chibugo Ohanyiri

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Opay operates far beyond a simple payment app. Since launch, it has grown into a full financial ecosystem serving over 20 million daily active users across Africa, with transaction volumes running into billions of naira every single day. For many Nigerians, Opay represents a shift in how financial services should work.

Its appeal lies in solving problems that frustrate millions of people daily. Traditional bank transfers can hang for hours, sometimes days. ATM queues expose users to security risks, while most banking apps collapse under network congestion.

Opay cuts through these issues with near-instant transfers, widespread agent cash-out points, and a single interface that handles bills, airtime, savings, loans, merchant payments, and POS services without friction.

During the 2023 cash crisis, Opay maintained almost uninterrupted uptime, helping traders, workers, and everyday users access money when the traditional system failed.

That moment shifted public trust toward digital-first finance, and Opay has kept that momentum through consistent performance into 2025. This article answers the most frequently asked questions about Opay to help you understand how the platform works.

What is Opay and why use it?

Opay started as a mobile money solution for Africa’s unbanked, and now serves 36 million monthly users with deposit, withdrawal, transfer, bill payments, cards, and financing options like OWealth savings. Nigerians choose it over banks because transfers stay free for many volumes, airtime top-ups earn cashback, and 100% uptime means no failed payments during market rushes or salary alerts.

How big is it in Nigeria now?

OPay started around 2018 and has since grown. Today, it’s one of Nigeria’s leading fintech apps. By mid-2025, the app had over 50 million downloads on Android alone.

OPay also runs what is reportedly the largest Point-of-Sale/agent network in Nigeria, controlling more than 560,000 agents out of roughly 1.5 million nationwide. If you need cash-in/cash-out, peer-to-peer transfers, or offline payments, there’s a good chance there’s an OPay outlet near you.

How do I get started with Opay?

Download the app from Google Play or Apple Store, sign up with your phone number, and complete KYC by linking BVN or NIN; full verification unlocks higher limits fast. New users hit level 1 instantly for basic transfers, but level 3 requires transactions to access POS or bigger features, solving the frustration of locked funds right away. Activate your virtual card in-app for online shopping.

Can I get a loan on Opay, and what’s involved?

Opay offers personal PayDay loans from ₦5,000 to ₦250,000+ via partners like Easemoni, with 3% monthly interest; repay in 7-91 days, auto-debit from your wallet to avoid penalties. Eligibility demands age 18-55, Nigerian residency, KYC completion, and app activity; merchants need 60 days on POS for business loans. First-timers often qualify for a max of ₦100,000 based on their transaction history. You should repay on time to boost limits.

What interest rates should I expect, and how do I understand the total repayment amount?

Opay loan interest rates start from 2-3% monthly through EaseMoni, translating to 24-36% annual percentage rates (APR) on paper, but actually much lower on short-term loans.

A ₦100,000 loan at 3% monthly for 30 days costs ₦3,000 interest, giving a total repayment of ₦103,000. OKash, the longer-term partner, offers rates between 18-36% APR for 91-365 day terms, meaning the same ₦100,000 borrowed for 365 days at the high end would cost ₦36,000 in interest.

What services does OPay offer?

OPay offers a broad set of financial services:

A mobile wallet. You can send money to other OPay users, or, depending on offers and your settings, transfer to Nigerian bank accounts.
Debit cards (physical or virtual), for users eligible under current card-issuance policies.
Bill payments, airtime, and data purchases.
Savings or wallet-balance features
Micro-loans or short-term credit (for eligible customers).
A POS / agent-based cash-in / cash-out network that lets people transact with cash via physical agents; handy where bank or ATM access is limited.
Merchant and business tools: dashboards, reconciliations, and offline payment support for small businesses and vendors.

What savings options does Opay provide?

OWealth delivers up to 15% annual interest on the first ₦100,000 and 5% beyond, paid daily, so you see gains immediately, unlike bank delays. Fixed and Targets let users lock funds flexibly, withdrawing anytime without losing earned interest.

Can I withdraw my savings whenever I want, or am I locked in?

Opay’s flexibility distinguishes it from traditional savings products that are restrictive. Regular OWealth allows withdrawals anytime without penalty; set your savings percentage to 0% to bypass savings, or withdraw your accumulated balance from your wallet.

Unlike fixed deposits at banks, where early withdrawal triggers penalties eating into your gains, Opay’s regular OWealth protects your full balance plus accrued interest regardless of when you withdraw.

What are the fees?

Transfers above ₦10,000 incur a ₦50 FIRS levy on inflows since September 2024, but app-to-app sends remain free for most. POS withdrawals charge 0.5% for amounts under ₦20,000 or a flat ₦100 above, with merchants setting extras; preferred status drops transaction fees to 0.5%.

Is OPay safe and regulated

OPay is regulated by the Central Bank of Nigeria (CBN). Advanced encryption shields PINs and card details during transmission, while fraud detection triggers double-confirmation alerts for suspicious moves. The system monitors unusual activity in real-time. Users sleep better knowing biometric logins and instant alerts block unauthorized access, even if phones get lost in crowded danfo buses.

How do I resolve common issues?

Failed transfers or double debits top complaints; use in-app support or email for proofs like alerts, though response times frustrate many. For declined POS charges without service, submit decline slips via chat, and persistent follow-ups often recover funds. Airtime glitches or billing failures require screenshots; escalating to social media speeds up resolution when standard channels lag.

How does Opay protect my money and personal information from scams?

Security represents Opay’s competitive advantage in attracting users away from cash-based informal finance. The platform deployed seven advanced security features specifically addressing Nigerian fraud patterns, including a proprietary facial recognition system built in-house by Opay because existing vendors couldn’t match the accuracy required for Nigeria’s diverse demographics.

When you attempt a transaction above your pre-set threshold or during unusual hours, the system requests facial verification; your face gets scanned and cross-checked against your linked BVN database in real-time, preventing someone who stole your phone from completing transfers even though they know your PIN.

What should I do if I suspect fraudulent activity or if someone hacked my account?

Act immediately upon detecting unauthorized transactions. First, within the Opay app, go to “Account Settings” and change your PIN to something completely new. Then, if you can access the app, lock your cards by toggling the “Card Lock” feature, preventing any transactions until you re-enable it. For emergencies when you can’t access the app, call Opay’s support line to request an immediate account freeze.

Why did Opay freeze my account, and how do I get it unfrozen?

OPay usually freezes accounts when your BVN or NIN isn’t linked, or when the details you provided don’t match government records, because the Central Bank of Nigeria requires strict KYC checks.

To unfreeze it, open the app, go to Account Verification, and complete the BVN/NIN and facial-recognition process. If it still fails, you likely have a name or data mismatch, so contact support with your government ID for manual review.

Is my money actually safe with Opay, or could it disappear if the company has problems?

OPay isn’t covered by the Nigeria Deposit Insurance Corporation (NDIC), so your wallet balance doesn’t have the same ₦500,000 deposit protection that traditional banks offer. Your funds sit within OPay’s microfinance structure, which technically exposes them to business risk, even though the company has grown large and handles over ₦50 trillion in transactions every six months.

That scale attracts tight CBN oversight, and recent regulatory pressure has pushed OPay and other fintechs to strengthen compliance. Still, if you prefer a conservative approach, keep your OPay balance below ₦500,000 and treat it mainly as a payments and short-term savings platform. For long-term or wealth-preserving funds, spread your money across insured banks and proper investment accounts.

How does Opay compare to Kuda, PalmPay, and Moniepoint?

OPay stands out for speed and reliability, especially during heavy transaction periods. Its infrastructure held up during the 2023 banking glitches, which is why many people trust it for fast transfers and everyday payments. Kuda leans toward a neobank style, with a clean interface and features that appeal to salary earners who want a modern alternative to traditional banks.

PalmPay wins on rewards, offering cashback and points that make sense if promos and frequent transactions drive you. Moniepoint dominates the merchant space with strong POS tools and SME-friendly features. OPay covers the widest range of users, so it works if you want a single platform that does almost everything. Kuda fits personal banking, PalmPay fits reward lovers, and Moniepoint fits business owners.

Can I use Opay to send money internationally or access services outside Nigeria?

Opay’s Mastercard partnership gives users access to virtual dollar cards for international payments, but availability depends on Nigeria’s forex and CBN regulatory conditions. When active, the virtual card lets Nigerians pay global merchants.

However, the feature has experienced pauses between 2024 and 2025 due to currency restrictions, so users should check their app: if “Virtual Dollar Card” appears in the Cards section, it’s active; if not, it’s temporarily unavailable.

Opay currently focuses more on expanding into markets like Egypt, Pakistan, and the UAE than enabling outbound international transfers, so Nigerians who need cross-border money movement still rely on banks or remittance platforms.

Conclusion

Opay is a mirror of Nigeria’s financial rhythm: fast, adaptive, and sometimes unpredictable. Its network of agents, instant transfers, and digital infrastructure reflects the pulse of daily commerce, showing how technology can embed itself into routines. Using Opay is about participating in a system that reshapes expectations of accessibility and trust.

At the same time, the platform exists in tension with regulation and the fragile realities of digital finance. Understanding its limitations alongside its capabilities transforms the experience from passive use into intentional choice.