Opening Opay Account Today Made Easy in 5 Minutes

Opay, one of Nigeria's leading fintech companies, started in 2010. The company was formerly known as PayCom, after which it was acquired by Opera Group in 2018. After the acquisition of PayCom, Opay was launched. 

In case you don’t know, Opera Group also owns Opera Browser, Opera Ads, and Opera News.

Opay was launched in Ikeja, Lagos, Nigeria, and began operation in 2018. The registered name of Opay is Olay Co. Inc. Opera Pay is the acronym Opay. Other services in Opera include Okash, OBus, OFood, ORide, OWealth, OList, etc., and OPay is also accepted as a payment method. 

OPay is an online wallet many people use to make payments and transactions on their mobile phones. With Opay, you can send money, pay your bills, recharge airtime, win cashback, and enjoy many more benefits.

When the monopoly of traditional banks reigned in the past, customers complained about slow transactions, missing funds, and excessive deductions of funds without proper reasons. Still, with the introduction of digital banking, there has been a reduction in numerous cases.

Let’s delve into this topic as I show you how to use OPay, send money, withdraw cash, get loans, and much more.

How to Open an Opay Account

Opening an Opay account today is easy when you follow the step-by-step instructions below:

1. Download the OPay App

• First, visit the Google Play Store or Apple App Store.

• Next, search for the OPay app and tap "Install" to download.

2. Launch the App and Select Language

• Locate the OPay app on your phone and launch it.

• Select your preferred language from the options provided.

3. Providing Personal Information

• Fill in the required fields with accurate personal information, including your full name and email address.

4. Verifying Your Phone Number

• Enter your phone number and wait for a verification code.

• Input the code to verify your phone number successfully.

5. Setting Up a Password

• Create a solid and unique password for your OPay account.

• Ensure the password includes a combination of letters, numbers, and special characters.

6. Adding Your Bank Account

• Link your bank account to your OPay wallet for seamless fund transfers and other financial transactions.

7. Verifying Your Identity

• To comply with regulatory requirements, OPay may require you to verify your identity.

• Follow the instructions provided to complete the verification process.

How to Borrow From Money From Opay

Once you have confirmed your eligibility to borrow from Opay, you can simply follow these steps to get a loan from Opay.

• Visit your Google Play Store or iOS Play Store to download the Opay App.

• Log in to your Opay account on the mobile app.

• Click on the “finance” tab at the bottom of the homepage.

• Look for the “loan” option.

• Select your favourite between Okash and Easemoni and proceed to download it.

• As a new user, fill out the loan application form by providing accurate information about yourself, including your name, phone number, and address.

• Go with your curent limit or enter the loan amount you want to borrow.

• Review your loan application details and click on submit.

• Once you have submitted your loan application, it will be reviewed, and you will be notified of the loan’s approval or rejection within a few minutes or hours.

• If approved, the money will be sent to the account number you entered during your application process.

What Is Opay's Current Valuation?

As of 2023, Opay current valuation is approximately $2B. Opay current valuation is roughly $2B in 2023. In 2021, Bloomberg reported that OPay received $400 million in funding from SoftBank Vision Fund 2, which valued the Nigerian mobile payments platform at $2 billion and made its first investment in Africa. 

How Much Opay Was Funded in 2021

Opay was funded with $400 million in 2021, led by SoftBank’s Vision Fund 2. The funding was raised on August 23, 2021, from a Series C round. OPay raised around $570 million over three rounds.