Opay Review: Is Opay Legit Or Not?

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Opay Review: Is Opay Legit?

Online banking like Opay, Kuda Bank, Palmpay, Moniepoint, Flutterwave and the likes have revolutionized our banking experience in Nigeria today.

 With numerous options available, Opay has grown as a prominent digital bank offering unique features and benefits that have caught the attention of many users. However, as with any new service, questions about its legitimacy naturally arise. 

Therefore, in this Opay review, I will delve into the question of whether Opay is a legitimate company.

Are you review to explore the Opay review? If yes, please delve in right away.

Opay Review: Is Opay Legit?
Opay Review: Is Opay Legit?

Opay Review: Is Opay Legit Or Not In 2024?

Based on the research conducted in conjunction with personal experience, Opay is a legitimate and authorized financial services provider operating in Nigeria. 

The fact that Opay is approved and regulated by the Central Bank of Nigeria (CBN) adds a significant level of credibility to its operations. 

As a regulated entity, Opay is required to adhere to the financial regulations and standards set by the Nigerian government.

This ensures that the company operates within legal boundaries and provides a secure platform for its users.

One area of concern for many users is Opay’s loan services. 

Opay offers loan services to individuals through the integrated loan apps on it banking platform, and based on user experiences and the company’s official stance, Opay’s loan services are indeed legitimate. 

Read: How To Upgrade Your Moniepoint Account Easily 

Users can access instant loans with fast approval, and Opay has received positive reviews from its customers regarding its services.

Opay uses multiple financial products, such as CreditMe, EaseMoni, and OKash, to ease the loan application process and make it more accessible for users.

CreditMe, for instance, is an Opay wallet that allows customers to make purchases and repay later, with credit limits of up to N100,000 without service fees. 

These features contribute to the convenience and flexibility of Opay’s loan services.

Apart from its loan services, there are several benefits to using Opay. 

Firstly, Opay does not charge any account maintenance fees, making it an affordable option for banking. 

Additionally, the account opening process is instant, allowing users to start banking right away. 

Opay Bank also does not require any minimum deposit, enabling users to begin banking with any amount of money. 

The bank further offers free ATM withdrawals at any ATM in Nigeria and free transfers to other Opay Bank accounts or other Nigerian bank accounts, albeit with a limit of three daily transfers.

Moreover, Opay enables users to pay bills directly from their Opay Bank accounts and provides tools for setting savings goals and managing finances.

It is essential for potential borrowers to be aware of Opay’s integrated loan apps interest rates, which range from 0.1% to a maximum of 1%. 

Read: How To Upgrade Your Kuda Bank Account Easily

These rates are calculated on a daily basis and, when annualized, range from 36.5% to 360%. 

Borrowers should carefully consider these rates and assess their ability to repay before taking out a loan.

FAQs On Opay Review: Is Opay Legit?

Here are some helpful frequently asked questions on Opay review: Is Opay legit or not with answers 

Is my money safe with Opay?

Opay is a legitimate and authorized financial services provider regulated by the Central Bank of Nigeria (CBN). 

This regulatory oversight ensures that Opay operates within legal boundaries and provides a secure platform for its users.

While no financial institution can guarantee absolute safety, Opay’s compliance with regulations and its reputation among users contribute to the overall security of your money.

Is Opay recognized in Nigeria?

Yes, Opay is recognized in Nigeria. 

It is a prominent digital bank and financial services provider operating within the country. 

Opay’s operations are approved and regulated by the Central Bank of Nigeria (CBN), which further solidifies its recognition as a legitimate financial institution.

Which bank owns Opay?

Opay is not owned by a traditional bank. It is a standalone financial services provider operating in Nigeria. 

However, Opay partners with various banks to offer its services and facilitate transactions. 

These partnerships allow Opay to provide banking services such as instant loans, transfers, and bill payments to its users.

What is the issue with Opay?

Without specific context, it is difficult to determine the particular issue being referred to. 

Opay, like any financial institution, may encounter challenges or issues related to its services, customer support, or regulatory compliance. 

However, Opay has been operating in Nigeria as a reputable and recognized financial services provider, offering a range of services including banking, payments, and loans.

Can banks trace Opay?

Banks in Nigeria, including those partnered with Opay, have the ability to trace transactions involving Opay.

Financial transactions leave an audit trail, and banks can access transaction records to investigate or trace funds. 

However, the specific capabilities and processes may vary depending on the bank and the nature of the transaction.

How do I get my money back from Opay?

If you have an issue or need to retrieve your money from Opay, it is recommended to contact Opay’s customer support directly. 

Opay usually provides customer support channels, such as phone or email, through which users can address their concerns and seek assistance in resolving any issues. 

Opay’s customer support team should be able to guide you through the process of accessing and retrieving your funds, depending on the specific circumstances.


Opay is a legitimate and authorized financial services provider in Nigeria. 

Its approval and regulation by the Central Bank of Nigeria attest to its legitimacy and adherence to financial regulations. 

Opay’s loan services have garnered positive reviews from users, and the platform offers various benefits, including no account maintenance fees, instant account opening, free ATM withdrawals, and free transfers. 

However, borrowers should be cautious of the interest rates associated with Opay’s loans.

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