How do I open an OPay account?
- Download the OPay app from the App Store or Google Play.
- Register with a valid mobile phone number.
- Verify your identity with your NIN, BVN, or another accepted ID. OPay states this can open your account instantly.
- Accept the terms and conditions and submit any additional details requested to finish setup.
What's the difference between OWealth and Fixed Savings?
- OWealth: not locked. You earn daily interest while keeping full access to your money for transactions at any time.
- Fixed Savings: locked. You commit funds for a term of your choosing, from 7 days up to 1000 days, in exchange for a higher rate.
"Locking money on OPay" specifically means choosing Fixed Savings, not OWealth. If you want your funds to stay accessible while still earning something, OWealth is the correct product instead.
How do I lock money on OPay?
- In the app, go to the savings or OWealth section.
- Select Fixed Savings.
- Choose your lock duration. Longer terms generally carry a higher rate within the reported 15-18% per annum range.
- Enter the amount and confirm. The funds are inaccessible until your chosen term ends.
What interest rate does OPay actually pay?
The standard, ongoing rates reported are:
- OWealth: 15% per annum on the first ₦100,000 of your balance, 5% per annum on the remainder.
- Fixed Savings: roughly 15-18% per annum, depending on your chosen lock term.
Separately, OPay is currently running a "7 Savings Festival" promotional campaign, reported to run from 10 August to 27 September 2026, offering 27% per annum plus a share of a ₦77 million reward pool for customers who hit a savings target without an early withdrawal. This is a time-limited campaign rate, not the standard ongoing rate. If you're reading this after the campaign window, expect the standard rates above instead, and confirm the current offer directly in the app either way.
People also ask
Do I need a bank account to open an OPay account?
No. OPay states you can open an account with just a phone number and NIN, BVN, or another valid ID, without needing an existing bank account first.
Is OWealth or Fixed Savings better?
Depends on whether you need access to the money. OWealth pays less on balances above ₦100,000 but keeps funds available; Fixed Savings pays more but locks the funds for the full term with no early access.
What happens if I need locked money in an emergency?
Fixed Savings is built specifically to prevent early access. If there's any real chance you'll need funds before your chosen term ends, keep them in OWealth instead of locking them.