Many often wonder if Opay Owealth is legit with all its attractive promises. OPay is a leading fintech platform that offers a wide range of digital financial services in Nigeria.
One of their popular products is Owealth, which provides investment opportunities to users. But is Opay Owealth legit and safe to use?
This comprehensive article will examine everything you need about OPay Owealth and its legitimacy.
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Overview of OPay
OPay started operations in 2018 as an affiliate of Opera Software, the developer of the Opera web browser. The startup raised $50 million in funding within its first year to expand its services in Nigeria.
Today, OPay provides services in mobile money, payment processing, ride-hailing, food delivery, and wealth management.
The app has been downloaded over 40 million times in Nigeria and has over 300,000 active agents nationwide.
OPay promotes financial inclusion by providing accessible and affordable financial services to Nigeria’s unbanked and underbanked population.
The startup claims to be processing over $2 billion in transactions annually.
Owealth from OPay
Owealth is OPay’s investment and wealth management product. It promises attractive returns by allowing users to invest in fixed deposits and Flex Naira.
Fixed deposits are like savings accounts that lock up funds for a fixed tenure and provide guaranteed returns.
On the other hand, Flex Naira offers potentially higher but variable returns by investing in instruments like treasury bills.
So, in a nutshell, Owealth gives investors two options:
- Fixed savings: Get guaranteed returns by locking up funds in fixed deposits for 1, 3, 6, or 12 months.
- Flex Naira: Earn variable returns potentially higher than fixed deposits by investing in instruments like treasury bills. Your money remains flexible and can be withdrawn anytime.
Users can start investing with as little as NGN 100 and earn up to 15% returns annually.
Features and Benefits of Owealth
Here are some of the notable features and benefits of using Owealth for investing:
- Easy account opening: Opening an Owealth account is quick and convenient. You need an existing OPay wallet.
- Flexibility: Invest any amount starting from NGN 100. You can also withdraw your Flex Naira investment anytime you want.
- Attractive returns: Earn up to 15% annual returns on your investment. The rate is significantly higher than returns from traditional bank savings accounts.
- Secure: Owealth leverages reputable platforms like Paystack and Sterling Bank to provide a secure investing experience. Your funds are protected.
- Convenience: Manage your investment easily via the OPay app, available for Android and iOS devices.
- uincentivesGood customer support: Get assistance quickly by chatting with customer support or reaching out on social media.
For many Nigerians, these benefits make Owealth an attractive avenue to earn passive income on their savings. The high interest rates and flexibility are the major drawcards.
Is Opay Owealth Legit, Safe, and Reliable?
Now, the biggest question is – is Opay Owealth legit? Can you trust them with your hard-earned savings?
Here are some facts that support Owealth as a legitimate platform:
- Operated by reputable company OPay: Owealth is provided by OPay, Nigeria’s leading fintech platform backed by global investors. OPay has a trustworthy image and brand name.
- Secured by reliable partners: Owealth’s technology infrastructure is powered by Paystack, while customer funds are held with a reputable bank – Sterling Bank.
- Guaranteed returns on fixed deposits: Owealth guarantees your capital and the returns when you invest in fixed deposits. There is no risk of losing money.
- Regulated by authorities: As a fintech company, OPay and Owealth are regulated by relevant Nigerian authorities like the Central Bank. They have to comply with financial regulations.
- Positive user reviews: Numerous users have shared positive feedback about their experience with Owealth. They were able to withdraw funds and earnings smoothly.
- Transparent terms: Owealth provides clear information on its website and app regarding interest rates, charges, investment tenure, etc. No hidden terms and conditions.
While cryptocurrencies and some fintech platforms carry risks, Owealth seems to have embraced a conservative model focusing on the safety of capital. The company, too, has strong financial backing and regulatory compliance.
So, in summary, Opay Owealth does appear to be legit, safe, and reliable for investing your money based on current evidence. But as with any investment, you should exercise some caution.
How Owealth Works
Let’s understand better how Owealth works and how you can start using it:
Signing Up
- To get started with Owealth, you need an OPay account and wallet. Download the OPay app on your phone and register if you don’t have an account.
- Complete your KYC verification to activate wallet transactions.
- Once your OPay account is ready, open the Owealth section in the app.
- Enter your BVN for identification and accept Owealth terms & conditions.
Making Investments
There are two main investment options:
Fixed Deposits
- Choose a fixed deposit tenure – 1, 3, 6, or 12 months. The longer the tenure, the higher the interest rate.
- Enter the investment amount. The minimum is NGN 100.
- Confirm details and make payment from your OPay wallet to lock in the investment.
- The principal and guaranteed interest will be paid out after completion of the tenure.
Flex Naira
- Select the Flex Naira option if you want to earn variable returns on your investment.
- Enter the investment amount starting from NGN 100.
- The amount will be deducted from your OPay wallet and invested in money market instruments.
- You can track the value of your investment in the app. Your principal remains available for withdrawal anytime.
- Returns are credited every 30 days based on market performance. You can withdraw whenever you want.
Withdrawing Funds
To withdraw your money from Owealth:
- Wait for fixed deposits to mature. Premature withdrawals attract a fee.
- For Flex Naira, select the withdraw option anytime and enter the amount.
- Withdrawn funds will reflect in your OPay wallet within hours and can be transferred to the bank.
- No charges or hidden fees for withdrawals.
The process is quick and convenient directly from the OPay app.
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What Are the Risks to Consider?
While Owealth presents an easy way to earn high-interest returns, you must consider the following risks:
- Not a bank – Owealth is not a bank. OPay is a fintech company. So, deposits do not enjoy banking protections like deposit insurance.
- Company risk – Some risks depend on OPay’s financial stability and business continuity. If they shut down, your funds may be at risk.
- Market risk – Flex Naira returns depend on money market performance. In case of volatility, your earnings may be impacted.
- Liquidity risk – Premature withdrawal of fixed deposits results in loss of interest. So your funds may get locked in case of urgent needs.
- Platform risk – The app-based platform may have tech glitches that impact accessibility to your funds.
While OPay has built mechanisms to minimize these risks, they cannot be ruled out entirely. So invest only spare money and consider portfolio diversification.
What Users Are Saying About Owealth
Most user reviews and testimonials about Owealth are positive. Here are some key points that come up frequently:
- Easy to open an account and make deposits – The signup process is smooth, and making investments requires just a few clicks.
- Withdrawals are hassle-free – Users confirm being able to withdraw their funds and earnings without any hiccups.
- Competitive returns – Interest rates of up to 15% exceed what traditional banks offer. Happy customers.
- Reliable platform – Many users say the app works well and faces no issues managing their investments.
- Excellent support – Owealth’s customer support team quickly resolves queries.
- Safe so far – Most customers vouch for Owealth’s safety and legitimacy based on its association with OPay and their personal experience.
While a few users faced minor delays in deposits/withdrawals, most reviews indicate a seamless investing experience with Owealth.
Alternatives to Owealth
Here are some other investment options you can consider:
- Cowrywise – This savings and investment platform offers attractive returns on fixed deposits and mutual funds.
- PiggyVest – Offers Flex Naira, fixed deposits, and target savings with compelling interest rates.
- Microfinance banks – Licensed by CBN, many microfinance banks offer fixed deposits with 15-17% returns.
- Treasury bills – Directly investing in government treasury bills can fetch you 5-15% returns every 90-360 days.
- Commercial paper – Top companies issue commercial paper that gives 8-15% returns for 90 days.
- Mutual funds – Professionally managed mutual funds provide market-linked yet moderate returns over the long term.
- Stocks – Carefully investing in shares of solid companies can give high returns but requires research.
- Real estate – Property investments generate rental income and long-term capital appreciation.
Evaluate risks, tenures, liquidity, and risk appetite before choosing any investment product.
Frequently Asked Questions
Is Owealth Regulated in Nigeria?
Yes, Owealth is provided by OPay, which holds licenses from relevant Nigerian regulators like the Central Bank for mobile money operations.
As a fintech service, Owealth has to comply with existing financial regulations.
How Are Customer Funds Protected With Owealth?
Owealth mentions that all customer funds are held in a custodial account with a reputable commercial bank – Sterling Bank. This segregates investable capital from OPay’s finances.
Can I Lose Money Investing in Owealth?
Owealth guarantees your principal and returns for fixed deposits. For Flex Naira, while market risks are there, it invests only in low-risk instruments like treasury bills. So, the risk of capital loss is low.
Are There Any Hidden Fees With Owealth?
No. Owealth clearly states its pricing and fees, like the premature withdrawal penalty for fixed deposits. There are no hidden costs.
How Fast Can I Withdraw Funds From Owealth?
Withdrawals get credited to your OPay wallet typically within 24 hours. You can then cash out to your bank. The process is quick and convenient through the app.
What Happens if Opay Shuts Down?
While unlikely, given OPay’s strong financial position, there could be some risk of capital loss if the company itself ceases operations.
However, the use of custodian bank accounts provides some protection.
Is Customer Data Safe With Owealth?
Owealth leverages reputable platforms like Paystack, which are known for data security. Customers must also use passwords and PINs to access accounts, enhancing safety.
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To Sum Up
Opay Owealth is a legit platform that offers an easy and appealing way to earn high returns on your savings through fixed deposits and Flex Naira investments.
Its operation by leading fintech player OPay and partnerships with companies like Paystack and Sterling Bank provide credibility.
User feedback also indicates that Owealth is a legitimate investment platform. Returns of up to 15%, no hidden fees, and quick withdrawals make it an attractive proposition for many Nigerians.
However, risks like company stability, market volatility, and liquidity need consideration. Do proper due diligence, compare alternatives, and invest only in disposable savings.
Overall, Owealth seems to empower Nigerians with a reliable means to grow wealth. Just remain cautious and avoid putting all your eggs in one basket.
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