₦airaland Forum

Many people using Opay service are still scared of leaving substantial amounts in their accounts. One major reason is that they can't pinpoint the means via which the service makes profit.

Second reason is that they worry that Opay doesn't have physical branches around like traditional banks. Users worry they won't know where to go to should they have issues.


I know Opay is approved by CBN and insured by NDIC but are these enough to guarantee security of money saved with them?

Please how does Opay make profit?

The returns they get from POS merchants is enough.

Treasure17:
The returns they get from POS merchants is enough.

Okay

What about security of savings?

Goldmynemaniac:
Many people using Opay service are still scared of leaving substantial amounts in their accounts. One major reason is that they can't pinpoint the means via which the service makes profit.

Second reason is that they worry that Opay doesn't have physical branches around like traditional banks. Users worry they won't know where to go to should they have issues.


I know Opay is approved by CBN and insured by NDIC but are these enough to guarantee security of money saved with them?

Please how does Opay make profit?

Guy, free transfers plus cashbacks.

They've been around for long though & licensed no yawa.

Exactly my worries too. It would be nice to get a very convincing answer to the above raised questions

ojietu:
Exactly my worries too. It would be nice to get a very convincing answer to the above raised questions

Before cbn will allow such bank in the country,they know it insured,the tariffs they get for their processes,they are not physical banks,paying utilities n maintenance.if it only physical banks in Nigeria cashless won't work self.

This guy above me is very funny, so you still believe in CBN?



When e red dem go deny you and Opay.

To the best of my knowledge, opay is a portfolio business of the owners of opera, they're not concerned with immediate gains. They want a piece of the Nigerian market and they're getting it thereby pushing up the valuation of the company. The resale value is more than enough

arkonpoint, how valuable exactly can an unprofitable business be?

They invest with the deposits you leave with them.

Even at this modern day technology people are still asking about physical branches. Okay let me ask you those whose money were wipped out by uba and access did they get their money back even upon all the drama caused at the branches?

My advice don’t leave much money at the bank invest your funds because the cbn on the cashless policy mismanagement just proved to be clueless themselves.

They are also making money from the app

Walahi, especially under this Emefiele

Bahamas95:
This guy above me is very funny, so you still believe in CBN?



When e red dem go deny you and Opay.

ojietu:
Exactly my worries too. It would be nice to get a very convincing answer to the above raised questions

They are owned by the Chinese who also own a lot of loan apps

They use your money for business too
They loan someone 5k to collect 10k in 7 days

Na kuda own day worry me, sometimes I go login to my account I go see #0.00 account way I get almost 300k inside make this bank no go give person high blood pressure, 😅😅


Buh for now I think they are the best

Germanjoe:
Before cbn will allow such bank in the country,they know it insured,the tariffs they get for their processes,they are not physical banks,paying utilities n maintenance.if it only physical banks in Nigeria cashless won't work self.

all those banks that folded up, like Allstates trust bank and others where customers lost their funds, were they not having CBN-approval and insurance? Na just God dey protect our funds for these Nigerian banks, not only by CBN approval or insurance

Olachase:
Na kuda own day worry me, sometimes I go login to my account I go see #0.00 account way I get almost 300k inside make this bank no go give person high blood pressure, 😅😅


Buh for now I think they are the best

Lol

They are typical bank but wholly electronic in operation.
If a thousand people deposit a million naira each, every depositor cannot pull out their money at same time or within short period. This gives the bank(OPay) the chance to loan out some of the money for interest and thus profit.

Plus their infrastructure is adept at delivering reliable services already. They gave us Opera Mini long before OPay and it was secure as well as free.

Goldmynemaniac:
arkonpoint, how valuable exactly can an unprofitable business be?

I'll give an example, when Facebook was starting out, all the services were free if charge and even up to date most of the services on it at still free, how then do they come up with their huge evaluation, there lies in your answer

arkonpoint:
I'll give an example, when Facebook was starting out, all the services were free if charge and even up to date most of the services on it at still free, how then do they come up with their huge evaluation, there lies in your answer

Facebook sells ads, Opay doesn't. Google is free because it sells ad(infact you're what google sells). What does Opay sell?

Goldmynemaniac:
Facebook sells ads, Opay doesn't. Google is free because it sells ad(infact you're what google sells). What does Opay sell?

How many branches does micro finance bank have in the country??

Frezhkid10:
How many branches does micro finance bank have in the country??

I don't get

I think Opay will go into e-commerce in future

Goldmynemaniac:
Many people using Opay service are still scared of leaving substantial amounts in their accounts. One major reason is that they can't pinpoint the means via which the service makes profit.

Second reason is that they worry that Opay doesn't have physical branches around like traditional banks. Users worry they won't know where to go to should they have issues.


I know Opay is approved by CBN and insured by NDIC but are these enough to guarantee security of money saved with them?

Please how does Opay make profit?

You forgot to add referal and signing up bonuses, even cashbacks.
Like i'm still wondering how they make profits.

Goldmynemaniac:
Facebook sells ads, Opay doesn't. Google is free because it sells ad(infact you're what google sells). What does Opay sell?

Opay doesnt have physical branches that require high maintainance na.
They are online, so the bills associated with having lots of big buildings in every corner is eliminated.

Then they are able to divert the money people deposited into better use.
E.g investments

Also, they have POS agents here and there.
Those agents pay a fee for transactions.

Goldmynemaniac:
Facebook sells ads, Opay doesn't. Google is free because it sells ad(infact you're what google sells). What does Opay sell?

I personally own an OPay (or Paycom Digital Services) machine. Anytime a customer makes a withdrawal i.e I insert the card in the machine and withdraw, for amounts below 5,000, Opay charges about N15 to N25, but I charge the customer N100. Now if you do the maths, you see that I make somewhere between N85 to N75...

The N15 Opay makes on transactions like this looks small, but if you multiply that by the huge number of such transactions on a daily basis, herein lies your answer as to what they sell and how they make their money.

And what Opay does is for long term, they are not in it for immediate profit... I know of POS machines who charge way higher.

Goldmynemaniac:
Facebook sells ads, Opay doesn't. Google is free because it sells ad(infact you're what google sells). What does Opay sell?

Early days of both companies, there was no ads

arkonpoint:
Early days of both companies, there was no ads

Which means they might later add charges to transfers. Probably just luring customers now.

Opay charges for transfer, don't get what you saying. Which opay ona dey use?

Goldmynemaniac:
Which means they might later add charges to transfers. Probably just luring customers now.

You got that right.

MrBroke:
Opay charges for transfer, don't get what you saying. Which opay ona dey use?

They don't unless you're sending to a merchant account. Atleast for now, all transfer are free