Learn how to invest with OPay OWealth, a secure and user-friendly investment platform offering high returns, daily interest, and flexible withdrawals. Start growing your savings today!
Launched in 2018, OPay is a versatile mobile-based financial platform offering a range of services, including mobile payments, transfers, savings, loans, and more.
Designed to meet the needs of Nigeria's unbanked and underbanked populations, OPay provides a convenient and secure way to access essential financial services through its user-friendly mobile app.
Among its many features, OWealth stands out as OPay’s integrated investment and savings product. It allows users to invest their funds and earn competitive returns, with annual interest rates as high as 15%—significantly higher than traditional Nigerian banks.
In this guide, we will explore why you should consider investing in Owealth and how to do so.
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Why You Should Consider Investing in OWealth
- OWealth offers up to 15% annual interest on the first ₦100,000 and 5% on amounts above that—significantly higher than traditional bank rates.
- As of April 2024, OPay has over 50 million users across Nigeria, Kenya, and Tanzania, with nearly 10 million daily active users.
- OWealth allows you to withdraw your funds anytime without penalties, giving you access to your money whenever needed.
- OWealth is seamlessly integrated into the OPay app, which processes over $12 billion in monthly transactions, making investing effortless.
- OPay holds a 22% share of Nigeria’s e-wallet market, demonstrating its credibility as one of the country’s leading mobile payment platforms.
How OWealth Investment Works
Let’s compare two hypothetical scenarios involving two individuals, Tunde and Amaka, both investing ₦500,000 over one year—Tunde invests in OWealth, while Amaka invests in a traditional bank offering a high return of 5%.
Tunde's OWealth Investment
- OWealth offers 15% interest on the first ₦100,000 and 5% on the remaining ₦400,000.
- After one year, the interest on Tunde's investment would be calculated as:
₦100,000 × 0.15 + ₦400,000 × 0.05 = ₦15,000 + ₦20,000 = ₦35,000
However, a 10% withholding tax on interest earned applies, which reduces the earnings:
₦35,000 × 0.10 = ₦3,500 in tax. - At the end of the year, Tunde’s total profit would be ₦35,000 - ₦3,500 = ₦31,500. His total balance after one year would be ₦531,500.
Amaka's Traditional Bank Investment
- Amaka’s bank offers a flat 5% interest on her ₦500,000 investment.
- The interest after one year is:
₦500,000 × 0.05 = ₦25,000
Deducting the same 10% withholding tax:
₦25,000 × 0.10 = ₦2,500 in tax. - Amaka’s total profit would be ₦25,000 - ₦2,500 = ₦22,500, leaving her with a total of ₦522,500 after one year.
The Difference in Returns
Tunde’s OWealth investment gives him a profit of ₦31,500, while Amaka’s traditional bank investment yields a profit of ₦22,500. Tunde earns an extra ₦9,000 by investing with OWealth.
Features and Benefits of OWealth
Daily Interest Crediting
One key advantage of OWealth is that, although interest is calculated annually, it is credited daily. For Tunde’s example, the ₦31,500 interest would be divided by 365 days:
₦31,500 ÷ 365 = ₦86.30 credited to his account daily.
This daily payout means Tunde can withdraw his funds anytime without losing interest already earned—something that is usually not possible with traditional bank investments or fixed deposits.
Flexibility of Funds
OWealth also offers the flexibility to use your balance for everyday transactions like bill payments, airtime purchases, and POS transactions, while still earning interest. With traditional banks, fixed deposits typically lock your funds, making early withdrawals more difficult or causing you to forfeit your accrued interest.
Maximizing Savings with OWealth and Fixed Plan
If you want to invest more than ₦100,000 for better returns, you can split your funds between OWealth and OPay’s Fixed Plan. The Fixed Plan offers interest rates between 15% and 18% per annum depending on the investment duration (7 to 1,000 days).
For instance, by placing ₦100,000 in OWealth and another ₦300,000 in the Fixed Plan (offering 6% to 9% per annum on larger sums), you can maximize your returns while keeping a portion of your money accessible in OWealth for everyday use.
Security and Legitimacy
OWealth is managed by Blue Ridge Microfinance Bank Limited, a licensed institution, ensuring that your investment is secure and legitimate. This is a major reassurance for those wary of Ponzi schemes.
Step-by-Step Guide: How to Invest on OPay OWealth
Step 1: Download and Register on OPay
- Download the OPay App: Visit the Google Play Store or Apple App Store, search for “OPay,” and download the app.
- Register Your Account: Open the app and follow the instructions to register. Enter your phone number and create a secure password.
- Verify Your Account: Enter the OTP (One-Time Password) sent to your phone to complete the verification process.
Step 2: Fund Your OPay Wallet
Fund Your Wallet via Bank Transfer:
- Open the OPay app and go to the “Wallet” section.
- Select “Add Money” and choose “Bank Transfer.”
- Follow the instructions to transfer money from your bank account to your OPay wallet.
Fund Your Wallet via Card:
- In the “Wallet” section, select “Add Money” and choose “Card.”
- Enter your card details and the amount you wish to add.
- Confirm the transaction to fund your wallet.
Step 3: Open OWealth Investment
- Open the app and go to the “Finance” or “Invest” section.
- Select “OWealth” to proceed.
- Follow the prompts to activate OWealth. You may be required to agree to terms and provide additional information if necessary.
Step 4: Start Investing
- Enter the amount you wish to invest in OWealth. You can start small and increase over time.
- OWealth will automatically invest your funds once you set the amount, and your investment will begin accruing daily interest.
- You can track your investments and returns within the OPay app.
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Final Thoughts
OWealth offers a secure and regulated investment option, backed by OPay’s robust security measures. With encryption and multi-factor authentication in place, your funds and data are protected, providing a trustworthy platform for your savings.
If you’re seeking a user-friendly, flexible investment platform with competitive returns, OWealth could be a great addition to your financial strategy, particularly for those looking to grow their savings with minimal effort.
OWealth stands out for its higher interest rates, daily returns, and flexible withdrawals, which are often unavailable on traditional banking platforms. Its accessibility and ease of use make it a convenient option for everyday investors.
Frequently Asked Questions (FAQs)
Is OWealth Safe for Investment?
Yes, OWealth is secure. OPay uses advanced encryption and multi-factor authentication to protect your investments and personal information.
What security measures does OPay use?
OPay employs state-of-the-art security technologies like encryption and multi-factor authentication to ensure user safety.
Is OWealth Legitimate?
Yes, OWealth is a legitimate product by OPay, a trusted financial platform regulated under Nigerian financial laws.
How Much Can I Earn with OWealth?
With a 15% annual interest, an investment of ₦100,000 can earn you ₦15,000 in a year.
How Do I Withdraw Money from OWealth?
Open the OPay app, navigate to OWealth, select the amount to withdraw, and confirm. The funds will be transferred to your OPay wallet.
What is Owealth Withdrawal Policies and Limitations
OWealth allows penalty-free withdrawals, but check the app for any specific limitations or policies.
How to Cancel OWealth Investment
Open the OPay app, go to OWealth, select the investment you want to cancel or modify, and follow the prompts.