Hello guys! In this article, I will share with you everything you need to know about OPAY, its full names and how the real name was originated. OPay, a leading digital bank in Nigeria, has become households name in many nations in Africa including Egypt.
Many users in Nigeria usually call it OPay, which means the full name or real name is not common among its users. However, in this article, I will tell you the full meaning of OPay and how it's originated.
Full Name of OPay Bank
OPay Bank full name or real name is OPAY DIGITAL SERVICE, LIMITED. We can attribute the name to operating name licensed by the Central Bank of Nigeria (CBN). However, OPay is also doing business (that is, the name registered with the Cooperate Affairs Commission [CAC] in Nigeria) as OPAY DIGITAL SERVICES Limited.
However, it's important to let you know that OPAY is not PAYCOM. Both platforms are different from each other. OPay is a financial institutions that have large present and audience in Nigeria, while PayCom is an American Tech-HR company.
But, think of it, you've seen many Nigerians commercial bank displaying "PayCom" whenever you want to transfer money OPAY, why? The reason is that, OPay initially called Paycom in Nigeria, but after being acquired by the Opera Group, it was rebranded as OPay, likely standing for Opera Pay.
However, that was in the past, PayCom is no longer display on bank's beneficiary whenever money want to be transfer to OPay Account/User.
In a nutshell, OPay Bank Legal Name or Licensing Name from the Central Bank of Nigeria (CBN) is OPay Digital Service Limited, otherwise known as OPay Bank. While is real name or operating name is OPay. The digital bank can also be refer to as OPera Pay.
OPay Microfinance Bank Limited - The Official Name?
No, OPay is not a Microfinance Bank (MFB) in Nigeria. Many people think that OPay is a MFB in Nigeria. Although, it offer similar services to Microfinance Bank. But OPay is a Mobile Money Operator (MMO) in Nigeria.
The Central Bank of Nigeria (CBN) licensed OPay as a Mobile Money Operator (MMO). With this license, you can carryout banking services such as fund transfer, Airtime top up, savings and investment platforms and many more.
However, you're not allowed to offer a Microfinance services such as Loan and credit to user with a MMO License. Now, I know you will be wondering about OPay offering loan services.
Yes, OPay may be offering Loan services, but of you study these services well, you will discover that OPay is offering loan and credit services via third-party platform like Easimoni. You can tap on "Finance," then "Loan" in your OPay App to access the EasiMoni features.
In essence, OPay is not a Microfinance bank (MFB) but a Mobile Money Operator (MMO) in Nigeria. OPay's services are just aligned with the microfinance bank model e.g., digital payments, mobile money transfers, potentially microloans.
FAQs
What is the official name of OPay?
While commonly referred to simply as "OPay," the official name is OPay Digital Services Limited.
What does OPay stand for?
OPay does not have a specific meaning behind its name. It was initially called Paycom in Nigeria, but after being acquired by the Opera Group, it was rebranded as OPay, likely standing for Opera Pay.
Is there another name for OPay?
Some users in Nigeria still refer to OPay by its former name, Paycom.
Do I need to know the full name to use OPay?
No, the widely used name "OPay" is perfectly acceptable for all interactions with the platform.
Is OPay a Bank?
Although offering some banking-like features, OPay is not technically a commercial bank but a digital bank. It operates as a mobile money platform and microfinance bank, meaning it focuses on financial services tailored to individuals and small businesses.
Is there a separate company called "OPay Bank"?
No, "OPay Bank" is not a separate entity. It's an alternative way to refer to OPay itself, highlighting its microfinance capabilities.
Why do some people call it "OPay Bank"?
The "OPay Bank" name may come from the fact that it offers bank-like services such as savings accounts, loans and digital payment solutions. It highlights OPay’s capabilities beyond a mere payments platform.