Is OPay approved and insured by Nigeria Deposition Insurance Cooperation (NDIC)? In this article, we are going to be walking you through the approval and licensing status of the mobile money operator in Nigeria.
Knowing whether OPay is approved and insured by NDIC will grant you mind rest to trust the payment service with your Money. Untrustworthy payment service can fraud customer and lie about hacking or compromising.
However, when a payment bank service or mobile money operators like OPay is license by country's apex bank and approve by NDIC, all the deposition to your wallet will be insured and safe, even if the company enter bankrupt.
OPay, launched in August 2018 in Nigeria, is one of the topping mobile money operators and financial technology platform in the country. One of it popular rival is PalmPay - another leading MMO in Nigeria.
With OPay, you can send money, deposit funds into your wallet, save and invest and even apply for loan. But many customers are concerned about the risk of using OPAY and that's why they're investigating whether the fintech app is approved and insured by NDIC.
NDIC's OPAY Approval Status
Yes, OPAY is approved and insured by the Nigeria Deposition Insurance Cooperation (NDIC). This means inward transfer to the any OPay Accounts are insured by the NDIC.
In addition to trustworthiness and legitimacy of OPay in Nigeria,the finance app is also approved and licensed by the Central Bank of Nigeria (CBN) to offer Microfinance banking services to the underbanked as a mobile money operator.
In addition to NDIC's Approval, OPay is among the list of approved and regulated Mobile Money Operator (MMO) listed on the NDIC official website. This simply show that OPay is a well regulated payment service. Hence, you don't need to panic, your money is safe with the payment app.
Things You Should Know About Bank Deposit Insurance
Bank deposits insurance, provided by the Nigeria Deposit Insurance Corporation (NDIC), ensures the safety of deposits held in banks. This insurance safeguards individuals' savings against potential insolvency of deposit money banks (DMBs).
Each depositor is protected up to N500,000 per bank. NDIC's coverage limits are set at N500,000 per depositor for commercial, merchant, and non-interest banks, primary mortgage banks, and mobile money operators. For microfinance banks, the coverage limit is N200,000 per depositor.
OPay operates within the category of mobile money operators (MMO), ensuring a maximum coverage of N500,000 for each OPay account (depositor).
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Which Government Entity Insured OPAY?
All deposits into any OPAY Account are insured by the Nigeria Deposition Insurance Cooperation (NDIC). In other words, OPay is registered under NDIC for Bank Deposition Insurance (BDI).
List of Bank Insured by NDIC?
There are many banks in Nigeria that are insured by NDIC. These banks are ranging from commercial banks, microfinance banks, digital banks, mobile money operators, payment service banks and POS agents.