Opay and Owealth are among the most innovative fintech platforms that are gaining popularity in major markets in Africa. Founded in 2018 by Norwegian company Opera Software, Opay started out as a mobile payment platform before expanding into a number of other services.
With over 40 million active users and 300,000 registered agents across Nigeria, Opay is mainly used for mobile money transfer services, airtime and data purchases, utility bill payments, and public and ride-sharing services. Because of Opay’s wide usage, the platform has transformed into a perfect one-stop shop for online shoppers, food delivery, and hotel booking service.
Owealth, on the other hand, is an investment platform launched by Opay in mid-2020. Owealth offers individuals an opportunity to invest in different assets such as Treasury bills, Money market funds, and other mutual funds. The platform is designed to meet the special investment needs of Africans and allows users to invest with as little as 50 Naira (Nigerian Naira).
Opay and Owealth have transformed the fintech sector in Africa by providing efficient and affordable financial services to a large and diverse population. These two Digital financial services have bridged the gap between traditional banking and technology by offering financial services that meet the needs of Nigerians.
Features of Opay
- Mobile payment: Opay provides a convenient and simple way to manage your mobile payment transactions, eliminating the need for cash and card transactions. With Opay, users can easily receive and send payments, pay bills, and purchase products and services with just a few taps on their phones.
- Digital wallet: Opay’s digital wallet allows users to securely manage and store their funds. Users can easily deposit money into their wallet and their balance is always visible in the app. The wallet can also be used to make instant transfers to an Opay wallet or other bank account.
- Multiple payment methods: Opay offers several payment methods, including bank transfers, card payments, and mobile payments. This flexibility makes it easy for users to choose their preferred payment method and complete the transaction with ease.
- Transaction alert: Opay sends transaction alerts to users via SMS and email, notifying them of their transaction history. This feature allows users to track their expenses and quickly detect any unauthorized transactions.
- Discounts and refunds: To incentivize users and encourage app usage, Opay offers discounts and refunds for certain transactions. Users can also earn rewards through referrals and other advertising campaigns.
- Customer Support: Opay offers excellent customer support to its users. Users can contact customer support through the app or through various channels such as email, social media or phone calls and they will get support quickly.
- Protect: Opay attaches great importance to the security of users’ data and funds. The app uses encryption and other security measures to protect user information and transactions from scammers. In addition, Opay partners with licensed financial institutions to provide secure and regulated financial services.
- Easy to use interface: Opay has a simple and intuitive user interface that allows users to navigate and transact seamlessly. This app is designed to be user-friendly even for those who are not tech-savvy.
Features of Owealth
Owealth is a Fintech company that provides consulting services on investment Here are some features that make it stand out in the market:
- Personalized investment plan: Owealth offers clients personalized investment plans based on their financial goals, timing and risk tolerance. The platform’s algorithmic model creates a diversified portfolio tailored to each client.
- Low minimum investment: Owealth has a low minimum investment requirement of $100 making it accessible to more investors, including Millennials and beginners.
- Low fees: The platform charges lower fees than traditional asset management firms. Owealth charges a flat annual fee of 0.75% of total assets under management, significantly lower than the industry average.
- Tax optimization: Owealth uses tax loss to reduce tax liability and maximize profits. The platform automatically sells securities that incur losses to offset taxable profits.
- Auto rebalance: Owealth automatically rebalances the portfolio to maintain the desired asset allocation. This ensures that the portfolio matches the client’s investment goals and risk tolerance.
- Goal-based investment: Owealth’s investment approach is based on achieving specific financial goals, such as saving for retirement, buying a home, or paying for an education. The platform offers a goal tracker that helps clients track progress towards their goals.
- Access to experts: Owealth provides access to financial advisors who can provide personalized advice on investment strategy.
- Easy account management: Customers can easily open and manage their accounts through the Owealth app. The platform also offers investment education resources to help clients make informed decisions.
Overall, Owealth provides a simple, convenient and affordable investment solution for clients who want to achieve their financial goals.
Differences Between Opay and Owealth
We have come up with the difference between Opay and Owealth. Read through this section to know more about it.
- Purpose:
Opay is a mobile payment platform that allows users to transfer money, pay bills and buy products and services. It aims to facilitate financial transactions and enhance financial inclusion in Nigeria.
On the other hand, Owealth is an asset management platform that offers investment opportunities to individuals and businesses. It is designed to help users grow and manage their wealth through strategic investments.
- Ownership:
Opay is owned by Opera Software, the same company that developed the popular Opera web browser.
Owealth is a subsidiary of Opay Investment Company Limited.
- Benefits:
Opay offers a wide range of financial services, including mobile money transfers, bill payments, wireline purchases and online shopping. It also provides loans and insurance to its users.
On the other hand, property offers investment opportunities in real estate, agriculture and other sectors. Users can invest in the platform and get a return on their investment.
- Availability:
Opay is available in Nigeria, Ghana, Kenya and South Africa.
Owealth is currently only available in Nigeria.
- User base:
Opay has a large user base, in Nigeria alone there are more than 40 million registered users.
Owealth is a relatively new platform with a growing user base.
- Marketing strategy:
Opay has aggressively marketed its services through online and offline channels, including social media, billboards, and partnerships with businesses and organizations.
Owealth has focused on building relationships with individual and corporate investors through targeted marketing campaigns.
- Regulations:
Opay is regulated by the Central Bank of Nigeria and licensed by the Nigerian Communications Commission.
Owealth is regulated by the Securities and Exchange Commission (SEC) and other regulatory bodies in Nigeria.
- Security:
Opay uses advanced security measures, including biometric authentication and encryption, to ensure the safety and security of users’ financial information.
Owealth also uses advanced security measures, including two-factor authentication and encryption, to protect users’ investments and personal information.
FAQs OPay Vs Owealth: Differences Between Opay and Owealth.
1. What is OPay?
OPay is a mobile payment platform that provides various financial services including bill payment, mobile recharge and money transfer.
2. What is wealth?
Owealth is a digital investment platform that allows individuals to access a variety of investment opportunities, such as stocks and bonds.
3. What is the difference between OPay and Owealth?
OPay mainly focuses on the financial transaction aspect, while Owealth is in charge of the investment aspect. OPay lets you pay bills and transfer money, while Owealth lets you invest in stocks, bonds, and other financial instruments.
4. Who are OPay and Owealth targeting?
OPay is for people who need quick and easy transactions, like paying bills or sending money to family members. Property is for people who want to invest and grow their assets for the long term.
Although both OPay and Owealth are subsidiaries of Opera, they operate independently of each other. They are designed to meet different financial needs and serve different target audiences.
Conclusion
We have provided you with the difference between Opay and Owealth. The two platforms belong to Opera Limited. Opay is used mainly for financial transactions while Owealth is used for investment purposes. The two platforms are good, and using them is recommended.
