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Watch now to claim my new book on Effective Book Marketing Strategies.Opay has a good program in place for savings and investment. I observed that lots of people are already taking advantage of this.
Related: How to invest Money
What is Opay and why should I trust Opay?
Opay is one of the popular mobile banking apps in Nigeria. It is arguably the best and the most popular in Nigeria today.
You can trust Opay because it’s legally registered and it is insured by the Nigerian Deposit Insurance Company (NDIC). So your money is always safe with Opay.
What is the Opay Savings and investment program?
Opay savings and investment program is called, Spend and Save.
At Nownowbooks and Sarefat Vision Investment LTD, because we want you to create wealth and be useful to the kingdom of God on this earth, we have decided to bring you frequently Asked Questions (FAQ) about Opay Savings and investment program.
Please enjoy this and most importantly, take actions immediately.
Frequently Asked Questions about Opay Savings (Spend and Save)
The following are the frequently Asked Questions about Opay Savings and investment program, Spend and Save:
What is Opay Spend & Save?
Opay Spend & Save is a savings product developed by BlueRidge Microfinance Bank and available on the OPay app. It is designed to help you make full utilization of your funds using a “save & earn as you spend” model.
How does Opay Spend & Save work?
Set a percentage to save and tap the “Activate Spend & Save” button. Funds will be automatically transferred from your OPay Balance or OWealth to Spend & Save balance every time you spend or transfer money on the OPay app.
Automatically transferred amount = Amount spent or transferred * The percentage “Spend” in this context includes Airtime, TV, Electricity, Mobile Data, Betting, Transport, and Waste bills payment. “Transfer” includes transfers to bank accounts and OPay accounts.
What is the annual interest rate of Spend & Save?
For interest yielding balances of #100,00 and below, your daily returns will be calculated at 15% annual interest rate while for interest yielding balances above #100,000, the first #100,000 still get 15% while the rest get 5% interest. In compliance with Nigerian Tax regulations, a Withholding Tax of 10% applies to the interest earned on your savings.
How is Spend & Save interest calculated?
An Interest is calculated and paid every day. Daily interest = Interest Yielding Balance* ((1+ annual interest rate)^(1/365)-1)*(1-10% withholding tax).
How are funds deposited into my savings account?
Funds will be automatically transferred from your OPay Balance or OWealth to Spend & Save balance every time you spend or transfer money on the OPay app. Automatically transferred amount = Amount spent or transferred * The percentage “Spend” in this context includes Airtime, TV, Electricity, Mobile Data, Betting, Transport, and Waste bills payment. “Transfer” includes transfers to bank accounts and OPay accounts.
What is the annual interest rate of Spend & Save?
For interest yielding balances of #100,00 and below, your daily returns will be calculated at 15% annual interest rate while for interest yielding balances above #100,000, the first #100,000 still get 15% while the rest get 5% interest. In compliance with Nigerian Tax regulations, a Withholding Tax of 10% applies to the interest earned on your savings.
How is Spend & Save interest calculated?
Interest is calculated and paid every day. Daily interest = Interest Yielding Balance* ((1+ annual interest rate)^(1/365)-1)*(1-10% withholding tax).
How long do I have to wait before I can withdraw from my Spend & Save balance?
Withdrawals are processed immediately.
How can I stop Spend & Save?
To stop deductions, set the percentage to 0% and your funds will not be automatically transferred to your Spend & Save balance. You can withdraw funds when Spend & Save is stopped.
You should take action immediately. If you don’t have the Opay app, got the app stores to download one.
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