How to Lock Money on OPAY

Locking Money on the OPay App is a straightforward process which can be done with just a few clicks.

In this article, I’m going to teach you how you can easily lock money on your OPAY Account and everything you need to know about OPay Lock Fixed Deposit Savings Account.

But before we dive fully into the primary reason of this article “how to lock money on OPay App”, let’s review the OPay app to you.

OPay was brought to the people in Nigeria in the year 2018. The Central Bank of Nigeria (CBN) licensed the fintech app to carryout financial solutions to the people in both rural and urban development.

Since then, OPay has become a household name in the banking industry in Nigeria. Ease operations and trust it built among it customers base has made the finance app to achieve this feat.

On a norms, OPay offers plethora of products within it Mobile application. One of such product is the fixed savings account that allows you to lock money in OPAY.

The part that will interest you most is that when you lock your money in OPAY Fixed Deposit Savings Account, you will be earning interest on the money locked.

For instance, if you lock money on OPAY for a period of 7 to 60 days, you will earn 15% interest per annum. To cut the long story short, let’s dive into the looking money aspect.

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OPAY Fixed Savings

OPay Fixed Savings is a plan that let you lock money on OPay and earn interest on savings. However, it’s important to let you know that interest earned is paid out on due date along with the principal.

In other words, with OPay Fixed Savings, you can lock your money on the app and earn interest on your savings.

That aside, it’s also important to let you know that OPay Fixed Savings Account has two modes; The Locked Mode and The Unlocked Mode. Here’s how they work:

Fixed Savings Locked Mode

If you choose to lock your money on OPAY using the Fixed Savings Locked Mode, all the interest earned in the savings will be paid to you immediately. However, the money will be locked up and you won’t be able to withdraw it in advance, no matter the circumstances, you will have to wait till the due date.

Fixed Savings Unlocked Mode

If you choose not to lock your money on the OPay App but you wish to save money on the Fixed Deposit Savings Account and earn interest, interest earned on the savings will be paid at due date along with the principal, but you have the freedom to withdraw your savings at anytime.

That’s just simply how Locked and Unlocked Mode work on OPay Fixed Savings Plan. Now let’s dive to locking money on OPAY App.

Lock Money on OPAY

Here’s how to lock money on OPAY App:

• Open the OPAY App on your phone. Works on Android and iPhone in Nigeria.
• Once you’ve logged-in to your account, tap on “Finance”
• On the “Finance” page, you will see various Savings options. But to “Lock Money” on OPAY, tap on “Fixed” as highlighted in the image below:

• Next, create your savings plan and choose your preferred investment duration, e.g 7 to 60 days locked
• Next, enter the amount of money you wish to lock, select payback date and name your plan.
• Now, you have to choose between “Locked Mode” or “Unlocked Mode”. The plan you select will determine your interest rate and how you get paid.
• Accept terms and conditions and tap on “Create Plan” to Lock your Money on OPAY App.

Unlock Money on OPAY App

Here’s how to unlock your money on the OPAY App:

• Login to your OPAY Account
• Tap on “Finance”
• Tap on “Fixed”
• Tap on your created “Plan Name”
• If your plan is in “Locked Mode”, you can only unlock it in due date. If it’s on “Unlocked Mode”, tap on “Unlock” to unlock your money on OPAY.

However, it’s important to let you know that terms and conditions are apply to unlocking money on OPAY before the due date. For instance, if you withdraw your money before the due date, you will lose 100% of the interest earned.

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Furthermore, in compliance with Nigerian tax regulations, you’ll be charged 10% on the intrest you earn for each Savings plan.

FAQs

Final words

As you can see, locking money on OPAY is a straight forward processes. By following the guide highlighted above, you will definitely lock your money on OPAY easily and earn interest on your savings.

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