OWealth – Savings and Investment Plan by OPay

OWealth - Savings and Investment Plan by OPay

OWealth is a Savings and investment platform built into the OPay App that enable you save part or all of your OPay fund to get an annual interest paid daily. The annual interest is fixed at up to 15% which is attractive compared to the 5% which is the highest any Nigerian bank can offer.

OWealth investment avenue allows investors to save any amount of money. You can go the full year or more and you can withdraw your money at any time. Investors will find this article very useful as we break down into details all you need to know about OWealth (An investment scheme by OPay).

OWealth currently offers 15% per annum for the first ₦100,000 and 5% per annum for the remainder of your balance.

Let’s use numbers and figures to analyze the profitability and the advantage of OWealth investment over banks.

To use OWealth, you must first get the OPay app, use my link and get up to ₦1,200 in reward as welcome bonus.

How OWealth Works

If Chike makes a total investment of ₦1,000,000 in OWealth while Funke makes a total investment of ₦1,000,000 in a bank (A bank that offers a high investment returns of 5%) Both for the period of one year.

The returns on investment (Interest) for both will be as follows:
Chike’s returns on investment (Interest) with OWealth after one year will be 15% on the first ₦100,000 and 5% on the remaining ₦900,000:
₦100,000 × 0.15 + ₦900,000 × 0.05 = ₦15,000 + ₦45,000 = ₦60,000

However, there is a 10% withholding tax that applies on interest earned on all savings in Nigeria. This amounts to a 6000 Naira withholding tax.

i.e. at the end of the one-year period Chike can withdraw a total of ₦1,054,000 having made a profit of ₦54,000.

Now let us look at Funke’s return.

Funke’s returns on investment (interest) is as follows:
₦1,000,000 × 0.05 = ₦50,000

Deducting 10% withholding tax, the earning on savings becomes ₦45,000.

i.e at the end of the one-year period Funke can withdraw a total of ₦1,045,000 having made a profit of ₦45,000

The decision to invest again lies in the hands of the investors. But one thing is clear the OWealth investor made a a bit more compared to the Bank investor. A whole difference of ₦11,000.

Another advantage of OWealth interest on your account though calculated annually will be credited daily. Any interest on your investment is payable on the capital you invested once it has completed a period of one day (24 hours).

So, in example case above, the 54,000 Naira will be divided by 365 and you would be paid 147.94 NGN every day.

Another advantage of OWealth is that you can withdraw your funds without losing the interest you have earned at anytime. This is almost impossible with conventional banks fixed deposit savings and investment deals.

You can also use your OWealth balance for payment of bills (electricity, data, airtime, cable, etc), transfer funds, or POS and ATM transactions (with your OPay ATM card) without any hassle.

You earn high interest, yet you can use your fund an anytime without any hassle. I usually leave my OWealth balance at around ₦100,000. This way I get the best bang for my buck.

Get more Savings with the Fixed Plan

If I want to save more than ₦100,000, I will deposit ₦100,000 in OWealth and the balance in the fixed plan. The Fixed plan offers interest of between 15% and 18% per annum depending on the duration you want to fix the deposit, ranging from 7 to 1000 days.

It also allows you get the high interest for a bigger sum of ₦300,000. You also get a higher interest rate for the balance, ranging between 6% and 9% per annum.

Having considered the profitability and advantages OWealth has over bank investment we should also note that OPay is offering the OWealth investment scheme under the license of Blue Ridge Micro Finance Bank Limited. It is a licensed investment scheme and not a Ponzi scheme.

OWealth and the Fixed plan are available in the OPay app, use my link to download and register an OPay account and get up to ₦1,200 in reward as welcome bonus.

How to Save and Invest with OWealth

Now here comes the most important part which is how to run everything from investment to withdrawal on OWealth.

1. Download and Install OPay: Firstly you need to have the Opay App. OWealth is built into the OPay App. If you don’t have it, it’s easy to get you can download and install it from your Google Playstore or your Apple store for your Android and IOS prospectively.

2. Signup for OPay: Secondly create account and sign in by filling the necessary information required.

3. Fund you OPay Account: Then you can proceed to funding your OPay account.

4. Subscribe to OWealth: After successfully funding your OPay account click on the ‘OWealth’ or ‘Savings’ on OPay dashboard. At this point some terms and conditions will pop up. Read and accept to proceed.

5. Fund your OWealth Account: The final thing to do is to fund your OWealth investment. Fill in the amount you want to invest and confirm. You will receive an alert, click done. And that’s it ‘You’re an investor’. Your interest will be credited daily to your OWealth balance.

You can go to OWealth to view your investment details anytime.

If you wish to withdraw your funds anytime, It will be transferred to your OPay wallet where you can transfer it directly to your bank. The interest you have earned as at then (If not up to a year) will also be credited.

Also there are OPay stands across Lagos and some other states in Nigeria to help you with transactions provided you have any issue(s) understanding the App or how to make transactions.

OWealth has no doubt become a giant savings and investment scheme in the Nigerian financial space. The outstanding offers and benefits it brings, interest accuracy, Capital & interest cash out at any moment, flexibility and reliability are some of the reasons why it stands out and why you as an investor might not like to miss out on this investment platform.

This article is not only for investors, but also to enhance financial inclusion so that the people will have a knowledge of the investment and savings opportunities available to them, and use these opportunities to their own advantage.

If you can increase your money by 15% without working then you really need to consider this opportunity. The reasons why businessmen are the richest in the country is because they know and understand all these well and they never joke with investment opportunities.

Also they make sure they make the best investment decisions that’ll keep their funds safe and yield maximum profit. It’s not difficult to understand or to put into practice.

Everyone that read this article should be able to understand how these investment schemes work and use it to their advantage. If not every investment scheme, you should be able to understand the much emphasized OWealth and be able to make use of the available investment offer.

It is more practicable for people who have funds they might not be using. Even if there is no such fund you can raise it. The 15% interest Owealth offers is worth it, isn’t it?

When you consider the profit the investment can fetch you it is actually worth it.

Now what can discourage you from saving on OWealth? Perhaps an emergency? The answer is “No”. This shouldn’t discourage you from investing in OWealth.

In case of an emergency, all you need to do is login to your OWealth account and withdraw your funds. And the most interesting, because you are credited with your interest daily, you’ll be given your funds and the interest accrued (due). Without completing the one year you get the interest for the duration you have completed.

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Paschal Okafor is NaijaTechGuide Team Lead. The article OWealth – Savings and Investment Plan by OPay was written by Paschal Okafor. The article was last modified: July 6th, 2023
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