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 detail 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 ₦100 Airtime in reward as a 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 to 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) are as follows:
₦1,000,000 × 0.05 = ₦50,000
Deducting a 10% withholding tax, the earnings 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 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 the 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 any time. 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 funds anytime without any hassle. I usually leave my 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 to get a 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 ₦100 free Airtime voucher as a 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 Play store or your Apple store for your Android and IOS prospectively.
2. Signup for OPay: Secondly create an account and sign in by filling in the necessary information required.
3. Fund you OPay Account: Then you can proceed to fund your OPay account.
4. Subscribe to OWealth: After successfully funding your OPay account click on the ‘OWealth’ or ‘Savings’ on the 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 balance.
You can go to OWealth to view your investment details anytime.
You may also be interested in How to Open an OPay Account.
How to Transfer Money from OWealth on OPay
Transferring money from OWealth on OPay is a straightforward process that can be completed using the OPay mobile app. The process is designed to be user-friendly and convenient, making it easy for OPay users to manage their OWealth funds and make transfers as needed.
You do not need to transfer your OWealth fund to your OPay balance to spend or withdraw, since your OWealth balance and your OPay wallet balance are combined and you can spend or transfer directly from this combined balance.
Once logged in to OPay, you directly transfer to other OPay users or to any other bank account.
To transfer to other OPay users, tap on the To OPay icon on the home screen then enter the user’s phone number and the amount you want to transfer, and tap on the Confirm button. Tap on the Pay button to authorize the transfer.
To transfer from OPay or OWealth to other banks tap on the To Bank icon, then enter the recipient account number and bank, confirm the name of the recipient, then enter the amount you want to transfer, and tap on the Confirm button, then finally click on the Pay button to authorize the transfer.
Note that after clicking on the Pay button, you may be required to enter your PIN or to use biometric authentication like fingerprint before the fund is finally transferred. Once, you authenticate the transfer, the fund will be in the recipient’s account in a matter of minutes.
How to Withdraw from OWealth
Since your OPay balance is combined with your OWealth funds are combined, you can easily withdraw your funds at any time. To withdraw from OWealth, all you have to do is transfer the amount you want to your own bank account, It will be transferred to your OPay wallet where you can transfer it directly to your bank.
To withdraw from OPay or OWealth to your bank account tap on the To Bank icon, then enter your account number and bank, enter the amount you want to withdraw and tap on the Confirm button, then tap on the Pay button and enter PIN or scan fingerprint to authorize the withdrawal.
You can also withdraw with your OPay ATM card if you have one. Just visit any ATM machine near you to withdraw your OWealth funds.
Also, there are OPay merchants across Lagos and other states in Nigeria. You can transfer funds to an OPay merchant and they will give you cash.
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 and 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 want 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 will keep their funds safe and yield maximum profit. It’s not difficult to understand or to put into practice.
Everyone who reads this article should be able to understand how these investment schemes work and use them 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 log in 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.
