Opening Dollar Account on OPay: Here’s Everything You Need To Know

First and foremost, I want you to understand that OPay is a mobile money operator in Nigeria. The payment service was established and licensed by the Central Bank of Nigeria (CBN) to offers banking services such as money transfer, bills payments and other to the banked and underbanked part of Nigeria.

OPay is not licensed as IMTO (International Money Transfer Operator). Hence, OPay cannot offer a dollar account opening in Nigeria. However, you can certainly receive dollar (converted to Naira) with your OPay account. Surprise right?

I know you will be thinking how possible could this be? Well, it actually works with the help of IMTO partners like WorldRemit, MoneyGram and other.

To receive dollars (USD) in your OPay account, you will have to tell your sender that you’re collecting the fund through International Money Transfer Operator. The IMTO’s agent will then send the funds to Mobile Money Operator (selecting OPAY as the option) in Nigeria.

Furthermore, your OPay Account Number will be included in the transaction and transaction may take upto 7 business days before it appear on your OPay Wallet.

I hope this actually answer your question about “How to open a dollar account on OPay“. Furthermore, here’s “How to open a dollar account online in Nigeria“. Or, you can check the “Best apps to save in USD in Nigeria with high interest rate“.

How to Open a Dollar Account on OPAY

Currently, OPay doesn’t offer direct USD accounts openings within its payment app. However, there are workarounds you can explore to hold and transact in USD through OPay. It’s recently known that OPay partners with some services (including Gray.co and WorldRemit) that offer USD accounts and allow transfers to/from OPay wallets.

Additionally, You can open a separate USD account with a traditional bank (e.g UBA or GTB) in Nigeria and link it to your OPay account for transfers. However, this might incur for additional fees and formalities compared to the aforementioned options.

Can I Receive Dollars into my OPAY Account?

Yes, you can receive foreign currencies such as USD, GBP and EUR in your OPay Account in Nigeria. Here’s how:

  • Grey: Create a Grey account or log in if you already have one. On the dashboard, navigate to “Accounts” and click “Request USD Accounts.” Once the USD is received on your Grey.co account, you can link your Grey USD account to your OPay wallet for naira transfers.
  • WorldRemit: Partnered with OPay for international money transfers. OPay users with KYC level 2 can access this service. You can receive USD remittances directly into your OPay wallet from abroad.
  • Traditional banks with USD accounts: You can open a separate USD account with a traditional bank in Nigeria and link it to your OPay wallet for transfers. Then, you can use the DOM account to receive foreign currency and transfer it to OPAY in conversion to Naira.

However, always have it at the back of your mind that regulations and available features might change over time, so it’s always recommended to stay updated with official OPay announcements and partner service information. I hope this information helps! Let me know if you have any further questions. Cheers!

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