Opay now upgraded to National Status by the CBN

 

What does it mean?

Opay can now open physical offices in each states across Nigeria and it confirms that, they now have the minimum requirements of 5 billion naira capital requirements set by the CBN.

You can now use them as Salary account and their statement of account will now be accepted for Travelling out of the country 

BUT

They won't be receiving cash in their office like traditional banks and some other things traditional banks are know for.

They can't give out cheque.

There is still huge gap between them and commercial deposit money bank, which are traditional banks like the UBA, Acess, First bank, Zenith E.t.c

This upgrade did not happen for Opay alone.

Palmpay, KUDA, MONIEPOINT and some other Fintech Banks got upgraded too.

Our traditional banks go get serious problem this year with this Upgrade