OWealth is a feature within the OPay mobile app, a financial services platform operating in Nigeria.
It provides users with an investment opportunity to grow their money by earning daily interest on their funds.
Despite being a relatively new feature, OWealth has gained popularity among OPay users looking for a convenient and potentially profitable investment option.
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Features of OWealth
- Daily Interest:
- OWealth offers competitive daily interest rates on invested funds, providing users with regular returns on their savings.
- Flexible Investment Options:
- Users can choose from various investment terms, ranging from 7 days to 1 year, to align with their financial goals and risk tolerance.
- Automatic Investing:
- OWealth allows automated investing, enabling users to set up recurring contributions to their OWealth account, ensuring consistent growth of their investment.
- Convenient Access:
- Integrated into the OPay app, OWealth offers users easy access to their investment details and transaction history.
Canceling OWealth on the OPay
Canceling OWealth on the OPay app is a straightforward process that can be completed in a few simple steps:
- Open the OPay App: Ensure that you have the OPay app installed on your mobile device and log in to your account.
- Access OWealth: On the app’s home screen, locate and tap on the “OWealth” icon. This will take you to the OWealth dashboard.
- Initiate Cancellation: At the bottom of the OWealth dashboard, you should find a button labeled “Turn off Auto Invest.” Tap on this button to start the cancellation process.
- Confirm Cancellation: A confirmation pop-up will appear, asking you to verify your decision to cancel OWealth. Tap on the “Confirm” button to proceed with the cancellation.
- Successful Cancellation: Once the cancellation is complete, you should receive a confirmation message indicating that your OWealth investment has been terminated.
- Monitor Account: To ensure the cancellation has taken effect, check your OWealth dashboard and verify that the investment balance has been removed. Additionally, confirm that the “Turn off Auto Invest” button is no longer visible.
Benefits of Using OWealth
| Benefits of Using OWealth | Description |
|---|---|
| Potential for Growth | OWealth provides an opportunity for users to grow their money over time by earning daily interest on their investments. |
| Diversification of Savings | OWealth serves as a means of diversifying savings by allocating a portion of funds to an interest-generating investment. |
| Easy Management | The automated investing option and convenient access through the OPay app make OWealth easy to manage. |
| Integration with OPay Ecosystem | OWealth is closely integrated with the OPay ecosystem, allowing seamless fund transfers between the OPay wallet and OWealth investment. |
- Potential for Growth:
- OWealth provides an opportunity for users to grow their money over time by earning daily interest on their investments.
- Diversification of Savings:
- OWealth serves as a means of diversifying savings by allocating a portion of funds to an interest-generating investment.
- Easy Management:
- The automated investing option and convenient access through the OPay app make OWealth easy to manage.
- Integration with OPay Ecosystem:
- OWealth is closely integrated with the OPay ecosystem, allowing seamless fund transfers between the OPay wallet and OWealth investment.
Suitability of OWealth
OWealth is suitable for individuals seeking a convenient and potentially profitable investment option that complements existing savings strategies.
It is particularly attractive for those looking to start investing with smaller amounts and gradually increase contributions over time.
Considerations Before Investing:
- Investment Goals:
- Clearly define investment goals and risk tolerance to determine the appropriate investment term and amount.
- Diversification:
- Consider OWealth as part of a diversified investment portfolio rather than a sole investment strategy.
- Understanding Risks:
- While OWealth offers potential returns, it also carries investment risks. Understand the risks involved and make informed decisions based on risk appetite.
Conclusion
Remember, canceling OWealth will stop any future automatic investments, but it will not withdraw the funds you have already invested.
Those funds will remain invested until they mature, or you choose to withdraw them manually.
Please note that the steps may slightly vary based on app updates or changes made by OPay.
If you encounter any difficulties during the cancellation process, you can contact OPay customer support for assistance.