Opay’s Unwavering Compliance: Implements KYC With Stricter Measures To Align With CBN Regulatory Guidelines

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OPay, at the forefront of mobile payments, has committed to removing accounts without a National Identity Number (NIN) or Bank Verification Number (BVN) completely beginning on March 1, 2024.

This commitment complies with recent guidelines on Know-Your-Customer (KYC) standards issued by the Central Bank of Nigeria (CBN), which require that all individual accounts and wallets be connected to BVN and/or NIN by the deadline. Furthermore, CBN has mandated that BVN or NIN must be included for new accounts or wallets to be approved.

During a media briefing in Lagos on Wednesday, Priscilla Olayemi, the Director of Card Business at OPay, affirmed the company’s dedication to complying with these directives by initiating the initial phases of the KYC process.

Olayemi clarified that users with tier-one accounts must provide their BVN or NIN to access financial transactions. For new account registrations, OPay now requires the submission of BVN or NIN details.

I.K. Odiase, the Director of Partnerships at OPay, emphasized that any accounts identified as fraudulent will be promptly removed from the OPay platform, effective March 1, 2024. Odiase urged OPay customers to verify that the information provided during account registration aligns with their NIN and BVN records, stating, “We are strictly following CBN’s instructions, and accounts with conflicting information will be terminated.”

Addressing security concerns, Adekunle Adeyemi, Head of Marketing and Communications at OPay, highlighted the company’s ongoing efforts to educate and inform customers about potential fraud risks. OPay aims to keep customers vigilant and aware through in-app messages and social media channels. Adeyemi also emphasized the security infrastructure in place, including USSD codes that customers can utilize to secure their accounts in case of theft or compromise.

“In addition to implementing robust security measures, we offer USSD codes that customers can dial if they suspect any compromise to their accounts. Our goal is to ensure our customers are well-protected under any circumstances,” affirmed Adeyemi.

About OPay

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, airtime & data purchase, card service, and merchant payments, among others. Renowned for its super-fast experience and reliable network, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as traditional banks.

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