OPay implements enhanced KYC measures to align with CBN regulatory guidelines

Leading the charge in mobile-based payments, OPay has pledged to initiate a comprehensive account removal procedure for those without a Bank Verification Number (BVN) and/or National Identification Number (NIN) from March 1, 2024.

This commitment aligns with the recent directives from the Central Bank of Nigeria (CBN) regarding Know-Your-Customer (KYC) requirements, which mandate the linking of individual accounts and wallets with BVN and/or NIN by the specified deadline.

CBN has specified that the inclusion of BVN or NIN is mandatory for all new accounts or wallets.

In a media briefing held in Lagos on Wednesday, January 25, Priscilla Olayemi, the Director of Card Business at OPay, expressed the company’s commitment to adhering to these directives by commencing the initial stages of the KYC process.

Olayemi clarified that users with tier one accounts are now required to furnish their BVN or NIN for financial transactions, and for new account registrations, OPay mandates 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.

Through in-app messages and social media channels, OPay aims to keep customers vigilant and aware. 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.

Adeyemi stated: “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.”

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.