Existing Accounts Safe, Secured, OPay Assures Customers

OPay, a leading financial service company in Nigeria, has clarified that the new Central Bank of Nigeria’s (CBN) directive does not affect existing accounts, while assuring its customers that their funds were safe and secured.

Recall that CBN directed fintech companies to stop onboarding new customers until further notice. This directive is coming few months after the CBN mandated all financial institutions to collect ID cards before creating financial accounts, which contradicts a 2013 central bank rule designed to support financial inclusion that allowed Nigerians to open accounts without identity cards.

OPay, in a press statement made available to LEADERSHIP on Tuesday, assured that it remains committed to working closely with the CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.

“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

“To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities,” it affirmed.

OPay however reiterated that existing accounts and wallets remain unaffected by the CBN’s directive. “We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.

“Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem,” it stated.