OPay Adopts Stricter KYC Measures, Sets March 1 Deadline for BVN and NIN Integration

In response to directives from the Central Bank of Nigeria (CBN), OPay, a leading mobile payment platform, is gearing up to implement robust Know-Your-Customer (KYC) procedures. Users will be required to link their accounts with Bank Verification Number (BVN) and/or National Identification Number (NIN) by March 1, 2024.

The CBN’s KYC mandate encompasses all individual accounts and wallets, emphasizing the importance of BVN and/or NIN integration. This directive applies not only to existing accounts but also to new ones, which must include BVN or NIN to gain approval.

Priscilla Olayemi, Director of Card Business at OPay, assures the company’s dedication to compliance with the CBN directives. The KYC process is now underway, with users holding tier one accounts mandated to submit their BVN or NIN details.

In a bid to maintain a secure platform, I.K Odiase, Director of Partnerships at OPay, announces the removal of any accounts identified as fraudulent. This measure is slated to take effect from March 1, 2024. OPay underscores the importance of users aligning their registration information with NIN and BVN records to prevent account termination.

Addressing security concerns, Adekunle Adeyemi, Head of Marketing and Communications at OPay, emphasizes the company’s proactive approach to educating users about potential fraud risks. This involves in-app messages and communication through social media channels.

Adeyemi also sheds light on OPay’s robust security infrastructure and introduces USSD codes, offering users a means to secure their accounts in case of theft or compromise.

Established in 2018, OPay has positioned itself as a key player in Nigeria’s financial landscape, striving to enhance financial inclusivity through technological solutions. Licensed by the CBN and insured by the NDIC, OPay provides a comprehensive array of payment services, including money transfer, bill payment, airtime & data purchase, card services, and merchant payments.

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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