July 14, 2024

OPAY’S UNWAVERING COMPLIANCE: TAKES STRICTER MEASURES IN KYC IMPLEMENTATION TO ALIGN WITH CBN REGULATORY GUIDELINES

2 min read

Leading the charge in mobile-based payments, OPay has pledged to implement a thorough removal process for accounts lacking a Bank Verification Number (BVN) and/or National Identification Number (NIN) starting March 1, 2024. 

This commitment follows the recent directives from the Central Bank of Nigeria (CBN) on Know-Your-Customer (KYC) requirements, mandating all individual accounts and wallets to be linked with BVN and/or NIN before the specified deadline. Additionally, CBN has stipulated that no new accounts or wallets will be permitted without the inclusion of BVN or NIN.

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, and 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. 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.

“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.

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