OPay to block accounts not linked with NIN

In a bid to curb fraudulent activities in mobile payment systems, Nigerian fintech company OPay has announced a crackdown on accounts lacking proper Know-Your-Customer (KYC) verification.

Also starting from March 1, 2024, all accounts on the platform will be required to be linked with the National Identification Number (NIN) and a Bank Verification Number (BVN) or face blocking.

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.

Addressing these concerns, OPay officials outlined several new measures including mandatory NIN for new and existing accounts. Going forward, NIN will be a mandatory requirement for both new and existing accounts. Customers with tier 1 accounts (basic accounts with limited functionalities) will be prompted to update their information with NIN to continue transactions. Those who fail to comply by March 1 will be locked out.

Speaking at news conference in Lagos, the Director of Partnerships at OPay, Mr IK Odiase said that any account identified as fraudulent will be promptly removed from the OPay platform, effective March 1, 2024 and urged OPay customers to verify that the information provided during account registration aligned with their NIN and BVN records.

“We are strictly following CBN’s instructions, and accounts with conflicting information will be terminated.”

Addressing security concerns, Head of Marketing and Communications at OPay, Mr Adekunle Adeyemi, highlighted the company’s ongoing efforts to educate and inform customers about potential fraud risks through in-app messages and social media channels pointing out that the fintech company aims to keep customers vigilant and aware.

“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.

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology.