Opay Speaks on Customers' Deposits As NDIC Increases Insured Funds Up to N5 Million

• NDIC has raised the maximum deposit insurance coverage from N500,000 to N5 million to enhance depositor protection and financial stability
• Opay has assured its customers of the safety of their deposits, stating compliance with NDIC's decision
• Opay and Moniepoint, among several other financial technology companies, now offer banking services to Nigerians

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Opay, a leading mobile payment service in Nigeria, has reassured its customers of the safety of their deposits.

The assurance comes following the Nigeria Deposit Insurance Corporation's (NDIC) recent decision to increase the maximum deposit insurance coverage from N500,000 to N5 million per subscriber for a mobile money operator.

In a statement, Opay expressed compliance to NDIC's decision, highlighting that it would provide a substantial safety net for its users.

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Opay promises full compliance

OPay, established in 2018 to make financial services more inclusive through technology assured its customers that their deposits are secure and that the company complies with all regulatory requirements, Punch reports

The statement reads:

"This strategic change aims to protect depositors and encourage banks and mobile money operators to act responsibly.

"By increasing the insured amount, the NDIC wants to prevent financial institutions from taking unnecessary risks, which helps reduce the chances of bank runs.

"OPay’s compliance with the NDIC’s new insurance coverage shows its commitment to protecting user funds and promoting financial stability.

"With this new insurance level, OPay users can trust their deposits are as secure as those in other commercial banks.

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"This step greatly contributes to a more inclusive and stable financial system in Nigeria."

UBA, others to debit customers' bank accounts

Earlier, Legit.ng also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit is for old foreign currency transactions carried out between 2021 and 2023 by customers and will be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

In a notice titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng