Nigerian Bank Announces New Features To Secure Customers’ Accounts, Alert Users on New Codes
- Opay, one of Nigeria's leading fintech companies, has announced new features and codes on customers' accounts
- The new feature now provides more protection to customers' funds in case of phone theft or user ID
- OPay operates as a licensed Mobile Money Operator under the regulations of the Central Bank of Nigeria
Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
OPay, a Nigerian fintech firm, has announced the implementation of new security features on customers' accounts.
In a statement, the digital bank said the new features aim to improve the platform's security and protect customers from fraudulent activities.
Source: Facebook
The statement reads:
"User’s deposits are protected by the Nigeria Deposit Insurance Corporation, offering the same level of insurance coverage as traditional banks. This double layer of protection shields users’ hard-earned money against unforeseen circumstances.
“Beyond regulatory safeguards, OPay has actively developed innovative features to empower users with direct control over their financial security. Introducing the *955*131# USSD short code, users can instantly lock their OPay account in case of their mobile phone being misplaced or stolen.
“This swift action can potentially save you from unauthorised transactions and ensure peace of mind.
"Additionally, the *955*132# USSD code grants you immediate control, allowing you to lock your OPay card with a single dial.”
Opay MD speaks on the new feature
Dauda Gotring, the managing director of OPay, further explained that users can also lock their account immediately after the phone is stolen, Punch reports.
“Ensuring the financial security of our users is our utmost priority at OPay. Through a combination of robust regulatory compliance, innovative security features, and continuous user education, we are establishing a digital banking ecosystem that instills confidence in every transaction.
"To enhance user control over their accounts, we've introduced a convenient short code system.
" In the event of a lost or stolen phone or card, users can swiftly lock their accounts by dialing 955131# for account locking and 955132# for card locking, ensuring a hassle-free experience.
Additionally, our advanced fraud detection system plays a crucial role in safeguarding users. It actively monitors for any suspicious activities, and upon detecting a potential scam, the system initiates an immediate double-confirmation alert before allowing any transaction to take place."
New features on Opay
According to Gotring, this crucial pause empowers users to verify the recipient and transaction details, effectively catching scams before any damage is done.
He noted:
“It is like having a vigilant financial guard protecting users in the digital marketplace.
“Protecting users’ data from phishing attacks and scams is equally crucial. OPay is actively committed to raising user awareness through regular SMS and in-app notifications .
"These reminders emphasise the importance of never disclosing your One-Time Password (OTP), as no OPay staff will ever request it. "
CBN introduces changes to savings, current accounts
Legit.ng reported that Nigerians on social media have expressed mixed feelings about the directives by the CBN mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions beginning
The apex bank, in a circular signed by its director of the Payment System Management department, Chibuzo Efomi, and the director of the Financial Policy and Regulation department, outlined the implementation of the new policy.
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Source: Legit.ng
