After CBN Instruction, OPay Sends Message to Customers on Funds in Their Account

• OPay has assured its customers about the funds in the accounts, promises safety and better service delivery
• The fintech company has grown to become one of the most favourite banks by Nigerians amid growth in e-transaction
• 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 business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Opay, a leading financial services provider in Nigeria, has reassured its customers regarding the security of their funds.

In a statement on its X account on Tuesday, April 30, 2024, the bank said it’s committed to fighting illegal financial activities in the country.

The statement reads:

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“Opay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.

“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

“To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities.

“Please note that existing accounts and wallets remain unaffected by the CBN’s directive. We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.

“Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem.”

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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.

The apex bank outlined the implementation of the new policy in a circular signed by Chibuzo Efomi, the director of the Payment System Management department, and the director of the Financial Policy and Regulation department.

Source: Legit.ng