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JUST IN: OPay Set To Block Accounts



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Opay, a Nigeria-based financial technology firm, has disclosed that it will start removing fraudulent accounts from its system from March 1, 2024.

The financial firm said at a news conference on Wednesday, adding that customers whose accounts are not KYC compliant will also be blocked.

KYC (Know Your Customer) is a customer’s identity and address documentation process. 

The documentation process ensures customers do not misuse banks’ services. 

Opay said it had to take action to prevent fraudulent people from accessing its customers’ deposits.

Olayemi Precilia, the director of the cards business, stated security measures have been upgraded on the platform; therefore, new customers will now need the national identity number (NIN) for account opening.

She said, “When you log into your app, and you have a tier one account, and you don’t have your NIN, it will ask for your NIN. You cannot move forward without inputting that NIN. So, that is one of the things we’ve already done.”

“The second thing is, for new customers, you’re going to start off with the NIN. That’s what we’re implementing. So, we’re pulling information from your NIN into your wallet. That is going live next month.

“And we have a timeline — March 1st — wherein anyone who is not compliant will be locked out.”

The Opay’s director of partnerships, Ikponmwosa Kolawole Odiase, said, “Fraudulent accounts will be yanked off the firm’s system.”

He added that customers must link their accounts with NIN and bank verification numbers (BVNs).

Odiase said the action is to stop fraudsters from accessing the customer’s account. 

He said, “It’s a collaboration between all relevant stakeholders — the regulators, the KYC agencies. All this is a way to curb fraud.”

“The fraudsters are not sleeping, and we also are waking up to the challenge. It’s an industry challenge, unfortunately.

“So many fictitious accounts will definitely go.”


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