All accounts on OPay, Nigeria’s fintech company that are not properly linked with the National Identification Number (NIN) would be blocked by March 1, 2024.
Also, fraudulent accounts and those that do not meet the know-Your-Customer (KYC) of the Centra Bank of Nigeria would also be removed from the OPay platform.
The Director of Partnerships at OPay, Mr Ikponmwosa Odiase, who broke the news during an interactive session with the media in Lagos, South West Nigeria, further revealed that its tier 1 account owners have been barred from performing transactions on its mobile app until they update it with their NIN.
Recall, that the CBN in a December 2023 circular stated that all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit” effective April 2024.
According to Odiase, the ongoing updates by existing customers, has now made NIN a mandatory requirement for all accounts opening, stressing that as a result everyone who has a tier one account must link with NIN before their transaction can be valid.
He warned that fraudulent account will be yanked off the OPay platform saying that every OPay account details must correspond with what they have in their NIN registration.
Odiase explained that the decision on the yanking of the non-NIN complaint account was a collaborative decision of everyone relevant players in the financial sector adding that new customers are going to start with NIN, and that information about account holders NIN be their will wallet.
He told journalist at the media parley, which was the first of the year by the award winning fintech that the new KYC system will help Nigeria tackle all fraud related issues in the financial sector.
Odiase promised that OPay would be deploying a system where there would be a backend a verification of customer’s facial with BVNs and NINs to enable OPay tackle the poor facial verification on the application.
The Director Card Business, Pricillia Olayemi in her report while revealing the OPay 2024 plan disclosed that OPay Verve now holds 33.60 percent shares of the Verve card market noting that the fintech is introducing virtual customer services.
She stated that OPay looks toward creating one million jobs stressing that the company is rejigging its corporate social responsibility programme for the year targeting education at the all levels.
According to the Head of Marketing and Communication, Adekunle Adeyemi said that the media parley was designed to get the media close and better understand the OPay brand.
