OPay, the one-stop mobile-based payment platform, has announced its commitment to removing accounts without a Bank Verification Number (BVN) and/or National Identification Number (NIN) effective March 1, 2024. This decision aligns with the recent directives from the Central Bank of Nigeria (CBN) on Know-Your-Customer (KYC) requirements, which mandate all individual accounts and wallets to have BVN and/or NIN by March 1, 2024. The CBN also instructed that no new accounts or wallets should be opened without BVN or NIN....CONTINUE READING
Priscilla Olayemi, the Director of Card Business at OPay, stated during a media parley in Lagos that OPay has initiated the first two stages of KYC in compliance with the new directives. Users with tier one accounts are now required to provide their BVN or NIN before being able to log in and conduct financial transactions. Additionally, new accounts are required to submit BVN or NIN during the registration process.
The Director of Partnerships at OPay, I.K Odiase emphasized that any fraudulent accounts would be removed from the OPay platform starting March 1, 2024. He urged OPay customers to verify that the information provided during account registration matches the details in their NIN and BVN, emphasizing strict adherence to the CBN’s instructions. Accounts with inconsistent information would be terminated.
Regarding security measures, Adekunle Adeyemi, the Head of Marketing and Communications at OPay, highlighted the company’s efforts to sensitize customers through in-app messages and social media platforms, aiming to enhance fraud awareness. He acknowledged the constant improvement in security infrastructure to address evolving tactics employed by fraudsters.
