By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: OPay to Remove Fraudulent Accounts, Enforce KYC Compliance from March 1, 2024
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

OPay to Remove Fraudulent Accounts, Enforce KYC Compliance from March 1, 2024

Yusuf Abubakar
By Yusuf Abubakar
Published: January 24, 2024
Share
2 Min Read
OPay
OPay
SHARE

Nigerian financial technology firm, OPay, has announced stringent measures to enhance the security of its platform and protect customers’ deposits from fraudulent activities.

The company revealed that starting from March 1, 2024, fraudulent accounts would be removed from its system, and customers whose accounts are not KYC (know your customer) compliant will face blocking.

KYC is a standard banking process through which financial institutions collect information about the identity and address of their customers to prevent misuse of banking services.

Addressing concerns raised in a recent report about gaps in the registration and verification process for new customers, Olayemi Precilia, Director of Cards Business at OPay, explained the upgraded security measures.

- Advertisement -

She mentioned that customers would now be required to provide their National Identity Number (NIN) for account opening, and without it, they won’t be able to proceed.

“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,” Olayemi Precilia emphasized.

Ikponmwosa Kolawole Odiase, OPay’s Director of Partnerships, added that fraudulent accounts would be removed from the system. Going forward, customers will be required to link their accounts with both NIN and bank verification numbers (BVNs).

To address concerns about poor facial verification on the application, Odiase revealed that OPay intends to deploy a system for backend verification of customers’ facial data with BVNs and NINs.

- Advertisement -

“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,” Odiase stated.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:OPay
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByYusuf Abubakar
Follow:
Yusuf Abubakar, Born in the mid-’90s, a recipient of various meritorious awards, a passionate entrepreneur, an advocate of good governance, a toast master and a patriotic Nigerian.
Previous Article Tinubu Leaves for Paris on Private Visit
Next Article Destiny Etiko Destiny Etiko Expresses Desire to Be a White Woman in Her Next Life

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 3 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Police Blockade of PDP Secretariat Triggers Political Turmoil and Heated Reactions
Politics
APC Welcomes Kwankwaso Back to Collaborate with President Tinubu
Politics
Olubunmi Tunji-Ojo
FG Hails Success of E-Visa System, Processes Over 14,000 Applications in Six Weeks
News
Google Releases June 2025 Core Update
Tech
NELFUND
NELFund Warns Students Against Fake Loan Portal, Urges Caution Over Fraudulent Links
Education
- Advertisement -
Ad imageAd image

You May Also Like

International

Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Ali Bukar Dalori
Politics

Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 30, 2025
MI Abaga
Celebrities

MI Abaga Expresses Regret Over Past Support for APC

Damilola A.
Damilola A.
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?