Emmanuel OchayiOPay, one of Nigerian fintech company, has declared a major security overhaul set to commence on March 1, 2024.
During a press conference on Wednesday, Olayemi Precilia, OPay’s Director of Cards Business, disclosed that the company would be purging fraudulent accounts and blocking customers failing to comply with Know Your Customer (KYC) requirements.
The decision follows a report exposing vulnerabilities in OPay’s account registration and verification processes, prompting concerns about the security of user data and financial transactions.
Precilia reassured the public that upgrades have been implemented to fortify the platform’s security.
Starting next month, new OPay customers will be mandated to provide their National Identity Number (NIN) during the account creation process. Precilia emphasized, “Anyone who is not compliant will be locked out” by the set deadline of March 1, 2024.
Ikponmwosa Kolawole Odiase, OPay’s Director of Partnerships, emphasized the removal of fraudulent accounts from the system. Going forward, customers are required to link their accounts with both NIN and bank verification numbers (BVNs). To address concerns about facial verification, Odiase revealed plans for a backend verification system using BVNs and NINs.
Odiase stated, “It’s a collaboration between all relevant stakeholders — the regulators, the KYC agencies. All this is a way to curb fraud.” Acknowledging the ongoing challenge posed by fraudsters, he expressed confidence that the industry-wide initiative would significantly reduce fictitious accounts.
As the deadline approaches, OPay customers are urged to update their account details promptly to meet KYC requirements and avoid any potential disruptions.
This move by OPay signifies a proactive stance against financial fraud, aligning with industry standards to safeguard user data and bolster confidence in digital financial transactions.
