Payment platform deploys strict measures on KYC implementation

Committed to its promise of deepening financial inclusion through technology and enabling shared prosperity, OPay has announced a major security update in its operations.

The digital bank said it would, from March 1, 2024, remove fraudulent accounts from its system and block customers whose accounts are not compliant with the Know Your Customer (KYC) requirements – Bank Verification Number (BVN) and/or National Identification Number (NIN).

The company announced this during a news conference in Lagos. It stated that the move was aimed at reinforcing the security of the platform and safeguarding customer deposits.

The decision comes on the heels of a report that highlighted vulnerabilities in OPay’s registration and verification process for new accounts.

KYC, a standard banking process, involves verifying the identity and address of customers to prevent misuse of banking services and reduce fraudulent transactions.

The Central Bank of Nigeria (CBN) recently issued a directive on KYC requirements, mandating all individual accounts and wallets to be linked with BVN and/or NIN before the specified deadline. The CBN also stipulated that no new accounts or wallets would be permitted without the inclusion of BVN or NIN.

Speaking during the media briefing, the Director of Card Business of Opay, Priscilla Olayemi, affirmed the company’s commitment to complying with the directive by initiating the initial phases of the KYC process.

She clarified that users with tier-one accounts must provide their BVN or NIN to access financial transactions just as the bank requires BVN or NIN details for new account opening.

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