Business and Economy
OPay to Implements Stringent Security Measures Against Non-KYC Compliant Accounts
By Iyojo Ameh
Nigerian financial technology giant, OPay, has announced a major update in its operational procedures. Effective March 1, 2024, the company will systematically eliminate fraudulent accounts and block customers whose accounts do not meet the Know Your Customer (KYC) requirements.
This announcement was made during a press conference held on Wednesday, where OPay emphasized its commitment to reinforcing platform security and protecting customer deposits from potential fraudulent activities.
KYC, a standard banking process, involves the verification of customers’ identity and address to prevent the misuse of banking services.
Olayemi Precilia, the director of cards business at OPay, reassured the public that security measures on the platform have undergone significant upgrades. She disclosed that, moving forward, new customers will be required to provide their National Identity Number (NIN) as part of the account opening process.
With the impending deadline, OPay customers are strongly advised to update their account details promptly to meet KYC requirements and avoid any inconveniences.
Precilia explained, “When you log into your app and you have a tier one account and you don’t have your NIN, it will ask for your NIN. You cannot move forward without inputting that NIN. So, that is one of the things we’ve already done.”
Adding to this, OPay’s director of partnerships, Ikponmwosa Kolawole Odiase, highlighted that fraudulent accounts would be promptly removed from the firm’s system. He stated that going forward, customers must link their accounts with both National Identity Numbers (NIN) and bank verification numbers (BVNs).
Addressing concerns about poor facial verification on the application, Odiase mentioned the company’s plan to deploy a system where there will be backend verification of customers’ facial features with BVNs and NINs.
He emphasized, “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.”
