On January 24, 2024, Opay announces stricter KYC measures during a media strategy meeting in Lagos, where they made an announcement that there will be bans on accounts not tied to the NIN starting with March 1, 2024.
This was stated by Ikponmwosa Odiase, Director of Partnerships at Opay, but she didn’t sit here. A spokesperson for her said that Tier 1 accounts are forbidden from transacting at the moment, also until they provide them with NIN.
As part of this initiative, Opay announces stricter KYC regulations to ensure compliance and enhance security.
This development is in line with the instructions issued by the Central Bank of Nigeria (CBN) with the intent to enhance the Know Your Customer (KYC) procedures in the banking sector.
Odiase spoke about the work done by fintechs and banks in conjunction with the CBN and other players in the field to curb fraud, which is a problem for the financial blocking system.
Such measures are already being put into practice by Opay, which requires both new and existing clients to submit their NINs.
Check this out: Why I’m I still barred from making calls even after Linking my NIN
Odiase promised clients that fake accounts will be quickly deleted from the site, which demonstrates the company’s desire not to encourage the illegal activity.
Opay Announces Stricter KYC Policies
In addition, Opay implements a new system for facial recognition; further information is checked on NIN and BVN, which allows us to answer the questions of how useful the old verification system of face recognition really is.
Opay regards these measures as integral in fighting fraud as well as fostering compliance with CBN directives while understanding the effects on financial inclusiveness.
So as to further place emphasis on the aforementioned practices, the CBN recently issued a directive with a deadline in April 2024 requiring all Nigerian citizens without NIN and BVN to be marked as ‘Post No Debit.’
In accessing customers with NIN and BVN, Opay intends to link the accounts, which helps to minimize fraud risk as it aids in confirming customer identities.
Furthermore, safeguarding customer deposits from fraud and unwarranted withdrawals is in complete harmony with the growing trend of adopting robust practices of KYC in the entire system.
While acknowledging that the 1st of March deadline would be unideal for a section of the users, Opay remains motivated in ensuring its users have access to long term financial inclusion through a secure platform regardless of the temporary challenges.
Keep an eye out as Opay’s commitment to the enforcement of strict KYC regulations in an industry that has many regulations evolves.
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