01-28-2024, 07:35 AM
Why OPay will remove accounts without BVN, NIN
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By Prisca Sam-Duru
Leading the charge in mobile-based payments, OPay has pledged to implement a thorough removal process for accounts lacking a Bank Verification Number (BVN) and/or National Identification Number (NIN) starting March 1, 2024.
The move comes as response to the recent directives from the Central Bank of Nigeria (CBN) on Know-Your-Customer (KYC) requirements, mandating all individual accounts and wallets to be linked with BVN and/or NIN before the specified deadline.
Additionally, CBN has stipulated that no new accounts or wallets will be permitted without the inclusion of BVN or NIN.
KYC, a standard banking process, involves verifying the identity and address of customers in order to prevent the abuse of banking services.
OPAY’s decision to remove affected accounts is therefore aimed at strengthening the security of the platform and protecting customer deposits against fraudulent activities.
During a media briefing in Lagos on Wednesday, the Director of Card Business at OPay, Priscilla Olayemi, affirmed the company’s dedication to complying with these directives by initiating the initial phases of the KYC process.
Throwing more light on the development, Olayemi clarified that “Users with tier one accounts must provide their BVN or NIN to access financial transactions, and for new account registrations, OPay now requires the submission of BVN or NIN details.”
Also speaking, Director of Partnerships at OPay, I.K Odiase, emphasized that “Any accounts identified as fraudulent will be promptly removed from the OPay platform, effective March 1, 2024.”
Odiase however, urged OPay customers to verify that the information provided during account registration aligns with their NIN and BVN records, stating, “We are strictly following CBN’s instructions, and accounts with conflicting information will be terminated.”
While addressing security concerns, Head of Marketing and Communications at OPay, Adekunle Adeyemi, highlighted the company’s ongoing efforts to educate and inform customers about potential fraud risks.
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By Prisca Sam-Duru
Leading the charge in mobile-based payments, OPay has pledged to implement a thorough removal process for accounts lacking a Bank Verification Number (BVN) and/or National Identification Number (NIN) starting March 1, 2024.
The move comes as response to the recent directives from the Central Bank of Nigeria (CBN) on Know-Your-Customer (KYC) requirements, mandating all individual accounts and wallets to be linked with BVN and/or NIN before the specified deadline.
Additionally, CBN has stipulated that no new accounts or wallets will be permitted without the inclusion of BVN or NIN.
KYC, a standard banking process, involves verifying the identity and address of customers in order to prevent the abuse of banking services.
OPAY’s decision to remove affected accounts is therefore aimed at strengthening the security of the platform and protecting customer deposits against fraudulent activities.
During a media briefing in Lagos on Wednesday, the Director of Card Business at OPay, Priscilla Olayemi, affirmed the company’s dedication to complying with these directives by initiating the initial phases of the KYC process.
Throwing more light on the development, Olayemi clarified that “Users with tier one accounts must provide their BVN or NIN to access financial transactions, and for new account registrations, OPay now requires the submission of BVN or NIN details.”
Also speaking, Director of Partnerships at OPay, I.K Odiase, emphasized that “Any accounts identified as fraudulent will be promptly removed from the OPay platform, effective March 1, 2024.”
Odiase however, urged OPay customers to verify that the information provided during account registration aligns with their NIN and BVN records, stating, “We are strictly following CBN’s instructions, and accounts with conflicting information will be terminated.”
While addressing security concerns, Head of Marketing and Communications at OPay, Adekunle Adeyemi, highlighted the company’s ongoing efforts to educate and inform customers about potential fraud risks.