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OPay responds to central bank directive



OPay compliance with Central Bank directive

OPay, a prominent fintech company in Nigeria, has responded to the Central Bank‘s directive prohibiting it from accepting new clients.

In a statement released on Tuesday via its official Twitter account, OPay asserted its commitment to regulatory compliance and collaboration with oversight organizations to combat financial crimes such as money laundering, fraud, and terrorism financing.

According to OPay, it has taken proactive measures to ensure compliance with the guidelines established by the Central Bank and other regulatory authorities aimed at safeguarding the integrity of the financial system.

These measures include the termination of non-compliant accounts, implementation of stringent security protocols, and education of customers on fraud prevention strategies.

The decision to halt new client onboarding, along with three other fintech companies, is part of a broader effort to support the government’s initiatives to clean up the financial industry and create a secure financial environment.

Despite this temporary measure, OPay reassures its existing clients that their accounts and wallets will remain unaffected, emphasizing the safety of their funds and data.

“We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.

Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem,” stated OPay in its announcement.

As OPay navigates through these regulatory challenges, it remains dedicated to fostering financial inclusion and contributing to the economic development of Nigeria while adhering to regulatory standards and ensuring the security of its users’ financial transactions.

Lawrence is a dynamic digital journalist known for his expertise in creating SEO-focused content that drives business success. Alongside his journalism career, he also serves as an AI tutor, leveraging his knowledge to educate and empower others in the field. Lawrence graduated from Moshood Abiola Polytechnic with an HND in Mass Communication and has had his work referenced in Wikipedia and various online media outlets.