Opay Addresses CBN Directive, Offers Reassurance to Customers

By Ologeh Joseph Chibu

In response to the recent directive from the Central Bank of Nigeria (CBN) regarding the suspension of new account creation on fintech platforms, Opay has taken steps to clarify its position. Through an official statement shared on their verified handle @OPay_NG, Opay’s management underscored their commitment to regulatory compliance and collaboration with authorities in combating financial crimes.

The statement emphasized Opay’s dedication to working alongside the CBN and other regulatory bodies to combat money laundering, fraud, and other illegal financial activities. It highlighted Opay’s adherence to regulatory standards set by the CBN and its proactive measures to ensure the integrity of the financial system. These measures include the closure of non-compliant accounts, the implementation of stringent security protocols, and customer education initiatives aimed at thwarting fraud.

In alignment with government initiatives to enhance the integrity of the financial sector, Opay, along with other fintech companies, has temporarily suspended the onboarding of new customers and the creation of new wallets. This temporary measure reflects Opay’s commitment to fostering a secure financial environment and combating illicit financial activities.

The statement read, “OPay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.“

“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.”

Importantly, Opay sought to reassure its existing customers that their funds and accounts remain unaffected by the CBN directive. Emphasizing the security of existing accounts and wallets, Opay underscored its commitment to safeguarding customer funds and protecting their data. The company stressed that the directive’s impact is temporary and aimed at bolstering overall financial security.

“Please note that existing accounts and wallets remain unaffected by the CBN’s directive. We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.”

Opay reiterated its dedication to customer satisfaction and its role in promoting financial inclusion and economic growth within Nigeria’s financial ecosystem. By prioritizing regulatory compliance and collaboration while maintaining a focus on customer protection and service quality, Opay aims to navigate the evolving regulatory landscape effectively.

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