Why OPay Will Remove Accounts Without BVN, NIN

Being a top mobile-based payments platform, 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.

This is as a result of a 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.

The charge to eliminate affected account is aim at securing and strengthening the platform, hence protecting esteemed customers account  from 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.”

He 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, said the company is making serious effort to educate and sensitize her customers about fraudulent act. Speaking on he said, through in-app messages and social media channels, OPay aims to keep customers vigilant and aware, adding that there are security infrastructure in place, including USSD codes that customers can utilize to secure their accounts in case of theft or compromise. In his words “In addition to implementing robust security measures, we offer USSD codes that customers can dial if they suspect any compromise to their accounts. Our goal is to ensure our customers are well-protected under any circumstances,” affirmed Adeyemi. (The Vanguard)