• Friday, May 24, 2024
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We have closed non-compliant accounts, paused onboarding, says Opay on CBN’s new directive

We have closed non-compliant accounts, paused onboarding, says Opay on CBN’s new directive

OPay, one of the fintechs barred by Nigeria’s Central Bank from onboarding new customers, says it has closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

This was disclosed in a statement on its official X handle on Tuesday.

“We remain 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,” OPay said in the said.

As a regulatory-compliant institution, OPay said it 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,” it said.

Read also: Four fintechs suspend account opening on KYC issues

Opay and three other Fintech companies have temporarily paused onboarding new customers and creating new wallets to support government efforts to clean up the financial industry.

“This action reflects our commitment to a secure financial environment and fighting against illicit activities,” the company said.

OPay assured its customers 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. 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,” the company said.