Business & Strategy

Opay reassures customers of fund security amidst CBN’s new account suspension

Written by Jerry Alomatu on May 1, 2024

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Opay, a prominent financial services provider in Nigeria, has reassured its clientele about the safety of their funds amidst the Central Bank of Nigeria’s (CBN) directive to suspend the establishment of new accounts. In a statement released via its official channel, on Tuesday, Opay affirmed its commitment to combatting illegal financial activities in the nation.

The statement reads: “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. To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities. 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. 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.”

This suspension of new account registrations for these fintech companies closely follows the Economic and Financial Crimes Commission (EFCC) taking action against 1,146 bank accounts involved in unauthorized forex dealings.