OPay assures existing customers of safety of their funds affected

By Joy Baba-Yesufu

OPay, a leading fintech bank in Nigeria, has assured all its customers to remain calm, emphasising that their funds are intact.
The bank made the statement on its X account on Tuesday following the directive of the Central Bank of Nigeria stopping at least four fintech banks from new account openings for customers.
“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 said.
The fintech bank stated that it is committed to working closely with the CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.
On Monday, the CBN directed OPay, Palmpay, Kuda Bank, and Moniepoint to stop onboarding new customers until further notice.
According to reports, the directive became necessary as the fintech banks have now become a safe haven for accounts allegedly being used for illegal forex dealings.
The CBN is trying to make fintech firms in Nigeria reassess their KYC processes, leading to a temporary pause in onboarding new customers.
This suspension of new account openings for the mentioned fintechs comes on the heels of the Economic and Financial Crimes Commission (EFCC) taking action against 1,146 bank accounts involved in unauthorized forex dealings.
Also, OPay said it has closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud to ensure the financial system’s integrity.
“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,” it said.