OPay Clarifies CBN Directive, Commits to Fighting Financial Crimes

 OPay, a leading fintech company, has issued a public notice clarifying the recent directive from the Central Bank of Nigeria (CBN) regarding the temporary pause on registering new customers.

OPay in a statement reassured its customers of its commitment to working closely with the CBN and other regulatory bodies to combat money laundering, fraud, terrorism financing, and other illegal financial activities.

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The statement reads:

"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."

"As a regulatory-compliant institution, OPay has taken measures to ensure the integrity of the financial system, including closing non-compliant accounts, implementing strict security measures, and educating customers to help combat fraud."

"In support of the government's efforts to clean up the financial industry, OPay and other fintech companies have temporarily paused onboarding new customers and creating new wallets. This action demonstrates their commitment to a secure financial environment and fighting against illicit activities."

"Existing accounts and wallets remain unaffected by the CBN's directive, and customers are assured that their funds are secure, and their data is protected. OPay emphasized that this is a temporary measure and reiterated its commitment to customer satisfaction, financial inclusion, and economic growth as a key player in Nigeria's financial ecosystem."

The CBN had earlier banned some microfinance banks (MFBs) and fintech companies, including OPay, Moniepoint, and Kuda, from registering new customers due to concerns over non-compliance with regulatory guidelines.

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