Opay to block accounts not linked with NIN, BVN from March 1

 

 

Opay, a leading financial technology company, has said that customers who are non-compliant with the Know Your Customer (KYC) directive of NIN-BVN linkage of tier-1 accounts will be unable to carry out transactions from March 1. 2024.

The company announced this  at a media parley in Lagos.

 

Opay  explained that it was part of implementing the Know Your Customer (KYC) directive by the Central Bank of Nigeria (CBN).

Director of Partnership for Opay, Ik Kolawole Odiase, said by March 1, any account holder non-compliant with the directive to link his/her BVN and NIN would be logged out of the platform.

“Any fraudulent account will be wiped off. Going forward, you have to link your NIN and BVN which must both align,” he said.

According to him, the platform has introduced a series of innovations and security measures to protect depositors’ funds, saying, “We are concerned about the safety of depositors’ funds.

Director of cards business Olayemi Precilia said: ” We are simply following the Central Bank of Nigeria’s directive for Know Your Customer (KYC) procedures in financial institutions. The electronic revalidation process will ensure that the Bank Verification Number (BVN) or National Identification Number (NIN) linked to all accounts complies with regulatory mandates.

“This measure has been upgraded to our platform, to ensure that users can seamlessly update the necessary information needed by them for proper security measures to be put in place,” she said.

According to her, customers who fail to update their accounts with their Bank Verification Number (BVN) and National Identity Number (NIN) will be restricted from transactions starting from March 1, 2024.

his is also a process to remove fake accounts from the system, Ikponmwosa Kolawole Odiase, Opay’s Director of Partnerships said.

“In the future, new customers will need to connect their accounts with theirs for proper identity check,” he said.