Opay’s Deadline Looms: Users Urged to Update BVN and NIN to Avoid Transaction Restrictions

Opay, the Nigerian fintech giant, has issued a stern directive to its customers on the need for immediate compliance with the Know Your Customer (KYC) requirements involving the linkage of National Identification Number (NIN) and Bank Verification Number (BVN) to tier-1 accounts.

The announcement came during a media parley held in Lagos, where Opay stressed its commitment to aligning with the Central Bank of Nigeria’s regulatory mandates.

Olayemi Precilia, Director of Cards Business at Opay, outlined the necessity of this electronic revalidation process to ensure strict adherence to KYC procedures in financial institutions.

She emphasized that the BVN or NIN linked to user accounts must comply with regulatory standards, prioritizing enhanced security measures.

Customers failing to update their accounts with the required BVN and NIN information face severe repercussions, with transaction restrictions set to be enforced from March 1, 2024.

Opay clarified that this measure not only aligns with regulatory guidelines but also serves to purge fake accounts from the system.

Also, Opay hinted at a future policy where new customers must link their accounts with BVN or NIN to undergo thorough identity verification.