Lagos, Jan. 24, 2024 – OPay, a fintech company, plans to block all customers’ accounts not linked to the National Identity Number (NIN) by March 1, 2024.
Ikponmwosa Odiase, a director in the company, said this in Lagos on Wednesday at a media briefing.
He said, already, customers on tier 1 account had been barred on its mobile app until they link their accounts with their NIN.
Odiase said the move was in line with the directive of the Central Bank of Nigeria on the Know-Your-Customer (KYC) practices in the financial system.
“Everyone who has a tier one account must now link with NIN before their transaction can continue. You cannot move forward without doing it.
“The second thing is for new customers, you are going to start with NIN, we are implementing that now. We are pulling information from your NIN into your wallet.
“We save you the trouble of typing your name. We have a timeline of March 1st, wherein anybody not compliant will be locked out.
“Any fraudulent account will be yanked off our platform. There must be a correlation between your face and the picture in your NIN,” he said.
Odiase said the new KYC system would help to check fraud, a major challenge in the country.
“We all know that fraud has been quite prevalent. The fraudsters are not sleeping and the industry is now rising to the challenge,” he said. (GBN)
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