ONE-stop financial services giant, OPay has delivered re-assuring piece of information for customers, saying all funds are now insured for up to N5 million under the Nigeria Deposit Insurance Corporation (NDIC).
OPay better known for providing a unique brand of POS services, is a financial services leader in payments, transfers, savings, loans and sundry mobile money services for users/customers.
Opay said the move to insure customers’ deposits, “underscores our commitment to financial security as well as aligns with the standards enjoyed by depositors of commercial banks.”
Opay’s initiative came as the NDIC recently increased the maximum ‘pass-through’ deposit insurance coverage from N500, 000 N5, 000, 000 per subscriber for every Mobile Money Operator (MMO).
Hence, in line with the latest guidelines by the regulator, Opay has provided a substantial safety net for its users, ensuring their funds are protected to a much greater extent. It was seen as a strategic balance between protecting depositors and ensuring the stability of the financial system. Opay also said it remains committed to extending financial protection to a much larger extent, enhance financial inclusion and mitigate potential risks. However, it maintained that it is a strong brand where the above is not foreseeable.
It was gathered that the enhanced coverage that Opay has subscribed to, is underpinned by solid financial backing from the NDIC’s Deposit Insurance Funds (DIFs), anticipated premium collections and robust supervision and bank resolution frameworks as outlined in the NDIC Act No. 33 of 2023.
Opay emphasized that it is committed to a comprehensive financial infrastructure for maintaining depositor confidence and ensuring the stability of the financial system. “This strategic enhancement not only aims to protect depositors, but demonstrates our market discipline. It underscores the dedication to safeguarding users’ funds and promoting financial stability. With this new level of insurance, OPay users can now have the same confidence in the security of their deposits as customers of commercial banks. This move contributes significantly to a more inclusive and resilient financial ecosystem in Nigeria.
OPay was established in 2018 and has since become a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfers, bills payment, airtime and data purchase, card services and merchant payments, among others.
Renowned for its super-fast experience and reliable network, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.
