Opay to Block Accounts Without NIN On This Date, Check Out The Date
Wednesday 24 January 2024
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In a major development within the financial technology sector, Opay, a leading fintech company, has announced stringent measures to enhance Know-Your-Customer (KYC) practices in accordance with directives from the Central Bank of Nigeria (CBN). Opay's Director of Partnerships, Ikponmwosa Odiase, revealed during an interactive session with the media in Lagos that all Opay accounts not linked with the National Identification Number (NIN) of the owners would be blocked by March 1, 2024.
Opay, which has already barred tier 1 account owners from performing transactions on its mobile app until they update their accounts with their NIN, is now making NIN a mandatory requirement for all new account openings. Odiase emphasized that compliance with this requirement is essential for continued usage of the platform, with a strict deadline of March 1, 2024. CONTINUE READING.....
The move is part of a broader initiative by the CBN to strengthen KYC practices in the financial system, responding to the prevalent issue of fraud in the industry. Odiase highlighted that the collaboration between fintechs, banks, the CBN, and other stakeholders aims to create a more secure financial environment.
Under the new KYC system, Opay is implementing measures to ensure a direct correlation between the account holder's identity and the information provided in their NIN, including a facial recognition component.
While the enhanced security measures are a positive step towards combating fraud, Odiase acknowledged that the exercise might have implications for financial inclusion. Opay, as a mobile money operation, has been at the forefront of driving financial inclusion. However, the mandatory requirement of NIN for all accounts may pose challenges for individuals in rural areas who might face difficulty in obtaining NIN. CONTINUE READING.....
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The CBN had previously issued a circular in December, stating that bank accounts without Bank Verification Number (BVN) and NIN would be placed on "Post no Debit" effective April 2024. The circular also specified that existing unfunded individual Tier 1 accounts without BVN or NIN would be placed on "Post No Debit or Credit" immediately, with a deadline for electronic revalidation set for January 31, 2024.
While the new measures align with regulatory directives and aim to enhance the security of financial transactions, there is a potential drawback in terms of hindering the ongoing efforts to deepen financial inclusion, particularly among individuals in rural areas. As Opay works towards implementing these changes, users are urged to ensure timely compliance to avoid disruptions to their accounts.
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