BUSINESSOPay Speaks On Safety Of Customers’ Fund As CBN Directs Banks To Disconnect Fintech Platforms Fund Transfer Channels

Fintech giant Opay has reacted to the recent directive issued by the Nigeria Inter-Bank Settlement System (NIBSS), ordering banks in the country to take down every non-deposit-taking financial institution from their NIP fund transfer channels.

Naija News had earlier reported that NIBSS, in the directive to banks, noted that having these non-deposit-taking financial institutions, such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on the bank’s NIP funds transfer channels contravenes the Central Bank of Nigeria (CBN) guidelines on electronic payment.

The directive cautioned that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

However, reacting to the directive in a statement made available on the official X handle of the Fintech platform, Opay cleared that it was not affected by the directive recently issued by the NIBSS.

“We wish to state that Opay is not affected by the recent circular published by NIBSS. The focus is on payment service solution providers, switches and super agents. Opay is a Mobile Money Operator (MMO) licensed by the CBN and insured by the NDIC. Your funds are safe and secure with Opay,” the statement by OPay read.