OPay: We’re working with CBN to fight money laundering | Customers’ funds are safe

OPay, a Nigerian-based financial technology firm, has assured customers that their funds and data are safe.

The fintech firm spoke in a statement signed by the management on Monday.

The statement follows the recent directive by the Central Bank Of Nigeria (CBN) to pause the onboarding of new customers until further notice, while illicit foreign exchange (FX) transactions are being addressed in the country.

Some fintech firms confirmed compliance with the CBN directive on April 30.


Prior to this, a federal high court in Abuja in a ruling delivered on April 24, granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

TheCable Index analysis of the 1,146 accounts shows that 90 percent of the affected accounts are operated by commercial banks, while 10 percent are operated by fintechs.

Speaking on the issue, OPay reiterated its commitment to working closely with the CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.


“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity,” the firm said.

“To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

“To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets.

“This action reflects our commitment to a secure financial environment and fighting against illicit activities.


“Please note that existing accounts and wallets remain unaffected by the CBN’s directive. We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.”

OPay also said customer satisfaction is a top priority, adding they are “committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem”.

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