“We are not affected”-OPAY Reacts to NIBSS Directive - The Top Society

“We are not affected”-OPAY Reacts to NIBSS Directive


In response to the recent directive issued by the Nigeria Inter-Bank Settlement System (NIBSS), instructing banks to remove non-deposit-taking financial institutions from their NIP fund transfer channels, fintech giant, Opay has clarified its status, stating that the company is not affected by the directive, thus assuring customers to remain calm and continue transactions with them.

Recall that Topsocietylive reports that directive from NIBSS highlighted the contravention of Central Bank of Nigeria (CBN) guidelines on electronic payments when non-deposit-taking financial institutions, including Switching Companies, Payment Solution Service Providers (PSSPs), and Super Agents, were listed as beneficiary institutions on banks’ NIP funds transfer channels. It emphasized that these entities, while processing outward transfers as inflows to banks, are not authorized to receive inflows as their licenses do not permit them to hold customers’ funds.
In a statement released on Opay’s official platform, the fintech company asserted its exemption from the directive, reassuring users about the security of their funds.
The statement read, “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.”
OPAYOpay’s clarification comes as a reassurance to its users, emphasizing its compliance with regulatory requirements and commitment to maintaining the safety and security of funds entrusted to the platform. As the financial landscape undergoes changes and regulatory adjustments, Opay‘s adherence to licensing and insurance standards positions it as a reliable and secure player in the fintech industry.
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