‘Your funds are secured’, Opay reassures customers amid CBN’s new account suspension

Posted on the 30/04/2024 by Adepoju Daniel

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Opay reassures customers amid CBN’s new account suspension

Opay, a leading financial services provider in Nigeria, has reassured its customers regarding the security of their funds amidst the Central Bank of Nigeria’s (CBN) directive to suspend the creation of new accounts.

Recall Vanguard had earlier published an article on how Kuda Bank, Moniepoint, Palmpay, and Opay halted new account openings for customers in response to the aforementioned directive from CBN. This suspension of new account openings for the mentioned fintechs follows closely on the heels of the Economic and Financial Crimes Commission (EFCC) taking action against 1,146 bank accounts involved in unauthorized forex dealings. In a statement on its X account on Tuesday, the bank said it’s committed to fighting illegal financial activities in the country. It reads: “Opay remains committed to working closely with the Central Bank of Nigeria (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. 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. “Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem.”

source: Vanguard

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Nigeria’s leading business solution provider, The Business Hub, has reaffirmed its commitment to providing small businesses

CAC to delist 100,000 companies from database

The Corporate Affairs Commission has said it will remove 100,000 registered companies from its database soon.

Gas flaring: Reps to recover over $9bn fines from oil companies

The House of Representatives on Monday promised to recover the sum of over $9 billion fines

Forex crises: Insurers struggle to grow income from imports

•Importers abandon full coverage, go for clause ‘C’ insurance

Insurance operators promise motorists more benefits

Operators in the insurance industry have said motorists are now entitled to more benefits under the

FG, NIA plan insurance cover for travellers

The Nigerian Insurers Association has said it is planning an accident insurance cover for Nigerians in

Strong dollar decreases economic output in Nigeria, others — IMF

The International Monetary Fund has said a 10 per cent appreciation in the dollar, linked to

Economic crisis deepens as Tinubu runs 52 days without ministers

The economic crisis in the country has continued to deepen with a spike in inflation as

Ogun Customs intercepts 194 cartons of narcotics, bags CRAN’s anti-smuggling award

THE Ogun Customs Command of the Nigeria Customs Service, NCS, said it confiscated 194 cartons of

Oil exploration: Nigeria’s rig count rises 27.7% to 14 — Report

NIGERIA’s rig count, an index of measuring activities in the upstream sector of the petroleum industry

Focus on sectors driving economy, firm advises investors

An investment banking firm, Comercio Partners, has urged investors to adopt a cautious approach and focus

Poultry farms shutting down over high maize price – PAN

Poultry farms across the country are currently shutting down operations due to the persistent hike in

Over 200 Chinese manufacturers storm Nigeria for Lagos Expo

The highly anticipated China Commodities Expo (CCE) is set to commence in Lagos, Nigeria for another

‘Why we invested in First bank’, Honeywell Group speaks about 15% stake in FBNH

The Honeywell Group has said that its additional investment in FBN Holdings Plc is aimed

CBN announces Naira remittances payout option

…Money Transfer Operators to use I & E Window rate

Nigeria’s VAT performance lowest in West Africa – FG

The Federal Government, on Tuesday, raised concern over the performance of the Value Added Tax in

Again, Forbes ranks Dangote Africa’s richest man

The President of the Pan-African Conglomerate, the Dangote Group, Aliko Dangote, has again been ranked as

Banks in earnings windfall under high interest rate regime

There are indications that banks are reaping huge returns from the rising interest rate environment following

Public Debt: ICAN advocates anti-borrowing approach to development

THE President, Institute of Chartered Accountants of Nigeria (ICAN), Innocent Okwuosa, has said that the nation

Govt to shut online banks pestering debtors

The Federal Competition and Consumer Protection Commission has said it will delist any loan application harassing

Monthly fuel consumption drops by 18.5million litres after deregulation – FG

The volume of Premium Motor Spirit, popularly called petrol, that was consumed across the country in

Fitch projects upgrade of Ecobank’s National Ratings

Fitch Ratings has projected an upgrade of Ecobank Nigeria, ENG National Ratings resulting from

Naira depreciates to N762.63/$ in I&E window

The naira Thursday depreciated to N762.63 per dollar in the Investors and Exporters (I&E) window

SMEDAN, Jaiz Bank To Disburse N1.2bn Matching Fund For MSMEs

The Director General of the Small and Medium Enterprises Development Agency (SMEDAN), Dr. Olawale Fasanya said

MTN, Airtel Emerge Most Capitalised Firms In Nigeria, With N10.5trn

MTN Nigeria and Airtel Nigeria have emerged as the most capitalised companies in the country with

Bread producers serve notice of imminent hike in prices

Nigerians have been asked to brace up for increase in the prices of bread, a major

NGX, CIS, market leaders unite to honour late Otunba Balogun

The Nigerian Exchange Limited (NGX), in collaboration with the Chartered Institute of Stockbrokers (CIS) and other

Bank of America warns Nigeria inflation may hit 30%

The Bank of America has said the Monetary Policy Committee of the Central Bank may need

CBN intervenes as more PoS operators implement rate hike

Central Bank of Nigeria has said it will intervene to resolve issues around the new charges

Manufacturers roll out must-do- list in 100 days for Tinubu

MAN DG WARNS: High borrowing cost will compound imminent recession in manufacturing sector

Stallion Auto Keke Delivers 140 Bajaj Tricycles To Yobe

Stallion Auto Keke Limited has made a delivery of 140 Bajaj tricycles to the government of

Port decongestion: NPA commence over time cargo evacuation

In a bid to rid the ports of congestion and pave the way for efficient port

Electricity tariff: More multinational companies may exit Nigeria — MAN

The Manufacturers Association of Nigeria (MAN) has warned that implementation of the proposed hike in electricity

90% of containers underutilised, say operators

Maritime experts reveal that 90 per cent of containers brought into Nigeria are not efficiently utilised.

Maritime industry can generate $100bn annually – Seafarers

Seafarers have said that the Nigerian maritime industry has the potential to generate $100bn annually if

World Bank Plans Additional $750m Grant For Nigeria

The World Bank yesterday disclosed plans to support the Nigerian Electrification Project (NEP) with an additional

Fuel Subsidy Removal Will Improve Forex Earnings, GDP – Obat Oil Boss

The Chief Executive Officer of Obat Oil and Gas Group, Mr Akinfemiwa Akinruntan, yesterday said the

Naira begins new week on positive note, exchanges at N768.17

The Naira on Monday closed on a positive note as it exchanged for N768.17 against the

Forex challenge driving petrol price towards N581 per litre

There are strong indications that the national average price of petrol will rise further as marketers

Trade Between Nigeria, Neighbours Threatened By Sudan War

Nigeria is undoubtedly the biggest economy in West and Central Africa, and has the biggest population.

Average Price Of Cooking Gas Drops In May – NBS

The National Bureau of Statistics (NBS), says the average price of 5kg of cooking gas reduced

Industrialist gets recognition, canvasses manufacturing-friendly policies

The Chief Executive Officer and Managing Director, FAE Limited, Layo Bakare-Okeowo has bagged the Centre for

Coca-Cola modifies bottles to tackle plastic waste pollution

In a move to address the environmental impact of plastic bottle waste pollution, the Coca-Cola System

Petroleum products, wheat, sugar lead import chart

DESPITE the scarcity of petroleum products Nigerians experienced in the first quarter of 2023, Q1’23, Petroleum

Steer clear of more borrowing, DMO cautions FG

The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per

Government Has No Business Running Nigeria Air, Says Med-View Airlines CEO

Following the controversy trailing the launch of the national carrier, Nigeria Airways, aviation stakeholder and Managing

NECA Urges Apprenticeship, Vocational Skills Training To Tackle Rising Unemployment

The Director General of the Nigeria Employers’ Consultative Association, Adewale-Smatt Oyerinde, yesterday, called on the federal

FG seeks US support for energy transition

President Bola Tinubu, on Monday, in Abuja, called for an equitable balance between fossil fuel and

Amid soaring prices, economists, CIBN highlight petrol subsidy removal benefits

Despite the current challenge of a major increase in petrol price, stakeholders have emphasised the potential

Revenue diversification huge challenge to investments in Nigeria – Yemi Cardoso

Dr Yemi Cardoso, a financial and development expert, says revenue and its diversification are key challenges

Domiciliary Accounts: CBN Lifts Restriction On Cash Deposit, Allows $10k Daily Withdrawals

The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer

Energy crisis: Nigeria’s electricity generation drops 37% to 2,649.9MW

Nigeria’s electricity generation, yesterday, dropped by 37 per cent to 2,649.9 megawatts, MW, from 4,207.05 MW

Naira exchanges at N702.19 to dollar

Naira on Thursday lost against the dollar at the Investors and Exporters window, exchanging N702.19 to

Tinubu projects 500,000 jobs with Data Protection Law

The President, Bola Tinubu signed the Data Protection Bill into law on Monday 12th June 2023,

Currency floating: Private sector, economists back CBN as naira falls to 664/$

The Central Bank of Nigeria has directed Deposit Money Banks to remove the rate cap on

Nigeria Data Protection Bureau Boss Appointed Into Forbes Technology Council

The National Commissioner of Nigeria Data Protection Bureau (NDPB), Dr Vincent Olatunji, has been appointed into

FG To Auction Fourth N360bn Bond In 2023

The Debt Management Office (DMO) has called for a subscription for a new N360bn savings bond.

Petrol: Marketers struggle to raise capital for new supplies

Ticket price rises by 169%

Banks’ fees, commission income rise 17.5% to N365bn

Leading banks in Nigeria recorded a 17.5 percent Year-on-Year (YoY) increase in fees and commission income,

How Electricity Reform Act Will Attract More Investments

The signing into law of the 2023 Electricity Reform Act by President Bola Ahmed Tinubu has

NDDPRA Raise Alarm Over Ongoing Petrol Theft At Bonny River Terminal

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has written to the Chief of Army

N69.4bn debt: AMCON, Jimoh Ibrahim differ on judgement

The Asset Management Corporation of Nigeria on Thursday said the Court of Appeal, Lagos State Division,

800 petrol tankers converted to supply gas – Marketers

Oil marketers are currently converting some of their trucks to start supplying gas to filling stations

FG Moves To Harmonise Trade Treaty With Netherlands

As part of efforts for a sustainable investment promotion and protection, the federal government has moved

United Nigeria Airline To Acquire 12 New Aircraft For Route Expansion

United Nigeria Airlines has unveiled plans to increase its fleet size and expand operations to more

Nigerian Breweries to acquire 80% stake in Distell Wines

Nigerian Breweries Plc has concluded plans to acquire 80% stake in Distell Wines and Spirits Nigeria

MSMEs: Thriving under rising cost of doing business in Nigeria

It is no longer news that cost of doing business in Nigeria today is on steady

FG records N930bn two-month fiscal deficits – CBN

The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central

Nigeria Air: Reps grill aviation, justice ministries officials today

The House of Representatives Committee on Aviation has rescheduled its investigative hearing on the controversial launch

Customs approve implementation of career progression plans

The Nigeria Customs Service Board said it has approved the implementation of a competency-based accelerated career

Operators kick as maritime workers shut port Monday

The Maritime Workers Union of Nigeria has threatened to embark on an industrial action on Monday

Nigeria’s Tax-To-GDP Ratio rises to 11%

Nigeria’s Tax-to-GDP (Gross Domestic Product) ratio rose to 10.86 percent in 2021.

AFAN to Tinubu: Address farm-herder conflicts to achieve food security

…provide sufficient subsidies for smallholder farmers

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