Opay, a Nigerian fintech company has said that customers who are non-compliant with the Know Your Customer (KYC) directive of NIN-BVN linkage of tier-1 accounts will be unable to carry out transactions from March 1. 2024.
This was made known at the media parley held in Lagos by the fintech company.
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Olayemi Precilia, director of cards business, said, ” We are simply following the Central Bank of Nigeria’s directive for Know Your Customer (KYC) procedures in financial institutions. The electronic revalidation process will ensure that the Bank Verification Number (BVN) or National Identification Number (NIN) linked to all accounts complies with regulatory mandates.
“This measure has been upgraded to our platform, to ensure that users can seamlessly update the necessary information needed by them for proper security measures to be put in place,” she said.
According to her, customers who fail to update their accounts with their Bank Verification Number (BVN) and National Identity Number (NIN) will be restricted from transactions starting from March 1, 2024.
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This is also a process to remove fake accounts from the system, Ikponmwosa Kolawole Odiase, Opay’s Director of Partnerships said.
“In the future, new customers will need to connect their accounts with theirs for proper identity check,” he said.
