Opay, a Nigerian fintech company launched in 2018, has quickly gained popularity for its user-friendly mobile app, offering a range of financial services like bill payments, money transfers, and mobile data purchases. However, concerns have arisen regarding Opay’s regulatory status, prompting questions about its approval by the Central Bank of Nigeria (CBN). In this article, we will delve into this issue and provide clarity.
Opay is a subsidiary of the Norwegian software company, Opera Group, renowned for its web browser. As a licensed Payment Service Provider (PSP) regulated by the CBN, Opay operates within the purview of the apex regulatory body responsible for the stability and security of Nigeria’s financial system.
Since obtaining its PSP license in August 2018, Opay is authorized to offer payment services to Nigerian customers, facilitating money transfers, bill payments, airtime top-ups, and even issuing electronic money for app transactions. Adhering to CBN regulations, Opay ensures safe and reliable operations for its users.
To meet regulatory requirements, Opay has implemented a robust risk management framework, enabling the identification, assessment, and mitigation of potential risks. The company diligently protects customer funds by maintaining separate accounts in reputable financial institutions, guaranteeing their security.
Moreover, Opay places significant importance on safeguarding customer data. With a comprehensive data protection policy, the company collects, stores, and utilizes customer information solely for legitimate purposes, ensuring confidentiality and security.
In conclusion, Opay is a licensed and regulated PSP, sanctioned by the CBN to offer financial services in Nigeria. The company’s adherence to CBN regulations is evident through its robust risk management framework and protective measures for customer funds and personal information. Users can confidently rely on Opay as a secure platform for their financial transactions in Nigeria.