OPay Launches Unauthorized Transaction Reimbursement Product

OPay has introduced a new product aimed at reimbursing customers for unauthorized transactions, enhancing consumer confidence in Nigeria's digital financial services. The initiative is part of OPay's commitment to support Nigeria's transition to a secure cashless economy.

The product, in partnership with Xtracova, allows for reimbursement of up to N5 million per valid claim for funds deducted from customer accounts without authorization. OPay has designed a verification process to confirm that the account holder did not approve the transaction, thereby protecting users.

The framework addresses two categories of risk: platform-side incidents, including security vulnerabilities and authentication failures, and external criminal activities such as identity theft and malware attacks. Claims will be assessed based on clear policy conditions and verification standards.

Elizabeth Wang, OPay's Chief Commercial Officer, emphasized the company's dedication to protecting customer funds and maintaining trust in digital finance.