- Opay has reacted to an uproar on social media that it opened several customers’ accounts without their knowledge or consent
- The concerns have led to the Federal Competition and Consumer Protection Commission (FCCPC) promising an investigation
- OPay, in a recent statement, revealed that it has over 40m users, 500,000 agents, and 150,000 merchants in Nigeria
OPay, one of Nigeria’s financial technology companies, has addressed concerns regarding allegations of unauthorized account openings.
The complaints from Nigerians on social media is that the digital payment platform uses their phone number to open accounts without their permission.
Photo credit: Opay
Source: UGC
Reacting to the accusation, the Head, of Marketing, OPay Digital Services Limited, Adekunle Adeyemi, said it was discovered that those complaining actually opened accounts with the platform about three to four years ago, but have forgotten, The Guardian reports.
He said:
“Some 24 hours ago, we got information that there were active accounts/wallets on our OPay app, which the owners alleged had been created without their knowledge and/or consent. We had then immediately commenced an investigation to determine the authenticity of these claims as all OPay wallets are adequately registered in line with regulatory requirements.
“Based on our investigation, we discovered that these accounts were indeed opened by the owners at different times, but generally between 2019 and 2020. “
The company further emphasized its commitment to the highest standards of customer service.
“When contacted by our team, some of the individuals have, however claimed not to remember whether/when they opened the account. At least four of the complaints received via social media have been checked, and all four of them have been contacted to resolve the concerns raised.
“It is imperative to note that some of these accounts have had no balance in them since they were opened. As a law-abiding, strictly regulated entity, we have unequivocally inquired of these individuals if they would like to retain the accounts, and we obliged based on their responses.”
Adeyemi explained that the OPay wallet could only be opened through the CBN-established registration process, which requires the input of an OTP authentication (one-time password) from the user’s phone to proceed.
FCCPC makes demands
The Federal Competition and Consumer Protection Commission (FCCPC) had called on the company to explain the current challenges surrounding its operations in Nigeria.
The Chief Executive Officer, Babatunde Irukera, had said in an X post:
“OPAY is bound to @fccpcnigeria address and explain this and other anomalies consumers have identified in the last few days.”
45 failed banks in Nigeria and dates of closure
In another report, Legit.ng revealed that in the last 28 years, approximately 46 commercial and merchant banks have closed down for various reasons.
The banks had their licenses revoked by the Central Bank of Nigeria between 1994 and 2006.
United Bank of Africa and Ecobank took control of the failed commercial banks.
Source: Legit.ng
