Fintech company, OPay, has said all accounts not linked with the National Identification Number (NIN) of the owners would be blocked by March 1, 2024.
OPay’s Director of Partnerships, Ikponmwosa Odiase, disclosed this during an interactive session with the media in Lagos on Wednesday.
Already, the fintech said all its tier 1 account owners have been barred from performing transactions on its mobile app until they update it with their NIN.
These moves are in line with the directives from the Central Bank of Nigeria to strengthen Know-Your-Customer (KYC) practices in the financial system.
Speaking during the meeting, Odiase said the fintech, in addition to the ongoing updates by existing customers, has now made NIN a mandatory requirement for all accounts opening.
Odiase added that the new KYC system will help the country address the issue of fraud, which has been a major challenge in the financial industry. According to him, the fintechs, banks CBN and other stakeholders are now collaborating to achieve this.
The OPay Director, however, observed that the exercise may affect the ongoing drive to deepen financial inclusion in the country as many people who currently have wallets would lose it if they are unable to link it with NIN.
The CBN in a circular issued in December last year announced that all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit” effective April 2024.
In addition to that, the Apex bank also specified that existing unfunded individual Tier 1 accounts without BVN or NIN would be placed on “Post No Debit or Credit” immediately.
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