The fintech firm OPay has responded to a widely circulated video demonstrating how individuals could open an OPay account using someone else’s name simply by using their alternate bank account number. It was observed that the onboarding process for tier 1 OPay accounts facilitated easy impersonation, allowing individuals to open accounts in others’ names.
In addressing the issue raised in the viral video, OPay explained in response to inquiries that the observed vulnerability was the result of a glitch, which they claim to have promptly rectified. This incident comes on the heels of a previous controversy where individuals discovered they had an OPay account without intentionally opening one, occurring about two months prior.
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Addressing the Issue
OPay stated that it had initially introduced bank account verification during the onboarding process to aid users in conveniently authenticating their Bank Verification Number (BVN), especially in cases of forgotten BVNs. However, the fintech company acknowledged the loophole and subsequently removed the feature from its onboarding process.
Kunle Adeyemi, OPay’s Head of Marketing, clarified the situation, mentioning that the bank account identification method during onboarding was designed based on the association of every bank account with a BVN. The company introduced bank account verification to enhance BVN authentication, incorporating biometric validation and an OTP process. Adeyemi emphasized that the video’s observation stemmed from an exploited technical glitch, which has since been addressed. As a corrective measure, OPay removed the Bank Account Verification feature, leaving only BVN and National Identification Number (NIN) as verification tools on the app.
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About OPay Digital Services
OPay Digital Services Limited, a company founded by Opera Norway AS Group, operates in various emerging markets across Asia, Africa, and Latin America, including Mexico, Nigeria, Egypt, and Pakistan. The company claims to have over 35 million registered app users and 500,000 agents in Nigeria, offering services such as money transfers, bill payments, and more.
Since its launch in 2018, OPay has emerged as one of Nigeria’s leading mobile money services, targeting new customers, particularly the unbanked population. Despite its efforts to simplify the registration process and attract users through an extensive marketing campaign, recent issues suggest that OPay may be prioritizing customer acquisition over proper Know Your Customer (KYC) procedures. The recurring controversies surrounding its account opening process indicate a potential need for a comprehensive overhaul of OPay’s onboarding procedures.
