OPay has boosted its insurance coverage for users to 5 million Naira per account, provided by the NDIC (Nigeria Deposit Insurance Corporation).Â
This enhancement marks a substantial increase from the previous coverage of 500,000 Naira.
OPay noted the move as its dedication to strengthening financial security for its users, bringing its practices in line with those of traditional commercial banks.
The move is part of NDIC’s strategy to safeguard depositors and maintain stability in the financial system, supporting broader financial inclusion efforts and reducing risks associated with potential bank runs.
The revised insurance coverage is backed by NDIC’s Deposit Insurance Funds and robust regulatory frameworks, ensuring depositor confidence and overall financial system resilience.
By raising the insured amount, NDIC aims to promote responsible financial practices among institutions and mitigate risks arising from excessive risk-taking.
For OPay users, this means heightened security for their deposits, similar to protections offered to customers of traditional banks.
This step is expected to contribute to a more inclusive and resilient financial environment across Nigeria, reinforcing OPay’s role in fostering a secure financial ecosystem for all users.
