OPAY received the CBN’s IFIC Award for Financial Inclusion Innovation at the 2024 International Financial Inclusion Conference, which brought together global leaders to advance financial inclusion in Africa and beyond. OPay stated that the award highlights its compliance with regulatory standards and support for Nigeria’s financial inclusion goals, aiming for a 95 percent participation rate … Read more
OPay has officially introduced a new fee for electronic transfers into personal and business accounts, aligning with the Federal Inland Revenue Service (FIRS) regulations aimed at generating revenue from digital transactions. Starting from September 9, 2024, the payment platform will implement a one-time charge of N50 for transfers of N10,000 and above. This fee will … Read more
OPay has taken legal action and received court approval to freeze customer bank accounts after a system glitch resulted in a ₦714 million debt due to undebited card payments. EKO HOT BLOG reports that the OPay, a leading fintech firm backed by Chinese investment, has taken legal action following a system glitch that allowed customers to … Read more
Fintechs, including Opay and PalmPay, are discouraging crypto trading on their platforms. Their actions follow a CBN directive to the digital banks to stop onboarding new customers. There are concerns that the fintechs are being used for money laundering and terrorism financing. Eko Hot Blog reports that Nigerian fintech companies have cautioned their customers against … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has barred some online microfinance banks from opening new accounts and accepting new customers. The microfinance banks include Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others. Editor’s Picks Senate Gives Condition To Waive Ningi’s Suspension BREAKING: JAMB Releases 2024 UTME Results World Malaria Day: … Read more
Eko Hot Blog reports that popular Fintech platform, OPay has disclosed that it has taken down the bank account verification feature which offered a loophole for people to create accounts using other people’s identity. There have been reports that OPay and PalmPay accounts are being fraudulently opened using the identities of unsuspecting individuals. The digital … Read more
EKO HOT BLOG reports that Fidelity Bank, a major commercial bank in Nigeria, has recently imposed limits on financial transfers to neobanks like as OPay, Moniepoint, and Palmpay. This decision is in reaction to worries about neobanks’ poor KYC (Know Your Customer) practices, which have resulted in a rise in fraudulent activity, according to TechCabal. … Read more
EKo Hot Blog reports that The Federal Government has initiated investigations into the activities of Meta, the parent company of Facebook, WhatsApp, and Instagram, along with DHL, a logistics firm, and the online payment platform OPay. These inquiries follow numerous complaints by Nigerians regarding violations of data subjects’ rights. The Nigeria Data Protection Commission (NDPC) … Read more
The CBN has denies reports that it suspended accounts of Fintech companies, OPAY and PALMPAY. The apex bank described the viral news as “simply fake”. The Fintech companies have also dismissed the reports as false and misleading. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has debunked the reports making rounds that … Read more
OPay has announced that it is temporarily shutting down it’s ORide, OCar, and OExpress, Ofood operations in Nigeria. The company made the announcement in a statement. According to the statement, the company noted that it new mandate is prompted by the harsh business conditions caused by the COVID-19 pandemic. The statement reads in part “We … Read more
Commercial motorcycle operators with ride-hailing companies, Gokada,Opay,MAX are pleading with the Lagos State Government to rather than ban them, they should be regulated. Ekohotblog recalls that Governor Babajide Sanwo-Olu had declared a ban on commercial motorbikes (popularly called Okada) and tricycles (popularly known as Keke) beginning from Saturday February 1, 2020. READ ALSO: https://ekohotblog2.com/2020/02/02/lastma-official-hangs-self-on-tree-see-why/ The … Read more
Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of high-profile Chinese investors. The funding comes after the Africa-based fintech company raised $50 million earlier this year in June in the Series A investment. This new Series B capital by Asian investors include Meituan-Dianping, GaoRong, Source Code Capital, … Read more