OPay has delivered reassuring news to its users: all funds are now insured up to 5 million Naira under the Nigeria Deposit Insurance Corporation (NDIC).
This move not only underscores OPay’s commitment to financial security but also aligns it with the standards enjoyed by depositors of other commercial banks.
The NDIC has significantly increased the maximum pass-through deposit insurance coverage from 500,000 Naira to 5,000,000 Naira per subscriber per mobile money operator (MMO). This adjustment provides a substantial safety net for OPay users, ensuring their funds are protected to a much greater extent.
The enhanced coverage is underpinned by solid financial backing from the NDIC’s Deposit Insurance Funds (DIFs), anticipated premium collections, and robust supervision and bank resolution frameworks as outlined in the NDIC Act No. 33 of 2023.
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The NDIC emphasized that this comprehensive financial infrastructure is essential for maintaining depositor confidence and ensuring the stability of the financial system.
By increasing the insured amount, the NDIC seeks to prevent unnecessary risk-taking by financial institutions, thereby reducing the potential for destabilizing bank runs.
OPay’s alignment with the NDIC’s revised insurance coverage standards underscores its dedication to safeguarding user funds and promoting financial stability. With this new level of insurance, OPay users can now have the same confidence in the security of their deposits as customers of other commercial banks.
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