User Funds Are Now Insured Up To 5M Under NDIC – OPay

OPay’s alignment with the NDIC’s revised insurance coverage standards underscores its dedication to safeguarding user funds

Opay

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 underscores OPay’s commitment to financial security, aligning 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 mobile money operator (MMO) subscriber. This adjustment provides a substantial safety net for OPay users, ensuring their funds are much more protected.

The enhanced coverage is backed by solid financial support from the NDIC’s Deposit Insurance Funds (DIFs), anticipated premium collections, and robust supervision and bank resolution frameworks outlined in the NDIC Act No. 33 of 2023. The NDIC emphasized that this comprehensive financial infrastructure is essential for maintaining depositor confidence and ensuring the financial system’s stability.

By increasing the insured amount, the NDIC seeks to prevent financial institutions from taking unnecessary risks, 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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