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- The financial technology platform OPay has increased client money security by introducing a new product called Nightguard
- The business described its initiatives to protect customers’ assets and counter the surge in illicit financial activities
- The Nightguard feature was a first-of-its-kind invention in the banking industry that increases user safety over their assets
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
OPay, a well-known provider of financial technology, has added a new tool called Nightguard to further secure customers’ funds.
Source: Getty Images
This was revealed in a statement the company provided to The PUNCH on Monday, outlining its efforts to combat the rise in illegal financial activity and safeguard consumers’ assets.
The development comes on the back of FITC report that Financial institutions in Nigeria reported 11,472 fraud cases in the first quarter of 2024.
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OPay claimed that the introduction of its ground-breaking “Nightguard” feature, which greatly improved user protection over their funds, was a first-of-its-kind innovation in the banking sector.
It stated,
“OPay Nightguard assists users in securing their accounts during hours when they are most vulnerable—while they sleep and during certain personal lifestyle periods such as late-night outings, evening social gatherings, and more.
“The Nightguard feature allows users to set a timeframe between 11:00 pm and 7:00 am during which any transfer attempts will require enhanced identity verification,” it stated.
The company stated that transfers made inside this window of time have to pass facial recognition, guaranteeing users the ability to stop unauthorized access to their money and accounts at night and offering the highest level of protection and comfort.
The Chief Executive Officer of OPay Nigeria, Mr Dauda Gotring, said,
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“The Nightguard feature represents a significant advancement in Nigeria’s mobile payment landscape, offering users a robust tool to secure their financial transactions. As the leader in the fintech industry in Nigeria, OPay is committed to placing control firmly in the hands of its customers, ensuring that they have the power to safeguard their finances.”
The success of the Nightguard service, underlines OPay’s dedication to customer security and satisfaction.
These features are unique to the OPay App and provide compelling reasons for users to download and utilise the platform.
The opportunity to set up Nightguard and sleep well knowing their accounts are secure resonates powerfully with the public, especially those who are worried about phone hacking and the security of their funds.
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Legit.ng reported that amid rising fraud cases, Nigerian banks have once again sent messages to customers to be vigilant.
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In similar messages, the banks also provided steps on actions customers must take to avoid falling victim.
Leadership reports that Nigerians have lost a whopping N51 billion savings to banking-related fraud between 2019 and July 2023.
Source: Legit.ng