Nigeria: OPay Unveils Large Transaction Shield to Strengthen Security Against Fraud

OPay, one of Nigeria’s prominent digital financial services platforms, has introduced an advanced security feature called the “Large Transaction Shield,” aimed at enhancing protection for users conducting substantial transactions within the OPay app.

How the Large Transaction Shield Works:

1. Setting Transaction Limits: Users can define their own transaction limits, choosing amounts between N100,000 and N300,000 per transaction.
2. Biometric Verification: When a transaction reaches the set limit, the app automatically requires facial verification to proceed.
3. Additional Authentication: If facial recognition is unsuccessful, an OTP (One-Time Password) is sent to the user’s registered phone number as a further layer of verification.

This layered security approach ensures that unauthorized large transactions are significantly harder to complete, even if an account is compromised. This feature currently applies only to transactions within the OPay app and does not extend to debit card transactions or other platforms.

According to Dauda Gotring, CEO of OPay, “The Large Transaction Shield demonstrates our commitment to securing our platform. Requiring facial verification for high-value transactions adds another critical safeguard, ensuring each transaction is authorized by the legitimate account holder.”

The Large Transaction Shield empowers users to take an active role in protecting their accounts, providing customizable limits and a robust verification process for high-value transactions. This approach aligns with the trend of shared responsibility in digital security, where both the provider and the user play a role in preventing fraud.

With the Large Transaction Shield, OPay takes a major step forward in tackling financial fraud within Nigeria’s digital payment ecosystem, offering users more control over their financial security through customizable safeguards and biometric verification.