Babatunji Wusu –
The directive cautioned that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

However, reacting to the directive in a statement made available on the official X handle of the Fintech platform, Opay cleared that it was not affected by the directive recently issued by the NIBSS.

We wish to state that Opay is not affected by the recent circular published by NIBSS. The focus is on payment service solution providers, switches and super agents. Opay is a Mobile Money Operator (MMO) licensed by the CBN and insured by the NDIC. Your funds are safe and secure with Opay,” the statement by OPay read.

The directive cautioned that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

However, reacting to the directive in a statement made available on the official X handle of the Fintech platform, Opay cleared that it was not affected by the directive recently issued by the NIBSS.

We wish to state that Opay is not affected by the recent circular published by NIBSS. The focus is on payment service solution providers, switches and super agents. Opay is a Mobile Money Operator (MMO) licensed by the CBN and insured by the NDIC. Your funds are safe and secure with Opay,” the statement by OPay read.