- OPay has launched XtraCova, a new feature to protect customers from unauthorised transactions with coverage up to N5 million
- XtraCova aims to enhance trust in digital payments amid speculation about OPay’s potential shutdown
- Claims for reimbursement undergo thorough verification, focusing on both platform vulnerabilities and external criminal activities
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Digital financial services platform OPay has introduced a new funds protection feature known as XtraCova, designed to reimburse customers who fall victim to verified unauthorised transactions.
The company said the initiative aims to strengthen customer confidence in digital payments while supporting Nigeria’s transition toward a safer cashless economy.
Credit: OPay/Picture Alliance/Contributor
Source: UGC
In a statement released by the firm, OPay explained that XtraCova provides financial protection of up to N5 million per verified claim, ensuring that customers whose accounts are debited without their consent can receive compensation after a thorough verification process.
The announcement comes amid viral rumours circulating online suggesting that the fintech platform might shut down operations. OPay, however, dismissed the speculation and reiterated its commitment to serving millions of Nigerians.
How the XtraCova protection works
According to OPay, the XtraCova protection framework is designed to reimburse customers after an investigation confirms that the account holder did not authorise the disputed transaction.
The company noted that the product focuses on safeguarding users against two main categories of financial risk.
The first category includes platform-related incidents. These involve potential system vulnerabilities such as authentication failures, infrastructure breaches, or other security issues that could lead to unauthorised deductions from a customer’s account.
The second category covers external criminal activities. These may include identity theft, phishing attacks, malware compromise, or unauthorised access to a user’s account following the theft of their mobile device.
OPay stated that each claim will undergo an evaluation based on clearly defined policy conditions, verification standards, and reporting timelines. Customers who meet the required conditions will then be reimbursed up to the coverage limit.
“Claims are assessed based on clear policy conditions, verification standards, and reporting timelines. Once all requirements are met, eligible customers receive reimbursement up to the coverage limit,” the company said.
Reinforcing trust in digital finance
The Chief Commercial Officer of OPay, Elizabeth, said the launch of XtraCova reflects the company’s commitment to protecting customers and maintaining trust in digital financial services.
According to her, safeguarding users’ funds remains one of the company’s top priorities.
“As a company that has served millions of Nigerians over the years, we understand that trust is the foundation of digital finance,” she said.
She added that the new product demonstrates OPay’s continued investment in security and regulatory compliance.
“XtraCova reaffirms our commitment to continuously invest in security, comply with regulatory standards, and build solutions that truly protect our users,” she stated.
Addressing rumours about OPay’s operations
OPay also used the announcement to reassure customers following viral social media claims that the company might shut down operations in Nigeria.
The fintech firm dismissed the rumours as false and emphasised that it remains committed to expanding its services while improving customer protection mechanisms.
Credit: Opay/Novatis
Source: UGC
With the introduction of XtraCova, the company said users can continue to transact on the platform with greater confidence, knowing that verified cases of unauthorised deductions will be addressed through reimbursement.
The move, OPay noted, forms part of its broader effort to improve financial security while supporting Nigeria’s growing digital payments ecosystem.
CBN grants national licence to Opay, Moniepoint, others
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has approved a nationwide operating licence for several financial technology firms and microfinance banks, allowing them to conduct business across all states of the federation.
The decision covers leading digital payment providers such as Opay and Moniepoint, as well as other fintech companies and microfinance institutions that previously functioned under state or regional authorisations.
This regulatory upgrade represents a significant shift in Nigeria’s financial services sector, signalling the CBN’s intention to expand access to digital banking solutions nationwide,
Source: Legit.ng
