FINTECH Company, Opay, has reacted to the viral report that the Nigeria Interbank Settlement System Plc (NIBSS) has directed the takedown of every non-deposit-taking financial institution from their NIP fund transfer channels, including Opay.
But reacting to the report, Opay, via its X handle, disclosed that they are not affected by the trending circular.
The press release read: “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.”
According to the circular released by NIBSS, “listing non-deposit taking financial institutions such as switching companies (switches), Payment Solution Service Providers (PSSP), and Super Agents (SA) as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria dated February 2014.”
The circular also clarified that while these financial institutions would be stopped from receiving inflows, they are allowed to process outflows as inflows to banks.
