OPay Launches XtraCova to Protect Customers from Unauthorised Transactions

As part of its long-standing commitment to Nigeria and its millions of users, OPay has launched XtraCova, a new customer protection product that reimburses users for verified unauthorised transactions. The launch emphasises OPay’s dedication to operating in compliance with Nigeria’s financial regulations while continuing to build products that put customers first.

XtraCova is a funds protection product that reimburses up to ₦5,000,000 per validated claim when funds are debited from an OPay account without the account holder’s knowledge or consent. The product strengthens OPay’s commitment to ensuring customers feel safe using digital financial services every day.

With digital payments becoming an important part of everyday life, customers want assurance that their money is safe. XtraCova addresses this need by providing support in cases where accounts are compromised or a system issue results in an unauthorised deduction.

The protection applies in two key situations. The first is when a security or system failure on the platform leads to unauthorised transactions. The second is when users become victims of criminal activities such as identity theft, phishing attacks, malware intrusion, or unauthorised access to a stolen device. In both cases, the central question remains clear: Did the account holder authorise the transaction? If the answer is no and the claim meets the verification requirements, XtraCova will respond.

Elizabeth Wang, Chief Commercial Officer, OPay, said;

"Protecting our customers’ money is our highest responsibility. As a company that has served millions of Nigerians over the years, we understand that trust is the foundation of digital finance. XtraCova reaffirms our commitment to continuously invest in security, comply with regulatory standards, and build solutions that truly protect our users. With this product, customers can use OPay knowing that if an unauthorised transaction happens and it is verified, we are ready to stand behind them.”

By introducing XtraCova, OPay continues to strengthen trust in digital financial services and help Nigerians confidently embrace cashless payments.

XtraCova is available directly within the OPay mobile application. Users can access the feature by opening the OPay app and navigating to the Security Center section.

To learn more about how OPay is advancing financial inclusion and their security products, please visit www.opayweb.com or connect with OPay on LinkedIn, @OPay_NG on X, and @opay.ng on Instagram.

About OPay

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, card service, airtime and data purchase, and merchant payments, among others. Renowned for its fast and reliable network and strong security features that protect customers' funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

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Source: Legit.ng