We’re Not Affected By NIBSS Circular – Opay Breaks Silence Over Fund Transfer News

Fintech company, Opay, has reacted to viral report that Nigeria Interbank Settlement System Plc (NIBSS), directed to take down every non-deposit taking financial institution from their NIP fund transfer channels, including Opay.

But reacting to the report, Opay via it ‘X’ handle disclosed that they are not affected by the trending circular.

The press release reads:
“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.