In line with its long-standing commitment to regulatory compliance, financial security, and customer protection in Nigeria, OPay has launched XtraCova, a funds protection product that reimburses customers for verified unauthorised transactions.
The product reinforces OPay’s focus on strengthening consumer confidence in digital financial services while supporting Nigeria’s transition toward a secure cashless economy.
XtraCova offers reimbursement of up to ₦5,000,000 per validated claim, with funds deducted from a customer’s account without their authorisation. The product is designed to respond after a verification process confirms that the account holder did not approve the transaction.
The protection framework addresses two categories of risk. The first includes platform-side incidents such as security vulnerabilities, authentication failures, or infrastructure breaches that may lead to unauthorised deductions. The second covers external criminal activities, including identity theft, phishing attacks, malware compromise, or unauthorised access following device theft.
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.
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 OPayknowing that if an unauthorised transaction happens and it is verified, we are ready to stand behind them.”
Through the launch of XtraCova, OPay continues to set a higher standard for financial protection within Nigeria’s fintech sector while reinforcing its role as a trusted partner in the country’s digital financial transformation.
XtraCova is available directly within the OPay mobile application. Users can access the feature by opening the OPayapp 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.