OPay has launched XtraCova, a new consumer protection product designed to compensate users for verified unauthorised transactions, as part of efforts to strengthen trust and security within Nigeria’s digital finance ecosystem.
The fintech company said XtraCova offers reimbursement of up to N5m per validated claim, covering situations where funds are withdrawn from a customer’s account without consent. The initiative underscores OPay’s focus on customer protection amid rising concerns over digital fraud and cybersecurity risks in the fast-growing payments sector.
Brandspur Banking News Desk reports that XtraCova was developed to address two major categories of unauthorised transactions. These include internal system-related incidents such as infrastructure vulnerabilities or security breaches, as well as external criminal activities including phishing attacks, identity theft, malware exposure and unauthorised access linked to stolen devices.
According to OPay, every claim submitted under XtraCova undergoes a comprehensive investigation process. Only transactions confirmed as genuinely unauthorised and compliant with the product’s verification and reporting standards qualify for reimbursement. The company said approved claims are settled once all policy conditions are met.
Commenting on the launch, OPay’s Chief Commercial Officer, Elizabeth Wang, said safeguarding customer funds remains a top priority for the company. She noted that trust is central to the adoption and sustainability of digital financial services, especially in a market serving millions of users.
Wang explained that XtraCova reflects OPay’s continued investment in security infrastructure and regulatory compliance, while reinforcing its role in promoting a safer and more reliable digital payments environment. She added that the product allows customers to transact with greater confidence, knowing verified losses will be reimbursed.
The company said XtraCova is accessible directly within the OPay mobile application. Users can activate or review the feature by navigating to the Security Centre section of the app, making the protection service easily available without additional external processes.
Founded in 2018, OPay provides a wide range of financial services including money transfers, bill payments, airtime and data purchases, card services and merchant payments. The company operates under a licence issued by the Central Bank of Nigeria and is insured by the Nigeria Deposit Insurance Corporation, with coverage comparable to that of commercial banks.
Industry observers say the introduction of XtraCova highlights a growing emphasis on consumer protection among digital finance providers, as competition intensifies and regulatory scrutiny around data security and fraud prevention continues to increase.
