OPay has rolled out a new consumer protection solution, XtraCova, as part of efforts to deepen trust and strengthen security across Nigeria’s rapidly expanding digital payments ecosystem. The initiative is designed to protect users against verified unauthorised transactions and reinforce confidence in mobile-based financial services.
The newly launched product offers reimbursement of up to ₦5 million per validated claim in cases where funds are withdrawn from a customer’s account without consent. XtraCova is structured to address genuine unauthorised deductions only, with claims subject to defined reporting and verification standards to ensure transparency and accountability.
Brandspur Banking News Desk reports that XtraCova applies to two key risk scenarios. These include internal platform-related failures, such as system vulnerabilities or infrastructure breaches, as well as external threats like phishing scams, identity theft, malware attacks, or unauthorised access resulting from lost or stolen devices. Each claim undergoes a structured investigation process before any reimbursement decision is made.
Speaking on the launch, Elizabeth Wang, Chief Commercial Officer at OPay, said customer protection remains central to the company’s operations. She noted that trust is the backbone of digital finance and stressed that the new product reflects OPay’s ongoing investment in security, regulatory compliance, and user-focused solutions.
According to the company, once a report is filed, transactions are carefully reviewed to confirm whether they were executed without the user’s authorisation. Where claims are verified and policy conditions met, affected customers are reimbursed in line with the product’s coverage terms.
XtraCova is accessible directly through the OPay mobile application. Users can activate or review the feature by navigating to the Security Center section within the app, allowing for seamless integration into existing user routines without additional complexity.
The launch further positions OPay as a leading player in consumer protection within Nigeria’s fintech space, at a time when digital transactions continue to grow in volume and sophistication. Industry observers note that enhanced safeguards such as XtraCova are becoming increasingly important in sustaining user confidence amid rising cyber risks.
Founded in 2018, OPay provides a range of financial services including money transfers, bill payments, airtime and data purchases, card services, and merchant solutions. The company is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation, offering coverage comparable to that of commercial banks.
With XtraCova, OPay reinforces its role in supporting a safer, more reliable, and inclusive digital financial environment for millions of Nigerians.
