OPay has introduced XtraCova, a funds protection product designed to reimburse customers for verified unauthorised transactions, strengthening consumer confidence in digital financial services in Nigeria.
The product reimburses up to N5,000,000 per validated claim, applying to funds deducted from a customer’s account without their authorisation. XtraCova covers both platform-side risks, including security vulnerabilities or authentication failures, and external threats such as identity theft, phishing attacks, malware, or unauthorised access due to device theft.
Claims are processed after verification to confirm that the account holder did not approve the transaction. Once all policy conditions, reporting timelines, and verification requirements are met, eligible customers receive reimbursement up to the coverage limit.
Elizabeth Wang, Chief Commercial Officer at OPay, said:
“Protecting our customers’ money is our highest responsibility. XtraCova reaffirms our commitment to continuously invest in security, comply with regulatory standards, and build solutions that truly protect our users. Customers can use OPay knowing that if an unauthorised transaction occurs and is verified, we are ready to stand behind them.”
The launch of XtraCova reinforces OPay’s leadership in Nigeria’s fintech sector, setting a higher standard for financial protection while supporting the country’s transition toward a secure cashless economy.
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.
For more information on OPay’s security initiatives and financial inclusion efforts, users can visit OPay Official Website or connect with OPay on LinkedIn, X (@OPay_NG), and Instagram (@opay.ng).
