See the new feature introduced by Opay to protect customers' funds

• The payment service company Opay has announced new changes to its customers’ accounts
• The company introduced the Large Transaction Shield to protect users’ funds from fraud and unauthorised access
• The company said the new feature uses a new facial recognition technology to authenticate user’s identity

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Opay, one of the leading fintech firms in Nigeria, has introduced an innovative feature, the Large Transaction Shield, to offer users greater control and security over their funds.

The company stated that the new feature uses facial recognition technology to authenticate and protect users' accounts from unauthorised transactions.

Opay announces new changes to customers accounts against fraud Credit: Opay
Source: Getty Images

The new feature allows customers to set limits

Opay said:

“Large Transaction Shield feature, designed to provide users unparalleled control and protection over their funds. The Large Transaction Shield offers a comprehensive suite of benefits, including enhanced security, customisation, and convenience.

The company disclosed that the Large Transaction Shield allows users to set personalised limits for single, daily, and monthly transfers to ensure that any large or unusual transactions surpassing the set limits require additional verification.

Opay added that users must confirm their identity via facial recognition when transactions surpass the set threshold.

Customers now have more control

According to reports, Opay’s Chief Executive Officer, Dauda Gortring, said the company was committed to delivering cutting-edge financial solutions and prioritising user safety and convenience.

He disclosed that the Large Transaction Shield is a testament to its dedication to providing its customers with a secure and reliable platform.

He said that by asking for facial recognition for large transactions, Opay is strengthening its defences against potential fraud and ensuring that the account owner authorises every payment.

Bans announce changes in customers' savings accounts

Legit.ng earlier reported that the Central Bank of Nigeria has released updated saving deposit interest rates for various Deposit Money banks (DMBs).

According to CBN, banks now offer an average savings deposit rate of 8.03% compared to the previous average rate of 7.88%.

A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.

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Source: Legit.ng