Haruna Oseni, a 32-year-old programmer (alias used for privacy), was surprised when he followed his friend’s advice to open an account using his mother’s name on OPay.
His friend claimed it worked, detailing a process involving downloading the OPay app, signing up with a phone number, choosing ‘verify account,’ selecting the bank and providing account details along with random address information.
Oseni shared his experience, revealing that he successfully opened an account in his mother’s name and even used a different SIM to open one in Shaffy Bello’s name.
Videos were created to demonstrate this, but BusinessDay opted not to publish them due to source protection concerns.
These videos corroborate the ability to open accounts with different names and genders.
The daily transaction limit for these accounts is N50,000, with a weekly limit of N300,000.
Despite sending the claims and steps to OPay for a response, none had been received by the time of publishing.
Experts express concerns about this impersonation, highlighting a trend exploiting weaknesses in Know-Your-Customer practices.
Fintech companies prioritize quick customer onboarding, often returning later for proper KYC procedures.
Challenges arise due to the lack of government regulations addressing issues like address verification, creating loopholes.
The usual practice involves matching the Bank Verification Number (BVN) to the captured face on the app before opening an account.
Instances of online criminals stealing identities for fraudulent activities have increased.
The implication is that individuals with ill intentions, armed with celebrities’ account details, can make deposits and withdrawals under false identities.
The Central Bank of Nigeria recently mandated the linkage of either BVN or National Identification Number (NIN) for Tier 1 accounts and wallets.
In response to potential risks, the CBN is considering corporate governance regulations for fintech companies.
Experts emphasize the collective responsibility of operators and stakeholders to establish a secure and transparent financial ecosystem in Nigeria, fostering trust and mitigating risks for a thriving financial landscape.
