OPay Launches XtraCova To Protect Users From Unauthorised Transactions
OPay has introduced XtraCova, a new customer protection product designed to safeguard users against unauthorised transactions on its platform.
The initiative reinforces the company’s commitment to security and regulatory compliance in Nigeria’s growing digital payments space, while also addressing rising concerns around fraud and account breaches.
XtraCova offers reimbursement of up to ₦5 million per verified claim in cases where funds are withdrawn from a user’s account without their knowledge or consent. The product is aimed at strengthening customer confidence by ensuring users have a safety net when unexpected or fraudulent debits occur.
The protection covers two primary scenarios. The first involves unauthorised transactions resulting from system or security failures on the platform. The second includes cases where users fall victim to criminal activities such as identity theft, phishing, malware attacks, or unauthorised access through stolen devices.
At the core of the claims process is a simple question: whether the transaction was authorised by the account holder. If it is confirmed that the user did not approve the transaction and the claim meets verification standards, XtraCova provides reimbursement.
Speaking on the launch, Chief Commercial Officer Elizabeth Wang emphasised that customer protection remains a top priority for the company, noting that trust is fundamental to the adoption of digital financial services.
XtraCova is accessible directly within the OPay mobile app via the Security Center, making it easy for users to activate and manage their protection.
Since its launch in 2018, OPay has grown into one of Nigeria’s leading fintech platforms, offering services such as money transfers, bill payments, airtime purchases, and merchant solutions. The company is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.
With the introduction of XtraCova, OPay continues to strengthen trust in cashless transactions and support the broader adoption of digital financial services across Nigeria.
