OPay has launched XtraCova, a new customer protection feature designed to reimburse users for verified unauthorised transactions on their accounts, offering claims of up to ₦5 million when funds are deducted without their knowledge due to system failures, fraud, or criminal activities such as phishing and identity theft.
The initiative reflects OPay’s growing focus on strengthening customer protection as digital payments become increasingly common across Nigeria. By introducing XtraCova, the financial services platform aims to provide users with greater confidence that their money remains protected even when unexpected security incidents occur.
XtraCova functions as a funds protection feature built directly into the OPay ecosystem. Under the policy, users may receive reimbursement of up to ₦5,000,000 per verified claim when funds are removed from an account without the knowledge or consent of the account holder.
The protection is designed to address situations where unauthorised transactions occur despite existing security measures. In many cases, these incidents arise from cyber-related threats such as phishing attacks, identity theft, malware infiltration, or unauthorised access to a stolen or compromised device.
OPay also noted that the coverage applies when internal security or system failures on the platform lead to unauthorised deductions. In both circumstances, the central condition remains the same — the transaction must not have been authorised by the account holder and must pass the company’s verification process.
The company said the product was developed in response to growing concerns among users about the safety of funds stored on digital platforms. As mobile payments, transfers, and online transactions continue to expand, many consumers are seeking stronger assurance that their finances remain secure even when fraud or technical errors occur.
Elizabeth Wang, Chief Commercial Officer at OPay, said the new protection feature reflects the company’s long-term approach to safeguarding users’ money while maintaining regulatory compliance.
“Protecting our customers’ money is our highest responsibility,” Wang said. “As a company that has served millions of Nigerians over the years, we understand that trust is the foundation of digital finance.”
She added that the launch of XtraCova represents continued investment in security infrastructure and consumer-focused solutions.
“XtraCova reaffirms our commitment to continuously invest in security, comply with regulatory standards, and build solutions that truly protect our users,” Wang said. “With this product, customers can use OPay knowing that if an unauthorised transaction happens and it is verified, we are ready to stand behind them.”
The feature is available directly within the OPay mobile application and can be accessed through the Security Center section of the app, where users can view protection details and manage related security options.
Founded in 2018, OPay has expanded rapidly within Nigeria’s digital financial services space. The platform offers services including money transfers, bill payments, merchant payments, card services, and airtime and data purchases.
The company operates under licensing from the Central Bank of Nigeria and is insured by the Nigeria Deposit Insurance Corporation, providing the same level of deposit protection applied to commercial banks operating in the country.
