OPay introduces XtraCova, a new security protection layer for digital payments

Demonstrating its long-term commitment to Nigeria’s digital economy and regulatory compliance, OPay has launched XtraCova, an innovative funds protection product that safeguards users against verified unauthorised transactions.

As digital payments continue to grow across Nigeria, trust and security remain critical. XtraCova reimburses up to ₦5,000,000 per validated claim when funds are deducted from a customer’s account without their knowledge or consent.

The new product strengthens OPay’s security framework by addressing two major risk areas in digital finance. First, it protects customers in the rare event of platform-side failures, including system vulnerabilities, infrastructure issues, or authentication control failures.

Second, it offers protection in cases of external fraud such as identity theft, phishing attacks, malware compromise, or unauthorised access through a lost or stolen device.

XtraCova works through a structured verification process. Once a claim is submitted, OPay investigates the transaction to determine whether the account holder authorised it. If the investigation confirms that the transaction was unauthorised and all policy conditions are met, the user becomes eligible for reimbursement.

Elizabeth Wang, Chief Commercial Officer, OPay, said;

“Protecting our customers’ money is our highest responsibility. As a company that has served millions of Nigerians over the years, we understand that trust is the foundation of digital finance. XtraCova reaffirms our commitment to continuously invest in security, comply with regulatory standards, and build solutions that truly protect our users. 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.”

Through XtraCova, OPay is reinforcing its security-first approach and raising the standard for consumer protection in Nigeria’s fintech ecosystem. This product launch further reflects OPay’s continued investment in technology, security infrastructure, and customer trust as the company expands financial inclusion nationwide.

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.

Similar read: How OPay is rewriting fintech customer service through deliberate product architecture

To learn more about how OPay is advancing financial inclusion and its security products, please visit www.opayweb.com or connect with OPay on LinkedIn, @OPay_NG on X, and @opay.ng on Instagram.

About OPay

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, card service, airtime and data purchase, and merchant payments, among others.

Renowned for its fast and reliable network and strong security features that protect customers’ funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

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