OPay unveils product to reimburse unauthorised transactions

OPay has launched XtraCova, a funds protection product that reimburses customers for verified unauthorized transactions. In a statement, the firm stated that the product reinforces its focus on strengthening consumer confidence in digital financial services while supporting Nigeria’s transition toward a secure cashless economy. According to the firm, XtraCova offers reimbursement of up to N5 […]

OPay has launched XtraCova, a funds protection product that reimburses customers for verified unauthorized transactions.

In a statement, the firm stated that the product reinforces its focus on strengthening consumer confidence in digital financial services while supporting Nigeria’s transition toward a secure cashless economy.

According to the firm, XtraCova offers reimbursement of up to N5 million per validated claim, with funds deducted from a customer’s account without their authorisation.

Opay said this was designed to respond after a verification process confirms that the account holder did not approve the transaction.

It added that the protection framework addresses two categories of risk with the first including platform-side incidents such as security vulnerabilities, authentication failures, or infrastructure breaches that may lead to unauthorized deductions.

“The second covers external criminal activities, including identity theft, phishing attacks, malware compromise, or unauthorised access following device theft.

“Claims are assessed based on clear policy conditions, verification standards, and reporting timelines. Once all requirements are met, eligible customers receive reimbursement up to the coverage limit,” the statement reads.

The firm’s Chief Commercial Officer, Elizabeth Wang, expressed the firm’s commitment to its customers, saying protecting their funds ranks as the 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 unauthorized transaction happens and it is verified, we are ready to stand behind them,” she said.