OPay Introduces XtraCova To Guard Against Unauthorized Transactions

According to Ireporter Online, digital payments platform OPay has launched a new customer protection product, XtraCova, designed to reimburse users for verified unauthorised transactions. The initiative underscores the company’s commitment to aligning with Nigeria’s financial regulations while prioritising customer safety.

XtraCova provides coverage of up to ₦5,000,000 per validated claim when funds are debited from an OPay account without the account holder’s consent or knowledge. The product is intended to give users confidence in using digital financial services, especially as digital payments become increasingly integral to everyday transactions.

The protection applies in cases of system or security failures that result in unauthorised deductions, as well as criminal activities such as identity theft, phishing, malware intrusion, or unauthorised access via stolen devices. Claims are verified, and reimbursed funds are provided only when it is confirmed that transactions were not authorised by the account holder.

OPay’s Chief Commercial Officer, Elizabeth Wang, emphasised the company’s focus on customer trust and security, stating, “Protecting our customers’ money is our highest responsibility. XtraCova reaffirms our commitment to continuously invest in security, comply with regulatory standards, and build solutions that truly protect our users. Customers can use OPay knowing that if an unauthorised transaction occurs and is verified, we are ready to stand behind them.”

XtraCova is accessible directly through the OPay mobile application via the Security Centre section. The move is part of OPay’s broader strategy to strengthen trust in digital financial services and encourage more Nigerians to embrace cashless payments.