Opay Introduces Advanced Security Features, Rewards Challenge Winners with ₦1 Million Each

Opay, one of Nigeria’s leading financial technology platforms, has announced the launch of new security features designed to enhance user protection and prevent fraudulent transactions across its mobile payment ecosystem. The company also celebrated the winners of its recently concluded “Opay Security Challenge,” rewarding each with ₦1 million for their innovative solutions and commitment to promoting digital safety.

Speaking at the unveiling ceremony in Lagos, Opay’s Managing Director, Dauda Gotring, said the company remains committed to safeguarding its users’ funds while improving confidence in digital banking. He emphasized that the newly introduced security tools are part of a comprehensive framework to address the rising cases of financial fraud and cyber threats in Nigeria’s rapidly growing fintech space.

“The security of our users is at the heart of everything we do,” Gotring stated. “With these new enhancements, Opay customers can enjoy safer transactions and greater control over their accounts. We are leveraging technology and innovation to stay ahead of potential threats while ensuring convenience and trust in digital payments.”

The new features include advanced biometric authentication, instant transaction notifications, and an enhanced in-app fraud reporting system that enables users to flag suspicious activities in real time. The update also introduces device binding, which restricts account access to verified devices only, reducing the risk of unauthorized logins.

Opay noted that the security upgrade comes in response to user feedback and industry-wide calls for stronger digital protection measures. The company revealed that it worked with cybersecurity experts and regulators to align the new system with the Central Bank of Nigeria’s (CBN) digital banking standards.

In addition to the product updates, Opay used the event to reward winners of the “Opay Security Challenge,” a nationwide competition aimed at encouraging creative ideas for enhancing fintech security and customer trust.

Each of the three winners received ₦1 million, with certificates of recognition presented to several finalists whose proposals demonstrated strong potential for integration into Opay’s operations.

According to Opay’s Head of Brand and Marketing, Adaobi Obioha, the challenge was designed to empower young Nigerian innovators to contribute to financial inclusion and cybersecurity awareness.

“We believe the future of fintech lies in collaboration between technology providers, regulators, and users. Through this challenge, we discovered outstanding talents whose ideas will help shape safer financial experiences for millions of Nigerians,” Obioha said.

The winners, who expressed gratitude for the recognition, commended Opay for its commitment to promoting digital innovation and customer safety. One of the recipients, a cybersecurity analyst from Abuja, described the experience as “a motivating step toward building a safer fintech landscape in Nigeria.”

Industry experts have applauded Opay’s initiative, noting that the company’s proactive approach reflects the growing maturity of Nigeria’s fintech industry. According to them, user education and digital security upgrades are crucial as more Nigerians embrace online payments and mobile banking services.

“Security remains one of the biggest challenges in fintech adoption, and it’s encouraging to see major players like Opay investing in stronger systems and awareness campaigns,” said fintech consultant, Tunde Adebayo. “This move will go a long way in boosting consumer confidence and curbing fraud.”

Opay reaffirmed its commitment to continuous innovation and collaboration with regulators to ensure that Nigeria’s digital payment ecosystem remains secure, reliable, and accessible to all.

 

With over 35 million users nationwide, the company’s latest security measures and youth engagement programs are expected to set a new benchmark for responsible digital finance operations in Africa.