OPay Debuts XtraCova Security Fund to Reimburse Customers Up to ₦5 Million for Unauthorised Digital Transactions

OPay introduces XtraCova, a security product reimbursing users up to ₦5M for unauthorised transactions caused by phishing, identity theft, or system errors.

By: AXL Media

Published: Mar 17, 2026, 4:20 AM EDT

Source: The information in this article was sourced from Champion Newspapers

Strengthening the Safety Net for Digital Finance

In a major move to fortify trust within Nigeria’s rapidly expanding fintech landscape, OPay has officially introduced XtraCova, a robust reimbursement product for its millions of users. The initiative is designed to mitigate the financial impact of unauthorised transactions, providing a formal mechanism for users to recover funds. According to OPay leadership, the launch underscores a commitment to regulatory compliance and customer-centric innovation. As digital payments become a daily necessity for Nigerians, XtraCova serves as a critical buffer against the anxieties associated with online financial security, ensuring that the platform remains a reliable medium for the nation's cashless transition.

Comprehensive Coverage for System Failures and Cybercrime

XtraCova provides a significant financial ceiling for protection, offering reimbursements of up to ₦5,000,000 per validated claim. The coverage is specifically tailored to address two primary vulnerabilities: internal system or security failures on the OPay platform and external criminal interference. This includes protection for victims of identity theft, phishing attacks, malware, and unauthorised access resulting from stolen devices. According to the company, the verification process focuses on a singular, essential question: whether the account holder authorised the debit. By addressing these specific pain points, OPay aims to eliminate the "fear factor" often associated with high-volume digital banking.

Building a Foundation of Trust in the Cashless Era

Elizabeth Wang, Chief Commercial Officer at OPay, emphasized that trust is the fundamental currency of digital finance. During the product launch, Wang noted that XtraCova is not just a feature but a reaffirmation of the company’s investment in security and regulatory standards. The product is positioned to support users who have embraced digital wallets but remain wary of sophisticated cyber threats. By standing behind verified claims, OPay expects to drive deeper financial inclusion, encouraging users to perform larger and more frequent transactions with the assurance that their primary capital is insured against unforeseen breaches.