XtraCova, a funds protection program that reimburses clients for confirmed fraudulent transactions, was introduced by OPay. According to a statement from the company, the solution supports Nigeria’s shift to a safe cashless economy while bolstering consumer confidence in digital financial services. The company claims that XtraCova reimburses up to N5 million for each verified claim, with money taken out of a customer’s account without their consent.According to Opay, this was intended to react when a verification procedure indicates that the account holder did not authorize the transaction. overlay-clevercloseLogo It further stated that the protection system covers two types of risk: platform-side occurrences, such as security flaws, authentication errors, or infrastructure breaches that could result in illegal deductions. “Identity theft, phishing attacks, virus compromise, and unauthorized access after device theft are examples of external criminal acts covered by the second. Clear policy conditions, verification requirements, and reporting deadlines are used to evaluate claims. According to the statement, “eligible customers receive reimbursement up to the coverage limit once all requirements are met.”
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