As digital financial transactions rise, so do the risks. With growing reports of fraud and cybercrime in the financial sector, consumers are demanding stronger security measures from their service providers.
In response to this, OPay has introduced a new feature, “Large Transaction Shield,” which combines biometric verification with transaction approval to provide users with an extra layer of security.
The Large Transaction Shield allows users to set a limit on single transaction transfers, with a minimum limit of ₦100,000 and a maximum limit of ₦300,000.
Once the user’s set limit is reached, the app automatically requires additional biometric authentication, specifically facial verification, before the transaction can be completed. This ensures that only the account holder can authorise large transactions, reducing the likelihood of unauthorised transfers.
In cases where facial verification fails, the app triggers a one-time password (OTP) request for further authentication. This multi-step security process ensures that even if a fraudster gains access to an account, the layers of verification will make it significantly harder to complete a large transaction without the account holder’s approval.
However, it’s worth noting that this feature only applies to transfers made within the OPay app and does not extend to debit card transactions or transfers made on other platforms.
"The Large Transaction Shield is a testament to our dedication to providing a secure and reliable platform for our customers. By requiring facial verification for large transactions, we are further strengthening our defences against potential fraud and ensuring that every payment is authorised by the rightful account holder," Dauda Gotring, CEO of OPay shares.
How it works
Activating the Large Transaction Shield is simple. Users need to log in to the OPay app and navigate to the "Transfer Protection" section on the home screen. From there, they will find two options — NightGuard and Large Transaction Shield.
By clicking the "Activate" button under the Large Transaction Shield option, users are taken to a screen where they can set their preferred transaction limits. This includes a single transaction limit, daily limit, and monthly limit.
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After reading and agreeing to the terms and conditions, users can activate the feature, giving them peace of mind when making high-value transactions.
Why this matters in today's financial services landscape
Digital financial services in Nigeria have grown exponentially in recent years, driven by the widespread adoption of mobile banking and digital wallets.
But with this growth comes the escalating threat of fraud. According to data from the Financial Institutions Training Centre (FITC), financial fraud in Nigeria rose sharply in 2024, with ₦42.6 billion lost to fraudsters in Q2 alone—up from ₦486.49 million in Q1.
Fraud is not limited to Nigeria; it’s a global issue. In 2022, 1 in 15 adults in the United Kingdom reported being victims of fraud. As digital payment systems become more integrated into everyday life, financial institutions must continually innovate to protect users. OPay’s Large Transaction Shield offers an important solution by putting control directly in the hands of the consumer.
While financial institutions must play their part in ensuring robust security measures, experts agree that consumers need to be more engaged in protecting their funds.
Features like the Large Transaction Shield help users actively participate in the safeguarding of their accounts by giving them control over their transaction limits and adding another layer of verification for high-value transactions. This aligns with a growing trend in financial services where security is seen as a shared responsibility between the provider and the user.
OPay’s Large Transaction Shield represents a significant step forward in combating financial fraud in Nigeria’s digital payment space.
By combining biometric verification with customisable transaction limits, OPay empowers users to take control of their financial security.
As financial fraud continues to rise, innovations like this will play a critical role in building trust and ensuring the safety of digital financial transactions. For consumers, it’s one more tool in their arsenal to protect their hard-earned money from cybercriminals.
