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Financial technology company OPay has commenced legal action against individuals and groups accused of creating and circulating false claims that the company planned to shut down its operations in Nigeria.
The development comes amid growing concerns over misinformation targeting fintech companies, payment operators and other non-bank financial institutions, with false reports capable of triggering panic among consumers and businesses that depend on digital payment platforms.
Speaking at a press conference in Lagos, OPay’s Chief Legal Counsel, Akinfolabi Rokosu, said the company would pursue those responsible for the viral claims through the appropriate legal channels.
“OPay is taking legal action against those responsible for deliberately creating and circulating this callous information. We will pursue them, and we will ensure that the law takes its full course; there will be no impunity,” Rokosu said.
OPay involves security agencies
Rokosu disclosed that OPay had formally engaged the Department of State Services and the Nigeria Police Force to identify and track the individuals behind the misinformation.
He also revealed that one related case is already before the courts.
According to him, the company’s response is focused on accountability and protecting customers rather than restricting legitimate criticism or public scrutiny.
“This is not about silencing anyone, but it is about accountability, customer protection, and respect for the rule of law,” he said.
Rokosu added that the Central Bank of Nigeria (CBN) had officially classified the viral claims as fake news.
OPay reassures customers of continued operations
OPay’s Chief Operating Officer and Chief Technology Officer, Dotun Adekunle, also reassured customers, merchants and financial partners that the company’s services remain fully operational.
He pointed out that the false notice had claimed OPay would cease operations on September 1, despite the company continuing to provide services beyond the alleged shutdown date.
“OPay is here, OPay is operating, and OPay is going nowhere,” Adekunle stated.
He urged customers and business partners to disregard unverified information circulating on social media and rely on official communication channels for information about the company.
“A message can look official and still be completely false. A logo can be copied, and a document can be designed to look convincing, but false is false no matter how many times it is shared,” he said.
Adekunle reaffirmed OPay’s commitment to Nigeria’s financial ecosystem, as the company continues to provide digital payment services to consumers and businesses.
False information poses wider financial risks
The incident highlights the broader risks misinformation can create for Nigeria’s digital payments ecosystem.
OPay, which operates under a Mobile Money Operator licence issued by the CBN, serves more than 30 million users and millions of merchants across the country.
Given the role of fintech platforms, mobile wallets and agency banking networks in everyday transactions, false reports suggesting that a major payment provider is shutting down can potentially trigger unnecessary withdrawals, disrupt business operations and undermine confidence in digital financial services.
The concerns come as Nigeria’s financial sector faces increased regulatory scrutiny, particularly around anti-money laundering controls, consumer protection and compliance obligations for fintech and payment companies.
Digital payments depend on public trust
Olalekan Disu, an executive at eTranzact and Financial Secretary of the Association of Licensed Payment Operators of Nigeria, said misinformation about licensed payment operators could have consequences beyond the individual companies involved.
“Trust is the foundation of digital payments,” Disu said.
He explained that Nigerians rely on payment providers to process transactions and hold funds digitally, making confidence a critical component of the ecosystem.
According to Disu, false information involving a major industry player could discourage consumers and businesses from adopting digital payment services and weaken confidence in the wider financial technology sector.
He therefore called on customers, businesses, media organisations and social media influencers to verify financial information before sharing or acting on it.
Disu also urged journalists to maintain appropriate standards when reporting on financial institutions while preserving the right to investigate and scrutinise the sector.
“We also want to make an important distinction. There is room to criticise and to look into financial institutions and the industry. The industry does not seek to prevent journalists, customers, or members of the public from asking difficult questions,” he said.
“But we must collectively guard against the creation and amplification of false information,” he added.
Industry seeks stronger information discipline
The Association of Licensed Payment Operators of Nigeria reaffirmed its willingness to work with the CBN, regulators, payment operators and the media to strengthen transparency, public confidence and resilience across Nigeria’s digital payments ecosystem.
The OPay incident underscores the growing importance of responsible information management as digital financial services become more deeply integrated into Nigeria’s economy.
For consumers and businesses, the episode also highlights the need to verify claims about account restrictions, service disruptions or regulatory actions through official channels before taking financial decisions or amplifying unverified reports.
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