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OPay has reaffirmed that it remains fully operational in Nigeria and has no plans to suspend or discontinue its services, following the circulation of false claims on social media suggesting that the fintech would shut down its operations.
The company addressed the claims during a live town hall in Lagos on Wednesday, bringing together members of its senior leadership, industry stakeholders, media representatives and key partners.
The engagement was convened to clarify the misinformation and reaffirm OPay’s commitment to its customers, merchants and Nigeria’s digital financial ecosystem.
OPay dismisses shutdown claims
Speaking at the town hall, OPay’s Chief Operating Officer and Chief Technology Officer, Dotun Adekunle, said the company continues to operate normally across the country.
“OPay is here, OPay is operating, and OPay is going nowhere. The message circulating online is false. There is no decision by OPay to shut down its operations in Nigeria, and there is no indefinite leave,” Adekunle said.
According to the fintech, social media posts had falsely claimed that OPay would cease operations from September 1.
Adekunle said the company remained fully operational on September 2, with its services running normally.
He urged customers and other members of the public to rely on OPay’s official communication channels and verify information before making financial decisions based on messages circulating online.
The company also said the Central Bank of Nigeria (CBN) had characterised the shutdown claims as fake news.
OPay begins legal response to misinformation
OPay said it would not ignore deliberate misinformation capable of triggering panic, causing financial losses or undermining confidence in the broader financial system.
Its Chief Legal Counsel, Akinfolabi Rokosu, confirmed that the company was pursuing legal action against individuals allegedly responsible for creating and distributing the false information.
“OPay is taking legal action against those responsible for deliberately creating and circulating this false information. We will pursue them and ensure that the law takes its full course. There will be no impunity,” Rokosu said.
He added that the Department of State Services (DSS) and the Nigeria Police Force were investigating the matter and working to identify those behind the claims.
According to Rokosu, OPay has provided relevant evidence to support the investigations.
He stressed that the company’s response was focused on accountability and customer protection rather than restricting legitimate criticism.
“This is not about silencing anyone. It is about accountability, customer protection, and respect for the rule of law,” he said.
OPay said it would pursue legal proceedings against individuals linked to the spread of the misinformation and allow the process to take its course under the law.
Industry leaders warn of wider trust risks
The incident has also raised concerns among industry stakeholders over the potential impact of misinformation involving licensed financial service providers.
Olalekan Disu, Financial Secretary of the Association of Licensed Mobile Payment Operators (ALMPO) and an executive at eTranzact PLC, said confidence is fundamental to the continued growth of digital payments.
“Trust is the foundation of digital payments. False information about a major player can weaken confidence in the wider industry and discourage people and businesses from using digital payments,” Disu said.
He distinguished between legitimate scrutiny of financial institutions and deliberately fabricated information, noting that stakeholders should remain open to difficult questions while avoiding the spread of false claims.
“There is room to criticise and to ask difficult questions, but we must collectively guard against the creation and amplification of false information,” he said.
Stanley Jacobs, President of FintechNGR and Group Chief Innovation & Technology Officer at Meristem, similarly stressed the importance of reliable information to the development of Nigeria’s fintech ecosystem.
“Trust is crucial to the growth of Nigeria’s fintech ecosystem. Misinformation about financial institutions can undermine that trust, making accurate information and responsible communication essential,” Jacobs said.
OPay highlights financial inclusion initiatives
Beyond addressing the shutdown rumours, OPay used the town hall to highlight its broader contribution to Nigeria’s financial and social ecosystem.
The company pointed to its ₦1.2 billion, 10-year scholarship initiative for tertiary students across Nigeria as part of its long-term commitment to education and youth development.
The programme is designed to reduce financial pressure on students and enable talented young Nigerians to focus on their education.
Students at institutions including the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University have benefited from the initiative.
The expanded OPay Scholars Programme combines financial assistance with innovation training, skills development and career opportunities.
At Obafemi Awolowo University, academic leaders have also acknowledged the impact of the scholarship partnership.
Professor Babajide Odu, Director of the University Research Office at OAU, said OPay’s long-term commitment extends beyond financial assistance.
“OPay’s 10-year, ₦1.2 billion scholarship commitment is more than financial support; it is a long-term investment in the future of Nigerian students. At OAU, we have seen firsthand how this partnership is helping students pursue their education with greater confidence,” Odu said.
He added that OPay’s support for the university’s recently concluded 2026 Academic and Research Excellence Awards further demonstrated the company’s commitment to academic excellence.
Technology remains central to OPay’s strategy
OPay said its investments in education, technology, financial inclusion and digital payments reflect a broader long-term commitment to Nigeria.
Established in 2018, the fintech focuses on using technology to expand access to digital financial services across the country.
The company is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation (NDIC) with commercial bank-level coverage.
As Nigeria’s digital payments ecosystem continues to expand, OPay said it remains focused on providing secure and reliable financial services while supporting greater financial inclusion.
The company’s response to the misinformation also highlights the growing importance of trust, accurate communication and regulatory confidence as digital financial services become increasingly central to the Nigerian economy.
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