OPay, one of Nigeria’s leading fintech companies, said it remains fully operational in the country and it’s doubling down on its financial inclusion campaign across Africa’s most populous nation.
The company made the disclosure at a town hall in Lagos on Wednesday, September 2, following social-media reports claiming that OPay would stop operating in Nigeria from September 1.
‘OPay is here, OPay is operating, and OPay is going nowhere,’ Dotun Adekunle, OPay’s chief operating officer and chief technology officer, said at the event. ‘There is no decision by OPay to shut down its operations in Nigeria, and there is no indefinite leave.’
Adekunle said the company’s services remained fully operational on September 2, despite the claims circulating online. He urged customers and merchants to rely on OPay’s official communication channels before acting on information that could affect their finances.
He also said the Central Bank of Nigeria had acknowledged the information as fake news.
Akinfolabi Rokosu, OPay’s chief legal counsel, said the company would pursue legal action against those responsible for creating and circulating the claims.
‘OPay is taking legal action against those responsible for deliberately creating and circulating this false information,’ Rokosu said. ‘We will pursue them and ensure that the law takes its full course. There will be no impunity.’
According to Rokosu, the Department of State Services and the Nigeria Police Force are investigating the matter, with OPay providing evidence to support the probe.
He said the action was aimed at protecting customers and maintaining accountability, rather than restricting criticism of the company.
The false claims have raised concerns among industry stakeholders over the potential impact of misinformation on confidence in Nigeria’s digital-payments ecosystem.
Olalekan Disu, financial secretary of the Association of Licensed Mobile Payment Operators and an executive at eTranzact Plc, said misinformation about a major financial-services provider could undermine confidence in the wider industry.
‘Trust is the foundation of digital payments,’ Disu said. ‘False information about a major player can weaken confidence in the wider industry and discourage people and businesses from using digital payments.’
Stanley Jacobs, president of FintechNGR and group chief innovation and technology officer at Meristem, also said trust remained critical to the expansion of Nigeria’s fintech industry.
‘Misinformation about financial institutions can undermine that trust, making accurate information and responsible communication essential,’ Jacobs said.
OPay also used the town hall to highlight its longer-term investments in Nigeria, including a N1.2 billion, 10-year scholarship commitment for students at tertiary institutions.
The company said the programme has supported students at institutions including the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University.
OPay said its broader scholars programme combines financial assistance with innovation, skills development and career opportunities.
The fintech said it would continue investing in education, technology and financial inclusion while supporting consumers and businesses through its digital-payment services.
It advised customers and merchants to continue using its services normally and urged the public to verify claims about financial institutions before sharing or acting on them.