OPay: Committed to Nigeria, Advancing Inclusive Finance Through Technology
Leading Nigerian fintech, OPay, has dismissed viral claims of an impending shutdown and reaffirmed its long-term commitment to Nigeria’s digital economy, customers, and merchants.
The company made the clarification on Wednesday, September 2, 2026, during a Live Town Hall in Lagos. The session brought together OPay’s senior leadership, members of FintechNGR, ALMPO, media representatives, legal experts, and other key stakeholders to address false information circulating on social media.
“OPay Is Here, OPay Is Operating, OPay Is Going Nowhere”
Addressing participants, Dotun Adekunle, Chief Operating Officer and Chief Technology Officer, OPay, described the viral message as “entirely false and misleading.”
“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 stated.
He noted that the rumor claimed OPay would cease operations from September 1, 2026. However, he confirmed that all OPay services including transfers, bill payments, merchant collections, and card transactions ran without interruption on September 2,2026.
Adekunle also revealed that the Central Bank of Nigeria, CBN, has acknowledged the claim as fake news. He urged Nigerians to always confirm information through OPay’s verified websites, app notifications, and official social media pages before making financial decisions.
“Spreading false information about a financial institution can cause panic, financial loss, and erode trust in the system. We owe it to our 40+ million customers to set the record straight,” he added.
Legal Action and Security Agencies Involved
OPay’s Chief Legal Counsel, Akinfolabi Rokosu, said the company will pursue legal action against individuals and groups behind the campaign of misinformation.
“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 confirmed that petitions have been submitted to the Department of State Services, DSS, and the Nigeria Police Force, both of which have commenced investigations. OPay has also provided digital evidence, including screenshots, IP traces, and social media links to aid the probe.
Rokosu was quick to clarify that the legal action is not aimed at stifling criticism.
“This is not about silencing anyone. It is about accountability, customer protection and respect for the rule of law. Legitimate questions are welcome, but deliberate lies that can trigger bank runs will not be tolerated,” he said.
OPay confirmed it will commence civil and criminal proceedings against those identified in due course.
Industry Stakeholders Raise Alarm Over Fake News
The incident drew strong reactions from industry bodies who warned that misinformation poses a systemic risk to Nigeria’s fintech sector.
Olalekan Disu, Financial Secretary of the Association of Licensed Mobile Payment Operators, ALMPO, and an Executive at eTranzact PLC, said trust remains the bedrock 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. One false post can undo years of financial inclusion work,” Disu said.
He added that while scrutiny is important, there must be a line between constructive criticism and deliberate falsehood.
Stanley Jacobs, President of FintechNGR and Group Chief Innovation & Technology Officer at Meristem, also spoke on the need for responsible communication.
“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. As an industry, we must protect the gains we have made in bringing millions into the formal financial system,” Jacobs said.
Also present at the Town Hall was Olugbenga Paseda, member of the Governing Council of FintechNGR and CEO of Chrisborough Solutions.
Beyond Payments: ₦1.2 Billion Investment in Education
OPay used the Town Hall to highlight its broader commitment to Nigeria beyond financial services. The company spotlighted its ₦1.2 billion 10-year scholarship initiative designed to ease the financial burden on students in tertiary institutions.
The OPay Scholars Programme currently covers students at the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University, Lagos State University, and several other institutions. The programme combines tuition support with innovation challenges, skills training, and career mentorship.
At Obafemi Awolowo University, OAU, Professor Babajide Odu, Director of the University Research Office, attested to the impact of the partnership.
“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. The support for our recently concluded 2026 Academic and Research Excellence Awards further reflects OPay’s commitment to academic excellence,” Professor Odu said.
OPay said it will continue to expand the scholarship to more universities and polytechnics in the coming years.
Assurance to Customers and Merchants
Concluding the session, OPay reassured its over 40 million users and 500,000+ merchants that all services remain safe, secure, and fully operational.
The company, which is licensed by the CBN and insured by the NDIC with the same coverage as commercial banks, said it has invested heavily in cybersecurity, fraud detection, and customer support to protect users’ funds.
OPay called on media organizations, influencers, and the public to verify information before sharing.
“We remain focused on providing reliable digital financial services, supporting small businesses, investing in young Nigerians, and playing our role in the continued development of Nigeria’s digital economy,” the company stated.
About OPay
Founded in 2018, OPay is one of Nigeria’s leading fintech platforms. It provides money transfers, bill payments, airtime and data purchase, merchant services, and card solutions. The company is committed to driving financial inclusion through accessible, affordable, and secure technology.
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