OPay says it is not shutting down in Nigeria—and it wants those behind the false claim held accountable.
The fintech company has reported a fake online message alleging that it planned to end its Nigerian operations to regulators, security agencies and law enforcement authorities.
OPay’s Chief Operating Officer and Chief Technology Officer, Dotun Adekunle, said the company had launched efforts to identify those responsible for creating and circulating the report.
Speaking in Lagos on Wednesday, Adekunle said the false claim had unsettled customers and threatened confidence in Nigeria’s rapidly growing digital financial services sector.
‘OPay Is Going Nowhere’
Adekunle insisted that the message circulating online was not issued by OPay and that the company had no plans to leave the Nigerian market.
He urged customers to avoid making financial decisions based on unverified posts shared through social media and messaging platforms.
The executive said OPay would cooperate with authorities to trace the origin of the false information and pursue those responsible through the legal system.
Regulators and Police Investigating
OPay’s Chief Legal Counsel, Akinfolabi Rokosu, said the company had formally brought the matter before relevant regulatory, security and law enforcement bodies.
He said the situation was particularly concerning because the false message was designed to appear like an official OPay communication.
According to Rokosu, such a claim could have consequences beyond reputational damage. Customers who believed the report could make unnecessary financial moves, potentially suffer losses or lose confidence in regulated financial institutions.
Rokosu said the Central Bank of Nigeria and other relevant regulators had established that the report was false, while the Department of State Services and the Nigerian Police were investigating.
OPay, he added, had supplied evidence to assist investigators in tracing those responsible.
Legal Action Already Underway
Rokosu also disclosed that OPay had begun legal proceedings against some individuals allegedly connected to the creation or distribution of the false information.
The company, he said, intends to pursue the matter through the courts and ensure that those responsible are held accountable.
But OPay stressed that its response should not be interpreted as an attempt to silence criticism.
Questioning a financial institution is legitimate. Fabricating an official-looking announcement is a different matter.
Rokosu said the company’s objective was to protect customers, promote accountability and prevent false claims capable of causing financial or reputational harm.
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Why One Fake Report Can Affect the Whole Sector
The potential damage extends beyond OPay.
Olalekan Disu, an executive at eTranzact and Financial Secretary of the Association of Licensed Payment Operators of Nigeria, said false claims about a major payment company could undermine confidence in the broader digital-payments ecosystem.
Trust is particularly important in digital finance because millions of Nigerians rely on payment platforms for everyday transactions, including:
- Sending and receiving money
- Receiving salaries
- Paying for goods and services
- Managing savings and other financial needs
If customers begin to distrust one major platform because of fabricated information, Disu warned, that anxiety could spread to other providers.
Call for Verification Before Sharing
Disu urged customers, businesses, journalists and social-media influencers to verify financial claims before sharing them or acting on them.
He also called on media organisations to apply strong verification standards when reporting information capable of affecting confidence in financial institutions.
His position was not that financial companies should be shielded from scrutiny.
Rather, he distinguished legitimate criticism and difficult questions from deliberately fabricated information.
The association, he said, would continue engaging with the Central Bank of Nigeria, regulators, payment companies, media organisations and other stakeholders to strengthen confidence in the country’s digital-payment infrastructure.
The Bigger Warning
The OPay incident highlights a growing vulnerability in Nigeria’s digital economy: financial misinformation can move faster than official clarification.
For a sector built largely on trust, even a false shutdown claim can trigger fear, unnecessary withdrawals and wider uncertainty.
OPay’s response signals that fintech companies may increasingly treat deliberately fabricated financial announcements not simply as online rumours, but as matters requiring regulatory and legal intervention.