OPay Reaffirms Commitment to Nigeria, Says No Plans to Exit

Sunday Ehigiator

OPay has reaffirmed its commitment to Nigeria, dismissing reports circulating on social media that the fintech company planned to suspend or discontinue its operations in the country.

The company gave the clarification at its Live Town Hall recently held in Lagos, where its senior executives, industry stakeholders and media representatives addressed the misinformation and reassured customers and merchants of the continuity of its services.

Speaking at the event, the Chief Operating Officer and Chief Technology Officer, OPay, Dotun Adekunle, said the company remained fully operational, describing the reports of its planned exit as false.

“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 the false message had claimed that OPay would stop operating from September 1, but noted that the company remained operational on September 2, with its services continuing normally.

He urged Nigerians to verify information through OPay’s official communication channels before acting on messages circulated online, adding that the Central Bank of Nigeria (CBN) had also acknowledged the information as fake news.

The fintech company also warned that it would not allow deliberate misinformation capable of causing fear, financial losses or damage to confidence in Nigeria’s financial system to go unchallenged.

Its Chief Legal Counsel, Akinfolabi Rokosu, disclosed that the company had commenced legal action against those responsible for creating and circulating 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 the Department of State Services and the Nigeria Police Force were investigating the matter and working to identify those responsible, adding that OPay had provided relevant evidence to support the investigations.

He, however, stressed that the company’s action was not aimed at preventing legitimate criticism or scrutiny of its operations.

“This is not about silencing anyone. It is about accountability, customer protection and respect for the rule of law.”

The misinformation also drew concern from industry stakeholders, who warned that false reports concerning licensed financial institutions could undermine confidence in the wider digital payments ecosystem.

The Financial Secretary, Association of Licensed Mobile Payment Operators (ALMPO) and an executive at eTranzact Plc, Olalekan Disu, said trust remained fundamental to the 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.”

Similarly, the President, FintechNGR and Group Chief Innovation and Technology Officer at Meristem, Stanley Jacobs, said accurate information and responsible communication were essential to sustaining trust in Nigeria’s fintech ecosystem.

Beyond addressing the misinformation, OPay used the town hall to highlight its long-term investments in Nigeria, particularly in education, technology and financial inclusion.

The company reiterated its N1.2 billion, 10-year scholarship commitment aimed at supporting students in tertiary institutions across the country and reducing financial barriers to education.

The programme has supported students at institutions including the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University, with OPay saying the broader Scholars Programme also incorporates innovation, skills development and career opportunities.

Speaking on the initiative, the Director, University Research Office, Obafemi Awolowo University, Professor Babajide Odu, described the scholarship as a long-term investment in Nigerian students.

“OPay’s 10-year, N1.2 billion scholarship commitment is more than financial support; it is a long-term investment in the future of Nigerian students.”

OPay said its continued investments in education, technology, financial inclusion and digital payments reflected its long-term commitment to Nigeria.

The company further assured customers and merchants that they could continue using its services normally, while urging members of the public and media organisations to verify information before sharing or acting on claims concerning financial institutions.

Established in 2018, OPay provides payment services including money transfers, bill payments, card services, airtime and data purchases and merchant payments. The company said it is licensed by the CBN and insured by the Nigeria Deposit Insurance Corporation (NDIC) with the same insurance coverage as commercial banks.