OPay has dismissed reports circulating on social media that it plans to shut down its operations in Nigeria, assuring customers, merchants and other stakeholders that the fintech company remains fully operational.
The company gave the clarification during a live town hall held in Lagos on Wednesday to address what it described as misinformation concerning its operations in the country.
The town hall brought together OPay’s senior leadership, industry stakeholders, media representatives and key partners to provide clarity on the claims and reaffirm the company’s commitment to its customers, merchants and the Nigerian economy.
Speaking at the event, OPay’s Chief Operating Officer and Chief Technology Officer, Dotun Adekunle, said the reports were false and that the company had no plans to leave Nigeria.
“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 a statement by the fintech, the false posts had claimed that OPay would cease operations from September 1.
Adekunle dismissed the claim, confirming that OPay remained fully operational on September 2, with all its services running normally.
He urged Nigerians to verify information through OPay’s official communication channels before making financial or other decisions based on unverified messages circulating online.
Adekunle also confirmed that the Central Bank of Nigeria had described the claims as fake news.
OPay said it would not allow deliberate misinformation capable of causing panic, financial losses or damage to public confidence in the financial system to go unanswered.
The company’s Chief Legal Counsel, Akinfolabi Rokosu, disclosed that OPay was taking 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.
He further disclosed that the Department of State Services and the Nigeria Police Force were investigating the matter and working to identify those behind the misinformation.
According to him, OPay had provided relevant evidence to assist the investigations.
Rokosu stressed that the company’s legal response was not intended to suppress criticism but to ensure accountability and protect its customers.
“This is not about silencing anyone. It is about accountability, customer protection, and respect for the rule of law,” he said.
OPay reiterated that it would commence legal proceedings against individuals linked to the spread of the misinformation and pursue the matter to its conclusion under the law.
The incident has also raised concerns among stakeholders in Nigeria’s fintech industry, who warned that rumours concerning a licensed financial service provider could have consequences beyond the affected company and potentially undermine confidence across the digital payments ecosystem.
Financial Secretary of the Association of Licensed Mobile Payment Operators and an executive at eTranzact Plc, Olalekan Disu, said trust remained fundamental to digital payments and warned that false information concerning a major industry player could weaken confidence in the wider sector.
“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 and malicious rumours, stressing the need for stakeholders to guard against the creation and amplification of false information.
“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.
The President of FintechNGR and Group Chief Innovation & Technology Officer at Meristem, Stanley Jacobs, also stressed the importance of maintaining trust in 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.
During the town hall, OPay also highlighted its long-term investments in education, technology, financial inclusion and digital payments as part of its commitment to Nigeria.
The company said it has a N1.2bn, 10-year scholarship initiative supporting tertiary students across the country. The programme is designed to ease the financial burden on students and enable talented young Nigerians to focus on their education.
According to the company, the initiative has benefited students at institutions including the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University, among others.
The expanded OPay Scholars Programme combines financial assistance with innovation training, skills development and career opportunities.
At Obafemi Awolowo University, where OPay has an active 10-year scholarship partnership, academic leaders reportedly commended the initiative and its contribution to supporting students.
The university’s Director of University Research Office, Professor Babajide Odu, said the scholarship programme represented a long-term investment in Nigerian students.
“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. Also, the support for our recently concluded 2026 Academic and Research Excellence Awards further reflects OPay’s commitment to academic excellence,” Odu said.
OPay, established in 2018, said its continued investments in education, technology, financial inclusion and digital payments demonstrate its long-term commitment to Nigeria.
The fintech company is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation with commercial bank-level coverage.
