Leading Nigerian fintech company OPay has dismissed viral reports claiming that it plans to shut down its operations in Nigeria, reassuring customers and merchants that it remains fully committed to the country’s digital economy.
The company addressed the reports on Wednesday, September 2, 2026, during an OPay Live Town Hall in Lagos. The event brought together OPay executives, members of FintechNGR and the Association of Licensed Mobile Payment Operators (ALMPO), media professionals, legal experts and other stakeholders to address misinformation circulating online.
“OPay Is Here, OPay Is Operating, OPay Is Going Nowhere”
Dotun Adekunle, OPay’s Chief Operating Officer and Chief Technology Officer, described the shutdown claims 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 explained that the false message claimed OPay would stop operating from September 1, 2026. However, he said all OPay services, including money transfers, bill payments, merchant collections and card transactions, continued normally on September 2.
Adekunle also said the Central Bank of Nigeria (CBN) had acknowledged the claim as fake news. He encouraged Nigerians to verify financial information through OPay’s verified website, app notifications and official social media channels before taking any action.
“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.
OPay Begins Legal Action Over Misinformation
OPay’s Chief Legal Counsel, Akinfolabi Rokosu, disclosed that the company would take legal action against individuals and groups allegedly responsible for creating and distributing 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.
According to him, OPay has submitted petitions to the Department of State Services (DSS) and the Nigeria Police Force, with both agencies having commenced investigations.
The fintech also provided digital evidence, including screenshots, IP traces and social media links, to support the ongoing investigation.
Rokosu stressed that the company’s response was not intended to prevent legitimate 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 said it would commence civil and criminal proceedings against those identified in connection with the misinformation campaign.
Industry Leaders Warn About the Impact of Fake News
The allegations also attracted concern from industry stakeholders, who warned that misinformation could undermine confidence in Nigeria’s growing fintech and digital payments ecosystem.
Olalekan Disu, Financial Secretary of ALMPO and an executive at eTranzact PLC, said public confidence remains essential to the success 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 acknowledged the importance of industry scrutiny but stressed the need to distinguish between constructive criticism and intentionally false information.
Stanley Jacobs, President of FintechNGR and Group Chief Innovation & Technology Officer at Meristem, also highlighted the importance of accurate and 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.
Olugbenga Paseda, a member of the Governing Council of FintechNGR and CEO of Chrisborough Solutions, was also present at the Town Hall.
OPay Highlights ₦1.2 Billion Education Investment
Beyond its financial technology services, OPay used the Town Hall to showcase its wider contributions to Nigerian society, including a ₦1.2 billion scholarship programme spanning 10 years.
The OPay Scholars Programme is designed to reduce the financial pressure on students in tertiary institutions. It currently supports students at the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University, Lagos State University and other institutions.
The programme goes beyond tuition assistance by offering innovation challenges, skills development and career mentorship opportunities.
At Obafemi Awolowo University, Professor Babajide Odu, Director of the University Research Office, spoke about 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 the scholarship programme will be expanded to additional universities and polytechnics in the years ahead.
OPay Reassures Customers and Merchants
At the close of the Town Hall, OPay reassured its more than 40 million users and over 500,000 merchants that its services remain safe, secure and fully operational.
The company said it is licensed by the CBN and insured by the NDIC, with the same coverage as commercial banks. It added that significant investments have been made in cybersecurity, fraud detection and customer support to safeguard customers and their funds.
OPay also urged media organisations, influencers and members of the public to verify information before sharing it online.
“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 a Nigerian fintech platform offering services including money transfers, bill payments, airtime and data purchases, merchant solutions and card services.
The company says its mission is to advance financial inclusion by providing accessible, affordable and secure technology-driven financial services.
