OPay, a leading fintech company in Nigeria, has dismissed reports that it plans to suspend or discontinue its operations in the country, assuring customers and merchants that its services remain fully operational.
The company gave the assurance during a live town hall held in Lagos on Wednesday to address misinformation circulating on social media about its operations.
The event brought together OPay’s senior leadership, industry stakeholders, media representatives and key partners to clarify 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 shut down.
“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.
In a statement issued by the fintech, Adekunle recalled that the false posts had claimed OPay would cease operations from September 1.
Dismissing the reports, he said OPay remained fully operational on September 2, with all services running normally.
He urged Nigerians to verify information through official OPay communication channels before making financial decisions based on unverified online messages.
Adekunle also said the Central Bank of Nigeria (CBN) had described the claims as fake news.
OPay said it would not allow deliberate misinformation capable of causing panic, financial loss or damage to public confidence in the financial system to go unanswered.
The company’s Chief Legal Counsel, Akinfolabi Rokosu, said 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 confirmed that the Department of State Services (DSS) and the Nigeria Police Force were investigating the matter and working to identify the culprits.
According to him, OPay had provided relevant evidence to assist with the investigations.
Rokosu stressed that the company’s legal response was not aimed at suppressing criticism.
“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 process in accordance with the law.
The spread of the reports has also raised concerns among industry stakeholders, who noted that rumours about a licensed financial service provider could pose risks to the wider digital payments ecosystem.
The Financial Secretary of the Association of Licensed Mobile Payment Operators (ALMPO) and an executive at eTranzact Plc, Olalekan Disu, said false information could weaken confidence in 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,” Disu said.
He distinguished between legitimate scrutiny and malicious rumours, noting that stakeholders must collectively guard against the creation and amplification of false information.
Similarly, the President of FintechNGR and Group Chief Innovation & Technology Officer at Meristem, Stanley Jacobs, said trust remained crucial to the growth of Nigeria’s fintech ecosystem.
He said misinformation about financial institutions could undermine that trust, making accurate information and responsible communication essential.
During the town hall, OPay also highlighted its N1.2bn, 10-year scholarship initiative supporting tertiary students across Nigeria.
The programme is designed to ease financial burdens and enable talented young Nigerians to focus on their education.
According to the company, the initiative has already benefited students at institutions including the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University.
The expanded OPay Scholars Programme combines financial aid with innovation training, skills development and career opportunities.
At Obafemi Awolowo University, where the 10-year scholarship partnership is supporting students, academic leaders praised the impact of the initiative.
The statement quoted the university’s Director of University Research Office, Professor Babajide Odu, as saying OPay’s scholarship commitment represented a long-term investment in the future of Nigerian students.
He added that the partnership was helping students pursue their education with greater confidence, while support for the 2026 Academic and Research Excellence Awards reflected the company’s commitment to academic excellence.
OPay concluded by reiterating that its investments in education, technology, financial inclusion and digital payments reflected its long-term commitment to Nigeria.
Established in 2018, OPay is a Nigerian fintech company focused on expanding financial inclusion through technology. The company said it is licensed by the CBN and insured by the NDIC with commercial bank-level coverage.
