OPay debunks shutdown rumour, moves against perpetrators

…says N1.2bn invested in education within two years

OPay has dismissed reports circulating on social media that it would suspend or discontinue operations in Nigeria, assuring customers, merchants and other stakeholders that its services remain fully operational.

The fintech company gave the assurance at a Live Town Hall in Lagos on Wednesday, convened to address misinformation claiming that OPay would stop operating from September 1.

Chief Operating Officer and Chief Technology Officer, OPay, Dotun Adekunle, described the reports as false and said the company continued to operate normally after the date mentioned in the messages.

“OPay is here, OPay is operating, and OPay is going nowhere,” Adekunle said, adding that there was “no decision by OPay to shut down its operations in Nigeria, and there is no indefinite leave.”

He said the Central Bank of Nigeria had also acknowledged the reports as fake news, urging customers and merchants to rely on OPay’s official communication channels before acting on information circulated online.

Beyond the clarification, OPay said it had commenced steps to hold those allegedly responsible for the false reports accountable.

Chief Legal Counsel, Akinfolabi Rokosu, said the company was pursuing legal action against individuals allegedly involved in creating and circulating the misinformation.

“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.

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He disclosed that the Department of State Services and the Nigeria Police Force are investigating the matter and working to identify those behind the reports. OPay, he added, had provided evidence to assist the investigations.

Rokosu stressed that the legal action was not intended to prevent legitimate criticism or questions about OPay’s operations.

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

Industry stakeholders at the Town Hall warned that misinformation concerning a major payment provider could damage confidence in Nigeria’s digital financial services industry.

Olalekan Disu, Financial Secretary, Association of Licensed Mobile Payment Operators (ALMPO), and an executive at eTranzact Plc, said trust remains fundamental to digital payments, warning that false information could discourage businesses and consumers from using digital financial services.

President, FintechNGR, and Group Chief Innovation & Technology Officer at Meristem, Stanley Jacobs, also said trust is critical to the growth of Nigeria’s fintech ecosystem, stressing the need for accurate information and responsible communication.

OPay also used the Town Hall to showcase its long-term investments in Nigeria, particularly in education, technology and financial inclusion.

The company said it had committed N1.2 billion over 10 years to a scholarship programme supporting students in tertiary institutions across the country.

The initiative is aimed at reducing financial barriers to education and helping talented young Nigerians remain focused on their studies. Beneficiary institutions include the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University.

At Obafemi Awolowo University, the partnership provides scholarship support to students over a 10-year period. Professor Babajide Odu, Director, University Research Office, said the initiative reflected OPay’s commitment to education and youth development.

“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,” Odu said.

He cited OPay’s support for the 2026 Academic and Research Excellence Awards as evidence of its commitment to academic excellence.

OPay said its investments demonstrated a broader commitment to Nigeria beyond payments, covering education, technology and financial inclusion.

The company urged customers and merchants to disregard unverified reports and called on the public to verify information before sharing claims that could influence financial decisions.