OPay has initiated legal proceedings against individuals and groups accused of creating and circulating a viral message claiming the fintech company would cease operations in Nigeria. The company has engaged the Department of State Services (DSS) and the Nigeria Police Force to identify those responsible, with one related case already before the court.
Company Vows Accountability Through Legal System
Speaking at a press conference in Lagos on September 2, OPay Chief Legal Counsel Akinfolabi Rokosu confirmed the company's determination to pursue the matter through legal channels. "This is not about silencing anyone, but it is about accountability, customer protection, and respect for the rule of law," Rokosu said. He added that the Central Bank of Nigeria (CBN) had classified the shutdown claims as fake news.
The legal action comes amid heightened regulatory scrutiny of fintech companies and payment operators in Nigeria, focusing on compliance, anti-money laundering requirements, and digital financial security.
Impact on Fintech Users and Small Businesses
OPay serves more than 30 million users and millions of merchants across Nigeria, according to a Punch report. Many small businesses, informal retailers, and individual customers rely on mobile payment platforms for receiving money, transferring funds, and managing daily cash flow. The potential business impact of a shutdown rumour is significant given this large customer and merchant base.
OPay Chief Operating Officer and Chief Technology Officer Dotun Adekunle said the company's services remain fully operational. "OPay is here, OPay is operating, and OPay is going nowhere," Adekunle said. He noted that the viral message claimed OPay would stop operating on September 1, yet services remained available the following day.
Trust as a Critical Business Issue
Beyond OPay, the episode highlights the vulnerability of Nigeria's rapidly expanding digital payments market to misinformation. A false claim about a major payment platform can trigger unnecessary anxiety among customers and merchants, especially when it appears in an official-looking format. Adekunle warned that social media users should not assume a message is genuine simply because it contains corporate logos or appears professionally designed.
For small businesses, even temporary uncertainty over access to a payment platform could affect sales, supplier payments, and daily cash management.
Wider Implications for Digital Payments
Olalekan Disu, an executive at eTranzact and Financial Secretary of the Association of Licensed Payment Operators of Nigeria, said trust remains fundamental to the growth of digital payments. He warned that false information involving a major licensed operator could undermine confidence in the broader financial technology ecosystem, potentially slowing digital payment adoption. Disu stressed that legitimate criticism and scrutiny of financial institutions should not be confused with deliberately spreading false information.
The incident presents a wider challenge for Nigeria's digital economy. As more consumers and businesses move away from cash towards digital payments, maintaining confidence in payment platforms is becoming increasingly important. For OPay, the immediate priority is to reassure customers that services remain available while pursuing those it believes are responsible for the rumour. For the wider industry, the episode underscores the need for faster verification, responsible reporting, and stronger public communication whenever claims about financial institutions emerge online.
