“No Impunity”: OPay Announces Tough Decision on People Responsible for Shutdown Rumour
- OPay has taken legal action against viral false claims about its shutdown in Nigeria's fintech sector
- The company also assured users that services continue despite shutdown rumours and misinformation spreading online
- Experts say trust in digital payments is critical as misinformation threatens Nigeria's rapidly growing financial technology market
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
OPay has launched legal action against individuals and groups accused of creating and circulating a viral message claiming that the fintech company would shut down its operations in Nigeria.
The company said it has involved the Department of State Services (DSS) and the Nigeria Police Force in efforts to identify those behind the false information, with one related case already before the court.
Source: Facebook
Speaking at a press conference in Lagos on September 2, OPay Chief Legal Counsel, Akinfolabi Rokosu, said the company would pursue the matter through the legal system.
“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.
Fintech users face potential disruption
The controversy comes at a sensitive time for Nigeria's financial technology sector, as regulators intensify scrutiny of fintech companies and payment operators over compliance, anti-money laundering requirements and digital financial security.
For OPay, the potential business impact of a shutdown rumour is significant because of its large customer and merchant base. The company says it 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 everyday cash flow.
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 pointed out that the message had claimed OPay would stop operating on September 1, yet the company's services remained available the following day.
Trust becomes 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, particularly when it appears in an official-looking format.
Adekunle warned that social media users should not assume that 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.
Source: Twitter
The incident therefore 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.
Nigerians identify alleged sources of viral shutdown
Legit.ng earlier reported that OPay responded to the viral shutdown rumours, clarifying that the fintech company remains fully operational and urging customers to disregard false information.
As discussions swirl around the potential motives behind the claims, Nigerians are left questioning whether traditional banks are attempting to undermine the rapid growth and popularity of digital financial services.
Source: Legit.ng
