OPay Town Hall: Fintech Moves Against Shutdown Rumour, Says Case Already in Court

OPay has moved to tackle the controversy surrounding a viral message claiming the fintech company would shut down its operations in Nigeria, with management announcing that legal action had commenced against those responsible for creating and circulating the information.

The company made this known at the OPay Live Town Hall held on Wednesday, September 2, where its management, legal team, partners, merchants, media executives and key opinion leaders gathered to address the development and reassure customers of the continuity of its operations.

The Town Hall, described as an open and unscripted engagement with Nigerians, came after a message circulated online claiming OPay would go on an indefinite leave and stop its operations in Nigeria.

The company’s Chief Operating Officer and Chief Technology Officer, Dotun Daniel Adekunle, said the information was false and did not originate from OPay.

He said the claim generated concern because of the nature of OPay’s business and the dependence of many customers on digital financial services for their everyday transactions.

Adekunle said the message claimed OPay would shut down on September 1, but pointed out that the company remained operational on September 2, with customers still using its services, merchants receiving payments, and partners continuing their activities with the fintech.

“OPay is here, OPay is operating, and OPay is going nowhere.”

According to him, the false information’s impact was significant because OPay operates within the financial inclusion space, where many of its users are first-time users of digital financial services.

He urged customers and the public not to make financial decisions based on messages forwarded on social media and messaging platforms without first verifying their sources.

Adekunle also warned that the appearance of authenticity did not make information genuine, noting that logos and official-looking documents could be copied and widely circulated without being legitimate.

“A message can look official and still be completely false. A logo can be copied. A document can be designed to look convincing, and a message can be shared thousands of times without becoming true. False is false.”

He said OPay would continue to engage openly with the Central Bank of Nigeria and other relevant authorities while operating within Nigeria’s regulatory framework.

The company’s Chief Legal Counsel, Akinfolabi Rokosu, subsequently disclosed that the matter had moved beyond social media, with OPay formally engaging regulatory, security and law-enforcement authorities.

According to him, the Central Bank of Nigeria and other relevant regulatory authorities acknowledged that the circulating information was false, while the Department of State Services and the Nigerian Police were investigating the matter.

Rokosu said OPay had provided the necessary evidence to assist in identifying those responsible for creating and circulating the information.

“OPay has therefore taken this matter beyond social media. We have formally engaged the relevant regulatory, security and law enforcement authorities. The Central Bank of Nigeria and other relevant regulatory authorities have acknowledged the information has been false.”

He said the company was taking legal action against those responsible for what he described as deliberately creating and circulating false information capable of causing financial and reputational harm.

Rokosu also disclosed that one case was already in court, adding that OPay would pursue the matter through the appropriate legal process.

“Let me be clear, OPay is taking legal action against those responsible for deliberately creating and circulating this callous information. We will pursue them and ensure the law takes its full course.”

The legal counsel said the company would continue to cooperate with the CBN, DSS, police and other relevant agencies to ensure the matter was properly investigated and that anyone found responsible was held accountable through due process.

He maintained that the company’s response was not aimed at silencing individuals but at protecting customers, maintaining accountability and upholding the rule of law.

“This is not about silencing anymore. OPay is not going to be silent. It is about accountability, customer protection and respect for the rule of law.”

Rokosu further urged customers to verify information before acting on it, warning them against clicking suspicious links, providing personal or financial information, or moving funds based on unverified messages.

The Town Hall also brought together stakeholders connected to OPay’s operations and ecosystem. Among those invited to the panel were the convener of Hotel Managers Africa, Oluwengasonde; founder of Chess in Slums Africa and OPay Scholars partner, Tunde Onakoya; and the Financial Secretary of the Association of Licensed Mobile Payment Operators and an executive at eTranzact Plc, Olalekon Diso.

The gathering provided a platform for OPay’s management to address the concerns surrounding the rumour while reaffirming its relationship with customers, merchants and partners.

The company’s public relations lead, Joshua Folayemi, said the purpose of the engagement was to address concerns openly and directly while strengthening trust and promoting responsible information sharing.

“We are gathered today because trust is important, especially in digital financial services. Recent information circulating online has raised questions and concerns, and we believe the best response is to address them openly, clearly, and directly.”

The company maintained that its customers, merchants and partners could continue using its services normally.

The Town Hall repeatedly returned to the issue of trust, with OPay’s representatives stressing that false information concerning a financial institution could create fear, disrupt businesses and undermine confidence in the wider financial ecosystem.

Adekunle said the company would take steps to protect its customers, merchants, partners and the integrity of its brand, particularly where deliberate attempts were made to spread false information.

“There is no shutdown. There is no indefinite leave. There is no suspension of OPay’s operations in Nigeria. OPay remains committed to Nigeria and OPay is going nowhere because OPay is OK.”