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OPay, Nigeria’s leading fintech company, has reaffirmed its long-term commitment to the country amid a recent false social media claim that it would suspend its operations in Nigeria.
The fintech said its commitment to Nigeria extends beyond its day-to-day financial services, highlighting its investments in education, technology, financial inclusion and digital payments.
The company made this known on Wednesday during a live town hall held in Lagos to address the misinformation, which had circulated online ahead of September 1, 2026.
Speaking at the event, Dotun Adekunle, Chief Operating Officer and Chief Technology Officer, OPay, said the company remains fully operational and has no plans to discontinue its Nigerian operations.
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“OPay is here, OPay is operating, and OPay is going nowhere,” Adekunle said.
OPay’s ₦1.2 billion Scholarship programme enters second year
The fintech began a ₦1.2 billion, 10-year scholarship programme in 2024 with pilot scholarships at the University of Ibadan and Ahmadu Bello University, before being formally expanded nationwide in 2025.
The initiative provides ₦300,000 annually to selected students, with OPay initially targeting 400 beneficiaries across 20 tertiary institutions each year.
By November 2025, OPay said it had disbursed ₦126 million to 420 students across 20 institutions, while also outlining plans to extend its education support into areas including digital learning and technology.
The scholarship programme supports students in tertiary institutions across Obafemi Awolowo University and Lagos State University. At Obafemi Awolowo University, the partnership provides scholarship support to students over a 10-year period.
Speaking at the Town Hall, Professor Babajide Odu, Director, University Research Office, Obafemi Awolowo University, said:
“OPay’s 10-year, ₦1.2 billion scholarship commitment is more than financial support; it is a long-term investment in the future of Nigerian students. At OAU, we have seen firsthand how this partnership is helping students pursue their education with greater confidence. Also, the support for our recently concluded 2026 Academic and Research Excellence Awards further reflects OPay’s commitment to academic excellence.”
According to Opay, the scholarship programme, alongside its investments in technology, financial inclusion and digital payments, reflects its long-term commitment to Nigeria.
DSS, Police Probe Shutdown Claims
Following the viral social media message claiming that the company would shut down its operations in Nigeria and advising customers to withdraw their funds from the platform.
Akinfolabi Rokosu, Chief Legal Counsel at OPay, said the company had escalated the matter to law enforcement authorities.
He disclosed that the DSS and Police are investigating the source and circulation of the message, while OPay has provided evidence to assist the investigation.
“OPay is taking legal action against those responsible for deliberately creating and circulating this callous information. We will pursue them, and we will ensure that the law takes its full course. There will be no impunity,” Rokosu said.
He added that the company had already commenced legal proceedings against individuals connected to the circulation of the false information.
OPay’s Chief Operating Officer and Chief Technology Officer, Dotun Adekunle, noted that the alleged shutdown date had passed without any disruption to the company’s services, adding that OPay remained fully operational on September 2.
He said the Central Bank of Nigeria (CBN) had acknowledged the information as fake news. He urged customers and members of the public to verify information concerning OPay through its official communication channels before acting on messages circulated on social media.
Industry Experts Urge Caution
The incident has also raised concerns within Nigeria’s digital payments industry over the potential impact of misinformation on consumer confidence.
Olalekan Disu, Financial Secretary of the Association of Licensed Mobile Payment Operators (ALMPO) and an executive at eTranzact Plc, said the issue goes beyond OPay because of the role major payment platforms play in Nigeria’s financial ecosystem.
“Trust is the foundation of digital payments,” Disu said.
He warned that false information about a major licensed payment operator could create fear among customers and merchants and weaken confidence in digital payment services.
Disu said the industry remains open to criticism and scrutiny but warned against the creation and spread of false information.
Similarly, Stanley Jacobs, President of FintechNGR and Group Chief Innovation and Technology Officer at Meristem, said maintaining trust through accurate and responsible communication remains critical to the growth of Nigeria’s fintech ecosystem.
