In a decisive move to protect its brand integrity and restore public confidence, leading Nigerian fintech platform OPay has officially requested the Department of State Services (DSS) and the Nigeria Police Force to investigate malicious rumors circulating on social media regarding an imminent shutdown of its operations.
The panic began earlier this week when unverified reports and viral posts on platforms like X (formerly Twitter) and WhatsApp claimed that the mobile money giant was facing severe regulatory crackdowns and was on the verge of closing its doors in Nigeria. Given OPay’s massive user base—comprising millions of daily active users, merchants, and small business owners—the rumor quickly sparked widespread anxiety, with some users rushing to withdraw their funds.
Reacting swiftly, OPay released an official statement debunking the claims in their entirety, describing them as entirely false, malicious, and designed to cause unnecessary panic within the financial ecosystem. The company reassured its customers that its operations remain completely stable, secure, and fully functional. OPay emphasized that it continues to operate under the strict regulatory oversight of the Central Bank of Nigeria (CBN) and that all customer deposits are fully insured by the Nigeria Deposit Insurance Corporation (NDIC). Furthermore, the company highlighted that its robust technological infrastructure and strong capital base ensure that it is well-positioned to serve its growing customer base without any interruptions.
To ensure those behind the disinformation campaign are held accountable, OPay has formally petitioned Nigeria’s top security agencies. According to the company, the propagation of such damaging falsehoods constitutes a cybercrime under the Cybercrimes Act of Nigeria and poses a significant threat to the country’s economic and financial stability. By involving the DSS and the Police, OPay aims to track down the perpetrators, creators, and distributors of the fake news to prevent future occurrences.
This incident underscores a growing challenge within the Nigerian fintech space, where rapid digital adoption has also made institutions vulnerable to coordinated disinformation. Industry experts note that rumors targeting financial institutions can have devastating systemic effects if left unaddressed. As one of the most prominent players in the nation’s financial inclusion drive, OPay’s stability is crucial to millions of unbanked and underbanked Nigerians. OPay has urged its customers to ignore the speculations and rely solely on the company’s verified social media handles and official communication channels for updates, reiterating its commitment to providing seamless and secure financial services across Nigeria.
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