OPay, Fintech Operators Condemn Misinformation, Fake News In Financial Sector

Operators in Nigeria’s financial services sector have condemned the spread of misinformation and fake news, warning that unverified reports about licensed financial institutions could undermine public confidence and threaten the growth of the country’s digital payment ecosystem.

The operators, who spoke at a press conference organised by OPay in Lagos on Wednesday following false reports that the financial technology company was planning to shut down its operations in Nigeria, said trust remained the foundation of the financial services industry.

The chief operating officer and chief technology officer of OPay, Dotun Adekunle, said the false information, which claimed that the company was going on an indefinite leave and would stop operations in Nigeria, had caused concern among customers and other stakeholders.

Adekunle said the misinformation had a significant impact because many users of digital financial services were first-time users who could easily become concerned about the safety of their funds.

According to him, “When we understand that OPay plays in the financial inclusion space, where a lot of the people that are users are first-time users of digital financial services, then you can appreciate why that would have had an immense impact on their trust and the fabric of what they rely on every day.”

He added that the company’s services remained fully operational, noting that customers and merchants could continue to carry out transactions normally.

Adekunle also urged Nigerians to exercise greater responsibility in sharing information, particularly on social media, stressing that the far-reaching consequences of misinformation could sway public opinion and erode trust.

On his part, OPay’s chief legal counsel, Akinfolabi Rokosu, said the company had taken the matter beyond social media and was engaging relevant regulatory, security and law enforcement authorities.

He said the false information was particularly serious because it was presented as an official communication from OPay and was capable of creating fear, causing financial loss and undermining confidence in a regulated financial institution.

“The information circulating that OPay is shutting down, going on an indefinite break, or asking customers to withdraw their funds is totally false. OPay’s operations continue normally, and our services remain available to our customers,” Rokosu said.

He disclosed that the Department of State Services (DSS) and the Nigerian Police, among other relevant law enforcement agencies, were investigating the matter. “We have fully cooperated with the ongoing investigations and have provided the necessary evidence to identify those responsible for it,” he said.

Also speaking, the executive of eTranzact and Financial Secretary of the Association of Licensed Payment Operators of Nigeria (ALPO), Olalekan Disu, said the issue went beyond a single company, warning that misinformation about a licensed payment operator could undermine confidence in the wider financial ecosystem.

“Trust is the foundation of digital payments,” he said, noting that every time Nigerians send money, receive salaries, make payments or save through digital platforms, they place trust in the financial services industry.

Disu said, “False information about a licensed payment operator can create unnecessary fear among customers and merchants and, if left unchecked, can undermine confidence in the wider digital payment ecosystem.

“When people question the stability of a major player in the industry, they may question the entire industry. They can become discouraged from adopting digital payments, affecting merchants who depend on digital transactions and ultimately slowing down the progress we are all working to achieve.”

He urged members of the public to verify information from appropriate regulatory and official channels before taking decisions involving their funds.

Similarly, Gbenga Fashida, representing the Fintech Association of Nigeria, said misinformation targeting a major financial services company could create unnecessary panic and affect the entire digital finance ecosystem.

He said, “This recent misinformation is something that is not just about OPay; it is about the entire industry.” Fashida noted that digital finance was built on trust, stressing that every electronic transaction represented a customer’s confidence that value would be delivered. “Without that trust, digital finance cannot work,” he stated.

He warned that when a fintech player was unfairly targeted, the consequences could extend beyond the affected company to customers, merchants, businesses, investment confidence and the wider economy. “When one fintech player is targeted unfairly, the impact is not just about that player; it is about the entire country,” he said.

He urged Nigerians to verify financial information through official channels before acting on messages circulated through social media, WhatsApp and other platforms.

Meanwhile, the Chairman of the University Research Office, Central Office of Research and Entrepreneurial University at Obafemi Awolowo University (OAU), Professor Babajide Odu, described the claims about OPay’s planned shutdown as unfounded, insisting that the company remained active and committed to its operations and partnerships in Nigeria.

“OPay is going nowhere. OPay is going nowhere. That is it,” Odu said. He noted that OPay had supported academic research and student development at the university, adding that the institution had a 10-year Memorandum of Understanding with the company.

The university administrator said the company’s continued support for research and innovation demonstrated its commitment to its partnerships and activities in the country.

The operators unanimously called on customers, businesses, journalists, social media users and other stakeholders to verify information before sharing or acting on it, insisting that protecting trust was critical to the continued growth of Nigeria’s digital financial ecosystem.