Nigerians point fingers at banks as OPay rejects shutdown rumour

OPay has dismissed a viral claim that it will suspend operations from September 1, 2026, calling the report false, malicious and misleading. The fintech says customer funds are intact and it is not going anywhere.

The rumour spread across social media and messaging platforms, urging customers to withdraw or transfer their funds before an alleged prolonged shutdown. OPay has now moved to reassure millions of Nigerian users.

OPay says report is false

In a statement on its verified social media platforms, OPay told customers to disregard the viral publication. The company said: “OPay is not going on break by September. We’re here, and we’re going nowhere!”

OPay’s Vice President for Public and Government Affairs, Maxwell Loko, separately described the publication as false, malicious and misleading. He cautioned customers against withdrawing or transferring their funds based on the fabricated claim. He urged Nigerians to rely on authenticated OPay platforms for information about the company.

Banks accused without evidence

The controversy has triggered a wider online debate. Some social media users are speculating that traditional financial institutions and competitors are trying to undermine the growing influence of fintech companies such as OPay, PalmPay and Moniepoint.

One TikTok user, Ola of Aba, argued that traditional banks should focus on improving their services instead of allegedly targeting fintech platforms. He claimed poor customer experiences with some conventional banks had pushed Nigerians toward digital payment platforms.

There is currently no publicly established evidence identifying the source of the viral OPay publication. No proof shows that Nigerian banks or any particular financial institution was responsible. The allegations remain speculation.

Not the first shutdown claim

This is not the first time OPay has faced damaging shutdown rumours. In November 2025, the fintech dismissed social media reports alleging that customer accounts had been wiped, deposits lost and operations suspended.

OPay described those claims as “false, malicious, and misleading”, assuring customers that their accounts and deposits remained safe, intact and accessible. The company again finds itself battling misinformation as the latest September shutdown claim spreads across Nigeria.

The renewed rumour highlights the risks of unverified financial information moving quickly online. A false shutdown claim involving a major payment platform can trigger unnecessary panic. It can also push customers into hurried financial decisions and undermine confidence in digital financial services.

For now, OPay says its operations remain active and customers can continue using its services. The fintech has urged Nigerians to verify financial and operational claims through its official channels rather than relying on viral posts, forwarded messages or unverified social media accounts.

What it means for fintech and consumers

The repeated attacks on OPay show how vulnerable digital payment platforms are to misinformation. For Nigerian consumers, the lesson is clear: check official sources before moving money. For fintechs, the episode is a reminder that public trust can be shaken in seconds, even when the facts are solid.