Nigeria: Ignore Unverified Reports That Mobile Money Operator Opay Is Leaving Nigeria and Urging Customers to Withdraw Their Money

17 May 2024
Africa Check (Johannesburg)
By Muktar Balogun

Ignore unverified reports that mobile money operator OPay is leaving Nigeria and urging customers to withdraw their money

IN SHORT: Some Facebook users are claiming that OPay, a mobile money operator, has announced its withdrawal from the Nigerian market. However, the company has denied the claims and assured customers that their money is safe

Several posts on Facebook claim that OPay has announced that it's leaving Nigeria and is urging customers to withdraw their money via the app.

OPay is a mobile-based platform offering financial services.

One post, dated 6 May 2024, reads, in part: "Breaking News: Opay Reportedly Announces Leaving Nigeria Market Space, Urges Customers to Withdraw All Funds Within One Month of Notice."

The same claim has also been circulating on the instant messaging app WhatsApp.

In 2021, the Central Bank of Nigeria restricted banks and other financial institutions from operating accounts for cryptocurrency service providers. The bank lifted the ban and announced a reversal of the policy in December 2023.

Cryptocurrency is a digital currency built on blockchain technology. It has no centralised regulators or government interventions.

Concerns over the Nigerian exchange rate have sparked a conversation about the impact of cryptocurrency transactions on the naira, leading to a government crackdown on crypto transactions.

Financial services companies, including OPay, have warned their users against cryptocurrency transactions.

Similar posts about OPay leaving Nigeria can be found here, here and here. The posts have a link that takes readers to a website called Igbo Times Magazine.

But is there any truth to the claim? We checked.

'Information is false'

Africa Check searched for news of OPay leaving Nigeria and asking users to withdraw their money but came up empty. Such a development would've made headlines as it would have affected millions of the company's customers.

We clicked on the link accompanying the posts and were met with a pop-up message that said: "It seems like this page is no longer here." The Igbo Times Magazine is a website that has been exposed for spreading false information.

Africa Check contacted OPay via X, the social media platform formerly known as Twitter, to enquire about the claim. The company said reports that it was leaving Nigeria and asking customers to withdraw their money were false.

"We wish to inform our esteemed customers that this information is false and urge you to disregard it," the company said.

OPay has also reassured its customers that their money is safe.

The company also posted a statement on its verified Facebook page denying claims that it was closing its operations in Nigeria.

Read the original story, with links and other resources.
Africa Check is a non-partisan organisation which promotes accuracy in public debate and in the media. Twitter @AfricaCheck and www.africacheck.org

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