OPay Dismisses Viral “Shutdown” Rumours, Sets Sights on NGX Listing Ahead of Potential $4 Billion IPO

August 31, 2026
Opinion, Africa, Business, digital economy, Economy, Education, Nigeria

A Weekend of Panic: The Viral Message That Shook Nigerian Fintech Users

On Sunday, August 30, 2026, a alarming message began circulating rapidly across WhatsApp, X, and other social media platforms in Nigeria, claiming that OPay, one of the country’s leading fintech and mobile money platform, would embark on a “long indefinite break” starting Tuesday, September 1, 2026.

The fraudulent message, presented as an “Official Note” from OPay Digital Services Limited, told customers that the company would stop attending to transactions and account-related services until further notice.

The deceptive notice didn’t stop there; it also urged customers to withdraw their funds “as soon as possible” to avoid inconvenience, causing anxiety among some users who moved quickly to empty their accounts.

The panic was real, and the consequences were immediate.

A Weekend of Panic: The Viral Message That Shook Nigerian Fintech Users

The claim caused genuine concern among some users and reportedly prompted precautionary withdrawals as customers sought to protect their funds. This is the unsettling power of misinformation in the digital age: a single fabricated post, dressed up to look official, can trigger a mini financial stampede within hours.

OPay Fires Back

OPay wasted no time responding through its verified social media channels on the same Sunday, the company labeled the message unequivocally false. In a statement boldly titled

“This is FALSE!”, the fintech declared, “OPay is not going on break by September. We’re here, and we’re going nowhere!”

The company went further, describing the viral post not merely as inaccurate but as deliberately malicious.

OPay responded through its verified X account, calling the notice false and doctored to deceive Nigerians, and confirmed that its offices across Nigeria, including those in Lagos and Abuja, remain open and fully functional.

Dr. Maxwell Loko, OPay’s Vice-President of Public and Government Affairs, added his own forceful condemnation

“This post is false, malicious and misleading.

OPay is not shutting down, and customers should not be misled into withdrawing”

Dr. Maxwell Loko

OPay also used the moment to lecture its customers on digital literacy and scam awareness, urging vigilance with the memorable rallying cry “True OPay users know how to identify our official communications. Take a closer look at the viral post and you’ll spot the red flags”. The company capped its clarification campaign with the now-trending hashtag #OPayIsOkay, encouraging the public to always verify before sharing sensitive financial information online.

OPay Is Not Shutting Down, Its Business Is Still Expanding

The timing of the rumour is particularly interesting because available evidence points in the opposite direction from a shutdown.

OPay continues to operate its Nigerian platform, and its official website continues to provide customer-support information, account services and business solutions. Its website also advertises 24/7 customer service and provides dedicated support channels for app, card and POS users.

More importantly, OPay’s recently reported financial numbers show significant growth. According to financial information cited by BusinessDay and other reports, OPay processed approximately $358 billion in gross transaction value in 2025, up from $166.2 billion in 2024. That represents more than a doubling of transaction value in a single year.

The company’s revenue also reportedly increased by 161 percent, rising from approximately $205.7 million in 2024 to $536.3 million in 2025. That growth was accompanied by a dramatic improvement in profitability.

OPay reportedly moved from a $50.98 million net loss in 2024 to a $72.47 million net profit in 2025. Its operating income also swung from a $35.1 million loss to a $107.1 million profit, while EBITDA reportedly improved from a $33.6 million loss to $113.1 million.

Those numbers are important because they change the conversation around OPay, and the company is no longer being judged solely on user acquisition and transaction volume. Its ability to generate revenue and move into profitability provides a stronger foundation for a potential IPO.

Not the First Occurence: A Pattern of Recurring Rumours

What makes this incident stand out is that it is certainly not isolated. OPay has endured a number of similar closure frights in recent years, indicating a concerning and repeating trend of concerted misinformation targeting Nigeria’s fintech darling.

In 2024, a separate message circulated on WhatsApp claiming that OPay was leaving the Nigerian market and asking customers to withdraw their funds; independent fact-checkers investigated the claim and found it to be false after OPay denied plans to exit Nigeria.

The rumours resurfaced again in early 2025. In March, reports had circulated online suggesting that OPay offices had been sealed by the Nigeria Revenue Service over alleged tax-related issues; OPay rejected the reports, explaining that the matter involved an industry-wide directive concerning the display of certain statutory charges on payment platforms and was not evidence that the company had been shut down.

Then, just months later, in November 2025, OPay again dismissed rumours that it had shut down or that customers’ deposits had been wiped out, insisting that customer accounts and deposits remained safe and intact.

This recurring cycle of alarming, unverified claims followed by urgent corporate clarifications paints a picture of a company under constant reputational siege, even as it simultaneously builds toward one of the most ambitious financial milestones in African fintech history.

The Real Story: OPay’s Blockbuster Path Toward a Nigerian Exchange Listing

The Nigerian Stock Exchange image. Amebopreneur.com

Against this backdrop, reports emerged in August that OPay is considering a listing on the Nigerian Exchange, or NGX. BusinessDay reported on August 27, 2026, that OPay was planning to list its shares on the NGX and could formally announce the plan soon.

Notably, OPay has not officially confirmed the proposed NGX listing, and a spokesperson for the company reportedly declined to comment on the development, leaving the fintech ecosystem buzzing with speculation and cautious optimism. Market participants view the proposed NGX listing as a huge shift, one that would provide domestic institutional and retail investors direct access to one of the continent’s most profitable technology stories.

This potential local listing comes at a symbolic and significant time. Temi Popoola, CEO of NGX, had previously encouraged the Nigerian President to force Nigerian fintechs to list on the stock exchange, pointing out that businesses such as OPay and PalmPay, which primarily operate in Nigeria, were considering foreign public listings. If OPay goes ahead, it will be a triumphant vindication of that campaign, as well as a historic boost to trust in Nigeria’s capital markets.

The Bigger Prize: A Potential $4 Billion US IPO

Running parallel to the NGX conversation is an even more eye-catching ambition: a full-scale initial public offering on a United States stock exchange. OPay Digital Services has appointed Citigroup, Deutsche Bank, and JPMorgan Chase to manage a planned US listing targeting a USD 4 billion valuation. This figure represents a monumental leap in the company’s fortunes.

OPay Dismisses Viral “Shutdown” Rumours, Sets Sights on NGX Listing Ahead of Potential $4 Billion IPO

Investor interest is already building behind the scenes. Bloomberg reported in August 2026 that Standard Group, South Africa’s largest lender, was in talks to acquire an OPay interest before the company went public, while existing backer Opera had already seen significant benefits from investment appreciation.

At the end of 2025, Opera owned a 9.5% share in OPay for $294.6 million, reflecting a $3.10 billion valuation, and at the end of Q2 2026, that investment had expanded to $300.9 million in fair-value gain, indicating that OPay’s valuation had risen slightly to $3.17 billion.

However, the road ahead is not without formidable challenges. Analysts have expressed serious and sobering concerns about the company’s structure. OPay’s ownership structure is unique, as it was founded by Chinese billionaire Zhou Yahui and backed by SoftBank.

US regulators and investors have shown increased sensitivity toward companies with significant Chinese ties, so OPay may face additional scrutiny regarding data privacy, corporate governance, and capital flow between its Nigerian operations and its Chinese-linked parent entities.

Conclusion

The events of the past weekend have captured two starkly contrasting narratives running concurrently through OPay’s journey: a malicious, fabricated rumour designed to instill fear and panic among ordinary Nigerian users, and the genuinely thrilling, high-stakes growth story involving a potential dual listing on the Nigerian Exchange and a blockbuster $4 billion IPO in the United States.

As of August 31, 2026, there is no credible basis for the viral claim that OPay is going on an indefinite break from September 1. OPay has explicitly dismissed the message as false and warned customers against making financial decisions based on fabricated information.

OPay’s quick, confident repudiation of the fake shutdown claim, together with its continuous progress toward important stock market milestones, demonstrates a company that, despite repeated reputational attacks, remains steadfastly committed to ambitious expansion rather than retreat.

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