OPay customers panic as FG places fintech firm under scrutiny

Thousands of Nigerians who are customers of fintech platform OPay Digital Services Limited have been thrown into anxiety following reports that federal authorities had taken action against the company over alleged tax-related issues.

The development began when officials of the Nigeria Revenue Service visited OPay offices in Lagos and Abuja last week, sparking speculation that the premises had been sealed over alleged failure to comply with Value Added Tax (VAT) and Company Income Tax obligations under the Nigeria Tax Act 2025.

Images and reports circulating online quickly triggered panic among users of the digital payment platform.

On social media, several customers expressed fears about the safety of their funds, while some reportedly began withdrawing money from their accounts as a precaution.

OPay, however, said that its operations across Nigeria remain fully functional and that the reports of an office closure were inaccurate.

In a statement issued by the company, OPay said its offices in Lagos, Abuja and other parts of the country were open and operating normally.

The fintech firm stressed that it remains compliant with all regulatory and tax requirements and continues to work closely with relevant government agencies.

According to the company, the notice referenced in the reports was part of an industry-wide directive issued by the Nigeria Revenue Service. The directive, it explained, requires payment platforms to clearly separate certain statutory charges on their applications to improve transparency and ease reconciliation.

OPay emphasized that the directive was not targeted at the company alone but applied broadly across the digital payments industry.

Despite the clarification, anxiety among some customers persisted, with several users reporting that they had temporarily withdrawn funds from their OPay wallets until the situation becomes clearer.

“I saw the reports online and immediately moved most of my money out of the app,” said Ibrahim Musa, a small business owner in Lagos. “Even though the company has denied the claims, I just want to be on the safe side for now.”

Another user, Chioma Okafor, a POS operator in Abuja, said she had decided to suspend using the platform temporarily.

“I rely on OPay for daily transactions, but when I saw people saying government officials visited their offices over tax issues, I became worried,” she said. “For now, I have switched to another platform until everything is clarified.”

Similarly, a student of the University of Lagos, Daniel Adeyemi, said he withdrew most of his funds after seeing trending posts suggesting regulatory action against the fintech firm.

“People started posting screenshots and saying the office had been sealed. I didn’t want to take any chances,” he said. “Even if it turns out to be a misunderstanding, it’s better to wait until things calm down.”

Financial analysts say such reactions are common in Nigeria’s rapidly growing fintech sector, where trust and perception can significantly influence customer behaviour.