The Federal Competition and Consumer Protection Commission (FCCPC) has announced its intention to investigate OPay, a licensed mobile money operator in Nigeria, following a barrage of complaints on Twitter.
Nigerians have accused OPay of opening unauthorized accounts for them, raising concerns about privacy and security.
Babatunde Irukera, the Executive Vice Chairman/CEO of FCCPC, responded to the growing outcry on social media by confirming that OPay would be summoned to address these allegations.
He stated, “OPay is inbound to @fccpcnigeria to address and explain this and other anomalies consumers have identified in the last few days. An update will be forthcoming.”
OPay gained prominence during Nigeria’s financial crisis, offering reliable mobile money services when traditional banks were faltering.
However, recent revelations have left many Nigerians questioning the safety of their financial information.
Kunle Adeyemi, OPay’s Head of Marketing, suggested that some affected individuals might have interacted with the platform in the past, but assured that an internal investigation was underway to clarify the situation.
Twitter users shared their experiences, with @hackSultan revealing, “I just checked now and somehow, I have an OPay account, same with every member of my family. None of us has ever opened an OPay account. How’s this even legal.”
Many others echoed similar sentiments, claiming to have OPay accounts without ever consciously registering for them.
As Nigerians eagerly await the outcome of the FCCPC’s investigation, questions regarding consumer data privacy and the accountability of fintech companies in Nigeria are brought to the forefront, highlighting the importance of regulatory oversight in the digital finance sector.