Lingering doubts over Opay’s porosity—its perceived vulnerability to fraud, system downtimes, and weak consumer safeguards—have prompted a sizable portion of Nigerians to continue entrusting their substantial funds to traditional banks rather than digital wallets.
While many embrace Opay for everyday transfers and bill payments, deep-seated concerns stemming from past fintech mishaps keep savers from migrating their life savings or business capital to these platforms.
Several users who spoke to our correspondent on condition of anonymity encapsulated this cautionary stance. “Opay is convenient when I need to top up airtime or send N5,000 to a friend,” said Chinedu Okonkwo, a Lagos-based trader.
“But I wouldn’t dream of parking my savings there. A couple of years back, I couldn’t access my funds on Opay for four days. That taught me to stash big money in my bank account.”
Okonkwo’s experience is far from isolated. Across social media forums and community discussions, Nigerians share stories of delayed disbursements, sudden system outages, and sluggish customer support from various fintech operators—including Opay.
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These incidents feed into the narrative that fintech platforms remain porous at critical junctures, leaving users unprotected when large sums are at stake.
Financial technology analysts stress that incidents like service interruptions or unverified fraud claims can rapidly erode user confidence.
“Opay and its counterparts have revolutionized financial inclusion, especially for those previously shut out of formal banking,” explained Fola Adebayo, a fintech specialist at TechFront Advisory.
“However, when a user’s N500,000 or N1,000,000 is caught in limbo, conversations shift from convenience to vulnerability. That perceived porosity—whether real or rumored—becomes a psychological barrier to moving substantial deposits away from brick-and-mortar banks.”Adebayo points to two primary factors exacerbating this perception: a lingering absence of strong dispute-resolution channels in many fintech apps, and scant visibility into the regulatory oversight those platforms face.
“Nigerians are accustomed to walking into a bank branch, speaking face-to-face with a manager, and demanding answers,” she said. “Even if the bank takes a few days to resolve an issue, customers know they can hold someone accountable. A digital platform without that transparent, physical accountability feels porous by comparison.”
“Until fintech platforms demonstrate ironclad security, 24-hour dispute resolution, and stronger ties with regulatory bodies, many Nigerians will continue to split their finances: routine expenses on Opay, and significant savings in their bank vault.”
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Despite these hurdles, Opay insists it is aware of the trust deficit and is working to bolster its security architecture and customer support networks.
In a statement to our correspondent, an Opay spokesperson—speaking under condition of anonymity—said: “We understand that trust must be earned, particularly when customers entrust us with their hard-earned money. We have recently upgraded our fraud-detection systems, introduced real-time transaction monitoring, and expanded our customer-care teams to ensure faster response times. We’re fully committed to making Opay not only convenient, but also as dependable as a traditional bank.”
In the meantime, everyday Nigerians appear unmoved. Financial blogger Sade Olayinka, who runs a popular YouTube channel dissecting fintech trends, says her comment sections brim with cautionary tales.
“Viewers flood me with stories—‘My merchant account was blocked for three days without explanation,’ ‘I noticed unauthorized withdrawals on my e-wallet, and customer service took a week to respond,’ and so on,” Olayinka recounted. “These anecdotal experiences, shared hundreds of times over, create a collective memory of porosity that no corporate PR campaign can easily erase.”
Industry watchers point out that the nation’s legacy banks, too, wrestle with their own challenges—occasional ATM downtimes, branch closures, and customer-service bottlenecks. Yet, because those institutions have existed for decades under clear regulatory oversight, many Nigerians continue to view them as sturdier pillars for safeguarding big balances.