Business
EXPLAINER: OPay is not replacing phone numbers with standard account numbers
A social media claim that OPay has stopped using customers’ phone numbers as account numbers and is now issuing standard bank account numbers has sparked confusion among users of the fintech platform.
The claim, which circulated among social media users, urged OPay customers still using their phone numbers as account numbers to visit OPay agents to have their accounts updated.
“OPay is no longer using phone numbers as account numbers. They’re now issuing standard account numbers, so if you’re still using your phone number as your OPay account number, hurry to an OPay agent to get yours updated,” an X user, Israel Gharee, posted.
However, an OPay official, who spoke on condition of anonymity, told PREMIUM TIMES that the claim is inaccurate, adding that the company would communicate any major changes to its customers through its official communication channels.
“I have seen the tweet. But even from the comments you will see people are already correcting him. If we have any update or news, we will always share through our communication channels,” the official said on Sunday.
Clarification
The official said the claim may have been prompted by OPay’s My BizPayment feature, which provides users with a separate account number for business transactions.
The feature is available to existing OPay users who want to use their accounts for business purposes. It allows users to provide information about their businesses and, after completing the process, receive a merchant account number.
The existence of the merchant account number does not mean OPay has replaced the phone-number-based account details used by its regular customers.
The business account number is associated with the user’s existing OPay account and is intended for business-related transactions.
BizPayment account
My BizPayment is a business feature within the OPay app, and it’s not a recent update.
Users can access it through the “Me” section of the app and provide information about their businesses, including the nature of the business and how it operates.
The process includes different business categories and operating models. Once the required information is provided, eligible users can proceed to generate a merchant account number.
ALSO READ: Eight years on, OPay keeps Nigerian businesses moving
The account number generated through this process may therefore look different from the phone-number format associated with a regular OPay account.
That distinction appears to be at the centre of the social media claim.
No instruction to change existing accounts
There is no indication from OPay that ordinary customers have been instructed to visit agents to replace their existing phone-number-based account details.
The company said any change to its account system would be communicated through its official channels.
The OPay official said the availability of a separate merchant account number through My BizPayment should not be interpreted as an announcement that OPay has discontinued the use of phone numbers for regular customer accounts.
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Access Holdings is considering exiting at least one market outside its base in Nigeria to comply with a Central Bank of Nigeria (CBN) rule requiring lenders to limit investment in foreign subsidiaries to no more than one-tenth of shareholders’ funds.
The banking group mentioned one business in which it plans to offload its stake to meet the requirement, Bloomberg reported on Monday, citing Chairman Aigboje Aig-Imoukhuede.
“If a subsidiary cannot meet its cost of capital and the strategic objectives for which it is set up, you should be ready to take a decision to exit,” Mr Aig-Imoukhuede was quoted as saying at an African Financial Industry Summit in Luanda, Angola, last week.
“Do we have one or two troublesome subsidiaries? I can think of one.”
Investment in subsidiaries for Nigeria’s biggest bank by assets stood at N446.6 billion at the end of September, equivalent to 19.3 per cent of its equity, according to Access Holdings’ 9M 2026 Investor Presentation.
That was roughly double the 10 per cent ceiling permitted by the Banks and Other Financial Institutions Act (BOFIA) 2020.
Only in cases of regulatory approval for a higher threshold from the CBN are lenders allowed to exceed that limit, the Act says.
The banking industry watchdog has given Access Holdings 12 months to address the issue.
The potential exit is part of the financial institution’s move to review its international operations to comply with the directive.
In June, Access Bank’s chief executive, Roosevelt Ogbonna, said the lender would reduce its shareholding in some of its foreign subsidiaries to achieve compliance.
According to Innocent Ike, CEO of Access Holdings, the lender will explore three strategies towards that end.
The options include recalling surplus capital from overseas subsidiaries, offloading minority stakes and restructuring some businesses, he said.
He added that the group has already completed one capital repatriation exercise involving its six targeted subsidiaries, and is engaging regulators in five countries to facilitate the return of excess capital to Nigeria.
Access Holdings plans to meet the regulatory requirement ahead of the March 2027 deadline, Mr Ike stated.
READ ALSO: Access Holdings’ nine-month profit jumps 6% to N474.2 billion
“We gave ourselves up till January next year, and I think we’re completing this ahead of schedule,” said Mr Aig-Imoukhuede.
The Access Holdings’ chairman said the group’s international portfolio remains fundamentally strong despite plans to sell interests in some international subsidiaries.
He noted that the group would continue to review the performance of its subsidiaries to ensure they generate sustainable returns and remain aligned with the strategic objectives for which they were established.
“You have to do dynamic portfolio management. Every year, you’re looking for ways to improve,” he said.
Access Bank sold its 97 per cent stake in its loss-making Ivorian subsidiary to Cameroon’s Afriland First Group SA for $1 million in January 2014, after the CBN restricted parent-bank capital for foreign subsidiaries.
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