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EXPLAINER: OPay is not replacing phone numbers with standard account numbers

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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.

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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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Business

Otedola recalls sharing bunk bed with Hamzat 49 years ago

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Femi Otedola, the chairman of First HoldCo Plc, has revealed that he shared a bunk bed with Lagos State Deputy Governor Obafemi Hamzat during their boarding school days 49 years ago.

Mr Otedola disclosed this in a post on X after hosting a dinner in honour of his longtime schoolmate, Mr Hamzat, attended by Aliko Dangote, the president of Dangote Group, and Abdulsamad Rabiu, the chairman of BUA Group.

The business tycoon said Mr Hamzat’s character has been defined over the years by honesty, sincerity, fairness, and strong moral principles.

“Yesterday, I hosted dinner in honour of @DrObafemiHamzat, the incoming Governor of Lagos State,” Mr Otedola said.

“A man of the highest integrity, with whom I shared a bunk bed at boarding school 49 years ago,” he added.

Mr Otedola stated that his longstanding relationship with Mr Hamzat has given him insight into the deputy governor’s character and values.

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“My experience of his character over the years has been defined by his honesty, sincerity, fairness and strong moral principles,” Mr Otedola said.

READ ALSO: Tinubu’s reforms have put Nigerian economy on path of sustainable growth – Otedola

He, however, did not disclose the name of the boarding school he attended with the Lagos State deputy governor.

The billionaire investor has interests in financial services and oil & gas. He holds about 27.7 per cent of First HoldCo’s shares, following months of steadily increasing his stake in the banking group.

Mr Hamzat is seeking to contest the 2027 governorship election in Lagos State on the platform of the All Progressives Congress (APC), and has served as deputy governor under incumbent Governor Babajide Sanwo-Olu since 2019.

He emerged as the APC governorship candidate in May 2026.

Mr Hamzat served as Lagos State Commissioner for Science and Technology and later as Commissioner for Works and Infrastructure from 2005 to 2015.


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Business

Small Businesses that can Improve your Pension Contributions

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BY NKECHI NAECHE-ESEZOBOR—As a worker, it is good to engage in side hustles to improve your pension contributions monthly, quarterly, half-yearly, or even yearly.

Ideas for Small Businesses

POS: This is one of the cheapest businesses to start. With as little as N100,000, this business will take off. You can set aside a fixed percentage of your side income as your pension contribution.

Retail business: Provisions, foodstuffs, and even catering services such as small chops groundnuts, popcorn, snacks are also side hustles that can contribute to your pension savings.

Laundry services: This is another idea that is affordable and easy to start without needing much money. It can be set up on a small scale.

Vegetable farming / poultry or fish farming: Vegetables such as ugu, okro, ewedu, efo shoko, and efinrin can be planted in jerrycans and empty rice bags. You can get a carpenter to build small chicken pens so you can start your poultry business. For catfish, you just need bowls and a small space.

Service provider: Services such as freelance writing, transcription, and lecturing as a lesson teacher for WAEC, GCE,NECO JAMB, French, etc. can be done while still in active service. Some of these can be done on weekends, part-time, or even online.

You don’t need to struggle in retirement if you do the right thing.

The post Small Businesses that can Improve your Pension Contributions appeared first on Business Today NG.

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