Nigerian Fintech Companies OPay and PalmPay Under Fire for Failing to Refund N480,000 Lost to Online Scam

Justic Mmadubugwu, a victim of online investment scams in January and February 2025, lost a total of N520,000 to fraudulent schemes linked to OPay and PalmPay. Despite reporting the fraud, only N40,000 was refunded by Guaranty Trust Bank (GTB) in March 2025.

The remaining N480,000 transferred to a PalmPay account and an OPay wallet was not refunded. Both fintech companies failed to resolve the issue, with promises of refunds unfulfilled by January 2026.

OPay redirected Mmadubugwu to PalmPay for updates, but no clear progress was made. PalmPay cited fraud concerns and requested a valid court order for further action.

The victim's attempts to recover the funds remained unsuccessful nearly a year after the fraud was reported.