OPay Writes Off $113m in Loans: What the Filing Says About Defaults and High-Interest Credit
OPay’s latest regulatory filing shows that it wrote off $113.15 million in loans in the first half of 2026. The widely shared claim that it lost ₦150 billion because Nigerians refused to repay is not supported by the filing. The naira value depends on the exchange rate used, while the filing does not state why individual borrowers defaulted. OPay reported a 4.3% non-performing loan ratio as of June 2026, even as overdue loans rose in value. The company said its bad-loan ratio increased after it expanded into larger and longer consumer loans, before falling as it tightened lending and shifted more attention to merchant loans. The figures raise wider concerns about Nigeria’s fast-growing digital lending market. High interest rates, rising living costs, aggressive loan growth and weak affordability checks can all make repayment harder. A lender’s write-off is also an accounting decision; it does not automatically mean a borrower’s debt has been cancelled. Borrowers should check the full cost of any loan, including interest, fees and penalties, before accepting it. They should also keep repayment records and seek written confirmation if a loan is settled or restructured. Regulators must enforce rules on transparent pricing and fair debt recovery practices.
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