Two major Nigerian fintech companies, TeamApt and Moniepoint Microfinance Bank, have taken legal action against OPay, accusing the popular payment platform of misusing confidential information and engaging in unethical recruitment tactics that could impact millions of consumers.
The case – Suit No. FHC/L/332/2025 – was filed at the Federal High Court in Lagos and names OPay and its partner company, SOTI Investments Limited, as defendants.
According to the lawsuit, OPay allegedly went after and hired several Business Relationship Managers from the two companies. These employees reportedly had access to sensitive business data, including merchant information, internal performance strategies, and trade secrets.
TeamApt and Moniepoint claim the hires were not just ordinary recruitment, but a targeted move to gain access to confidential data that could give OPay an unfair edge in the market. They say that after these employees switched companies, the usage of their POS terminals dropped, raising suspicion that insider knowledge may have been transferred.
The companies also raised red flags about data security, especially because OPay has foreign ownership and stores some of its data on offshore servers. They argue that if confidential information was shared improperly, it could pose risks to Nigeria’s data protection standards and to consumers who rely on these services daily.
In court, the plaintiffs are asking for:
- A declaration that OPay violated banking and data protection guidelines
- A ban preventing OPay from hiring or contacting their Business Relationship Managers or aggregators
- An order stopping OPay from activating POS terminals tied to former employees
- ₦100 million in damages for reputational and operational harm
TeamApt and Moniepoint say they will support their claims with internal emails, chat records, and regulatory documents when the case goes to hearing.
OPay and SOTI Investments have not yet commented publicly on the lawsuit.
This case is drawing significant attention with millions of Nigerians relying on fintech platforms for daily transactions, the outcome of this lawsuit could influence how companies handle data privacy, employee recruitment, and competitive practices in the future.
For consumers, the case highlights the growing importance of data protection in Nigeria’s fast-growing digital finance space and why transparency in the industry matters now more than ever.
