₦airaland Forum

OPay's SEC filing shows $113.15m in loans written off in six months. Here is what the numbers say, what the ₦150bn claim gets wrong, and what borrowers should do.

OPay is one of Nigeria’s most-used money apps. Its first public financial statements have now put a number on a problem many borrowers and bankers already suspected. A lot of loans are not coming back.

In circulation, the story reads like this: “OPay lost ₦150 billion in loans because Nigerians refused to pay back.” The headline travels well. The filing behind it tells a more careful story, and the difference matters for anyone who borrows on a phone.

What OPay’s filing actually says
OPay filed a registration statement (Form F-1) with the US Securities and Exchange Commission on 9 October 2026. It seeks a New York listing under the ticker OPAY. The filing covers the first half of 2026 and opens the books on a fast-growing lending business.

The figures that matter most come from the filing, as Nairametrics reported:

Meanwhile, the company is profitable. Revenue reached $467.06 million, and profit after tax hit $90.87 million. Lending income of $236.12 million now makes up just over half of revenue. Nigeria supplies about 89.5% of it.

Where does the ₦150 billion figure come from?
The filing reports dollars. It gives no naira total for write-offs. Therefore, any naira figure depends on the exchange rate that a writer picks.

At an illustrative ₦1,500 to the dollar, $113.15 million is roughly ₦170 billion. At the same rate, ₦150 billion equals about $100 million. So the viral number does not match the filing, and the Gazette could not trace it to any source.

The honest summary is simple. OPay wrote off a very large sum in six months. The exact naira value moves with the exchange rate. The ₦150 billion label is unconfirmed.

Two ways to read the same loan book
The filing also reports a bad-loan ratio. OPay defines a non-performing loan as one that is 90 days or more past due. On that measure, its ratio stood at 4.3% on 30 June 2026. It was 4.6% at the end of 2024, 5.2% at the end of 2025 and 4.8% a year earlier.

So both numbers are true at once. The ratio is modest, and the write-offs are very large. One measures loans still on the books. The other measures loans already removed.

A write-off is not proof that Nigerians “refused” to pay
A write-off is an accounting step. A lender removes a loan from its books when it judges the money unlikely to come back. The step says nothing about why the borrower stopped paying.

The last point does happen. A lender-software founder told TechCabal in 2025, “People are borrowing from different lenders without the intention of paying back.” However, nothing in OPay’s filing measures intent. It reports unpaid balances, not motives.

Bigger loans, longer terms, higher prices
The filing points to lender choices as well. OPay says its bad-loan ratio rose in the last quarter of 2025 and the first quarter of 2026. It blames a deliberate, temporary widening of its risk appetite for larger and longer loans. The ratio then fell in the first half of 2026 after OPay tightened consumer lending and moved toward merchant loans.

The scale of that expansion is striking. OPay originated $1.56 billion in Nigerian loans in the 12 months to 30 June 2026. Its quarterly borrowers in Nigeria are now more than seven times the number in early 2024. The company funds most of these loans from its own balance sheet, so every unpaid naira is its own loss.

Pricing also plays a part. The filing admits that OPay charges interest rates on certain Nigerian credit products that are higher than those typically seen. It adds that current Nigerian law permits this. Meanwhile, the filing shows a risk-adjusted net interest margin of 21.1%, up from 19.2% a year earlier.

Bigger loans at higher prices raise the odds of default. Blaming borrowers alone ignores that.

What OPay says it is doing
OPay says it has tightened consumer lending. It is shifting toward merchant loans, which it regards as lower risk. The overdue share also improved, from 34.2% in December 2025 to 27.4% in June. However, the overdue amount grew, from $93.71 million to $113.80 million.

In other words, the rate is getting better while the pile is getting bigger. Growth in new lending explains part of that.

A sector-wide problem, with new rules
OPay is not alone. The number of approved digital lenders rose from 173 in April 2023 to 461 in August 2025, according to figures from the Federal Competition and Consumer Protection Commission (FCCPC). The The Central Bank of Nigeria, which sets interest rates and manages the naira.’s Q2 2025 Credit Condition Survey reported higher default rates for secured and unsecured lending. The IMF has also warned that rising bad loans in non-bank lenders and fast-growing fintech lending pose risks to financial stability.

Regulators have responded. The FCCPC’s 2025 digital lending regulations took effect in July 2025, and the compliance deadline passed on 5 January 2026. According to reports, the rules ban abusive recovery tactics and stop apps from reading customers’ contact lists and photos. They also require lenders to disclose all fees and to lend only to people who can repay. Reported penalties reach ₦100 million or 1% of annual turnover.

Therefore, the OPay numbers are best read as a sign of how quickly consumer credit has grown. Fast growth brings fast losses when incomes stay under pressure.

What borrowers should do
If you use a loan app, a few habits protect you.

Also remember that a write-off by a lender does not automatically cancel what you owe. Treat any loan as a debt until the lender confirms in writing that it is settled.

What to watch next
OPay still has to answer several questions that its filing leaves open. How much will it recover from written-off loans? How many borrowers take repeat loans? How does it disclose the full cost of credit to ordinary customers? The Gazette has not seen a company response on these points and will update this report if one appears.

Meanwhile, regulators have a clear job. Nigeria needs rules that protect borrowers and still let lenders price risk fairly. The OPay filing shows how large the stakes have become.

Bottom line
OPay did write off a huge sum in six months, and its overdue loans are large. However, the ₦150 billion figure is not in the filing, and the claim that Nigerians simply “refused” to pay goes beyond the evidence. The real story is about fast lending growth, bigger and longer loans, high interest rates, stretched incomes and thin safeguards.

That looks healthy beside the 8.03% that TechCabal cites for the banking industry. However, the comparison is not clean. TechCabal reports that OPay charges off a loan at 120 days past due. Nigerian banks typically wait much longer, up to 360 days.

The gap matters. A lender that writes off early removes bad loans from its books sooner. Its ratio then looks better. OPay does not disclose the value of loans charged off between 120 and 360 days. Therefore, nobody outside the company can say what its ratio would be on a bank-style timeline.

source: thegazette.ng

Most of these loss are unfair intrest rate (borderline exploitative earning). Here is a February 27, 2026 investigation by the Foundation for Investigative Journalism documented a borrower's complaint that an EaseMoni loan of ₦44,000, with an initially agreed repayment of ₦52,594, had risen to ₦92,194 within approximately one month

Still yet una go still dey disturb my life with loan and betting offers. If not that I value my credibility, I for don take una loan, chew and spit my sim card throw way since.

sketching:
Most of these loss are unfair intrest rate (borderline exploitative earning). Here is a February 27, 2026 investigation by the Foundation for Investigative Journalism documented a borrower's complaint that an EaseMoni loan of ₦44,000, with an initially agreed repayment of ₦52,594, had risen to ₦92,194 within approximately one month

Are you serious? Nawa why are people still going for more loan

Loans without collateral or BVN accounts linked is disastrous.

Solsix:
Are you serious? Nawa why are people still going for more loan

Those outrageous penalties and charges are what they claim to write off and report to the government as losses.
Even a normal loan (without defaulting) can double in just 6 months due to excessively high interest rates. They also allegedly prefer offering short-term loans in the hope that borrowers wouldn't have enough "breathing space" to recover from the financial difficulties that forced them to patronize loan-sharks in the first place.

I owe so many loan apps and na hunger cos am due to no job. The hardship is too much honestly

Migo 5k
Ease moni 20k
Cash x 6k
Okash 5k
First bank (paid)
Fair money (paid)

Make them no come carry me one day o. Na God hand I dey.

After reaping the masses of crazy interest rate.
Very devilish in the interest rate.

After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life

After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life .
And for GTB I borrowed ₦200k for 6months and only paid back 220k

Nigeria badly, badly, badly needs a legit credit rating agency to put a leash on this pandemic of debt. Like government, like citizen, highly irresponsible entities.

Written of as how see how much I dey owe o 😭😭

After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life .
And for GTB I borrowed ₦200k for 6months and only paid back 220k.
They shall continue to incure bad debth based on their maffian dealings

Hmmmm Opay na criminals



Make I take am?

After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life .
And for GTB I borrowed ₦200k for 6months and only paid back 220k.
They shall continue to incure bad debth based on their maffian dealings
I dey vess for them.
No sense in the business except reaping off

I wish this kind judgement fit extend to palmpay. Nigerians go declare that day as a public holiday.

Many of them borrow with no intentions of paying. If the interest rate is not favourable to you then don't take any loan! Was a gun put in your head to borrow from them? Nigerians are such horrible people yet they believe they deserve to have good leaders.

Nigerians are bad debtors.

They only know how to collect, but to pay back is a problem

Very disoriented citizens

atobs4real:
After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life

Why not look for a credible cooperative society to join? Build your savings there in case of emergencies. And you can apply for loans

ComeComing:
I owe so many loan apps and na hunger cos am due to no job. The hardship is too much honestly

Migo 5k
Ease moni 20k
Cash x 6k
Okash 5k
First bank (paid)
Fair money (paid)

Make them no come carry me one day o. Na God hand I dey.

God Abeg Ooooooo

Chai ,e much sha.

Chai. A very tough one for Opay

Gotocourt:
God Abeg Ooooooo

Chai ,e much sha.

No job bro. Things are very hard aswr. I'm happy that am owing

dominique:
Many of them borrow with no intentions of paying. If the interest rate is not favourable to you then don't take any loan! Was a gun put in your head to borrow from them? Nigerians are such horrible people yet they deserve to have good leaders.

It's not easy as you think honestly.

Nigerian are the worst when it comes to paying loans and debts.

Not withstanding, all this so called loan companies have a very outrageous interest rate.


May God help us

dominique:
Many of them borrow with no intentions of paying. If the interest rate is not favourable to you then don't take any loan! Was a gun put in your head to borrow from them? Nigerians are such horrible people yet they deserve to have good leaders.

Madam tryrestnah , the loan interest is too much and people borrow out of desperation most times so they won't have a choice than to collect and later starts feeling the interests is too much and these makes them not wanting to pay again. If they start using reasonable interest. People will owe them less. The interests are just too crazy.

Solsix:
Are you serious? Nawa why are people still going for more loan

Bank loan is usually 33% max
All these fintech/mfb is minimum of 60% while some can charge you upto 400% per annum.
They will tell you they are giving you a loan to pay weekly or monthly at low rate 5% or 6%, without disclosing that the interest rate is monthly, by the time you start repayment, you discover that you are paying twice or thrice the principal sum.
My self and some colleagues once approached a MFB for loan, so the guy started doing the maths claiming 12% but because we are a group, they will offer us 8%, my colleagues were happy with offer, I just asked him, what is the annual rate, the guy was shocked because he felt we all fell for the offer he is giving us, he said they don't do annual rate but monthly, I then asked him, you are giving us 100k, you want to collect principal plus 80k in a year, then add equity of 20k, you are basically collecting back the same amount given as interest, na then everyone eyes opened, and we were like it's a bad offer.
Mfb is not a place for anyone to get loan.
CBN recently announced that they should disclose annual rate and not the nonsense monthly or weekly rate that they use in cajoling people

Their interest is not good, the kind of government we have self, if it's me, I can't let any banks operate with such outrageous interest just because they want to lend

atobs4real:
After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life .
And for GTB I borrowed ₦200k for 6months and only paid back 220k.
They shall continue to incure bad debth based on their maffian dealings

Commercial Banks ain't too that bad then 🤷‍♂️.

Is opay borrowing people money

Magnumproperty:
Why not look for a credible cooperative society to join? Build your savings there in case of emergencies. And you can apply for loans

Cooperative can't do that.
Emergency loans in cooperative can't be in multiple places.
I am a member of two coops
But for GTB I am good to go.

They have made more than that from Nigerians. I understand that business is crucial. But in economy as bad like this, they have to pardon especially if your business is flourishing

Apparently, it is also safe to say they have made more from high interest rates being placed on loans.