OPay withdrew its planned $304 million initial public offering (IPO) in the US due to a Chinese regulatory investigation.
According to a Bloomberg story, people with knowledge of the situation stated that OPay’s founder, Zhou Yahui, a Chinese billionaire, is the sole reason the company has any activities or income in China.
On October 30, OPay went public on the New York Stock Exchange (NYSE), intending to start trading after raising $304 million through its first public offering (IPO).
At $19 apiece, the fintech supported by SoftBank sold 16 million American depository shares (ADS).
The lower end of its target range of $19 – $21, giving it an implied valuation of approximately $4 billion.
However, on October 31, OPay announced its withdrawal from the exchange, citing a regulatory inquiry by a foreign jurisdiction without identifying the country involved.
ALSO READ: FG’s N50,000 Relief: Read How to Qualify and Avoid Getting Scammed
The fintech had said the jurisdiction involved was “immaterial” to its core operations and that the inquiry should not be seen as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
OPay said the development would not affect its operations, regulatory standing or customer service in Nigeria and its other markets.
OPay has clarified how its clients can determine whether they are eligible for the Federal Government’s monthly N50,000 financial assistance for Nigerians in need, cautioning that only eligible recipients will receive the payment.
According to the digital financial services company, qualified clients would see a pop-up message on the homepage of the OPay app, which they would have to click in order to continue.
Customers who were unable to view the notification on their apps were not eligible for the intervention, the business explained in a post on its X handle on Tuesday, emphasising that it did not assess beneficiaries’ eligibility.
OPay stated, “The ₦50,000 monthly Federal Government cash support is available only to eligible citizens. Eligible customers will see a pop-up notification on their OPay app homepage. Kindly click on the pop-up to proceed with the next steps.
“Kindly note that customers who are unable to see the feature on the app are not eligible for it. Please note that we do not determine your eligibility. Kindly contact NERSI at 07000222222 for assistance.”
The fintech also warned customers against fraudsters, stressing that it would never request their personal identification numbers or one-time passwords to process payments under the National Emergency Relief and Stabilisation Intervention.
“OPay will never ask for your PIN or OTP to process a NERSI relief payment. Do not pay any agent or click unverified links,” it said
The company advised customers to use only its official mobile application or the USSD code *955*20# to check their eligibility
