OPay has become a familiar name in Nigeria’s digital financial services market, providing customers with access to payments and other financial services. Its lending business has also grown, making it important for prospective borrowers to understand the responsibilities that come with taking a loan.
A report by TechCabal published on October 14, 2026, highlighted the scale of OPay’s lending operations and the credit risks associated with the business.
In the first half of 2026, OPay generated $236.12 million in loan-financing revenue, compared with $130.55 million from payment-related services. The company also set aside $118.36 million for expected credit losses.
Expected credit losses are estimates of the money a lender may not recover from borrowers. They do not necessarily represent loans that have already defaulted.
While these figures do not mean that every OPay borrower is experiencing repayment difficulties, they highlight the importance of understanding loan terms and assessing affordability before borrowing.
Here are five things Nigerians should know before taking an OPay loan.
1. Understand the Total Loan Repayment Amount
Before accepting an OPay loan, check the total amount you will be required to repay.
Do not focus only on the amount you will receive. Review the interest rate, applicable fees and other charges associated with the loan.
For example, if you borrow ₦50,000, confirm the total repayment obligation, including any interest and fees, before accepting the offer.
Understanding the full cost of borrowing can help you determine whether the loan is affordable and prevent unexpected financial pressure.
2. Check the Loan Repayment Deadline
Every borrower should know when repayment begins and when the loan must be settled.
Check whether the loan requires a single payment or multiple instalments. You should also understand the consequences of missing a repayment deadline.
Choose a repayment schedule that matches your income pattern. If your earnings are irregular, consider whether you can meet the repayment obligation without neglecting essential expenses such as food, transport and housing.
Knowing your repayment dates in advance can help you plan your finances and reduce the risk of missed payments.
3. Borrow Only What You Need
A lending offer may provide access to more money than you actually require. However, accepting the maximum amount available can increase your repayment burden.
Before applying for an OPay loan, identify the expense you need to cover and calculate how much you can realistically repay.
Avoid borrowing extra money simply because it is available. A smaller loan may be easier to manage and could reduce the overall cost of borrowing.
Only accept an amount that serves a clear purpose and fits your budget.
4. Understand the Consequences of Late Repayment
Missing a repayment deadline can have financial consequences, depending on the terms of the loan agreement.
These may include additional charges, collection efforts or effects on your credit history, where applicable.
Before accepting a loan, read the conditions covering overdue payments, extensions and early repayment. Make sure you understand the lender’s policies rather than assuming that all loans have the same rules.
If you anticipate difficulty meeting a repayment deadline, contact the lender through its official channels to ask about available options. Do not assume that a repayment extension will be granted automatically.
5. Avoid Using New Loans to Repay Existing Debt
Taking another loan to settle an outstanding debt may provide temporary relief, but it can also create a cycle of borrowing.
If the new loan attracts additional interest or fees, your overall debt could increase, making it more difficult to regain financial stability.
Before borrowing again, assess why you are struggling to repay the existing loan. Consider whether adjusting your spending, reviewing your budget or discussing a repayment arrangement with the lender would be more sustainable.
Avoid taking on additional debt without a realistic plan for meeting the new repayment obligations.
What OPay Borrowers Should Remember
OPay’s lending figures highlight the scale of its credit operations and the financial risks lenders manage. However, the company’s reported expected credit losses do not establish that all its borrowers are struggling or that its lending services are unsuitable for everyone.
For customers, the most important considerations are understanding the loan terms, calculating the full repayment cost and determining whether their income can cover the obligation.
Before accepting an offer, review the repayment schedule, check the applicable fees and make sure you can meet the agreed deadlines.
A loan is most useful when you have a clear reason for taking it and a realistic plan for paying it back.