OPay, a leading fintech company, encountered a serious issue involving a system glitch that resulted in substantial financial discrepancies. Between December 10, 2023, and March 4, 2024, the glitch occurred due to an error in the transaction processing system facilitated by Interswitch, a switching company. The error caused transactions that should have been marked as pending (with response code ‘RC 09’) to be mistakenly processed as successful. Consequently, customers received funds without corresponding debits from their accounts
Once the problem was identified, OPay promptly initiated efforts to recover the erroneously credited funds. They contacted the affected customers, particularly those who received amounts exceeding ₦500,000. Communication was made via emails and phone calls, requesting these customers to fund their accounts to enable the company to rectify the erroneous credits. Despite these efforts, only 10% of the total amount was recovered, as many customers did not comply with OPay’s requests
Given the lack of cooperation from some customers, OPay sought legal intervention. The company filed an affidavit of urgency, highlighting the need for immediate action to prevent further financial discrepancies. On June 28, 2024, the Federal High Court in Lagos granted OPay’s request to freeze the bank accounts of the non-compliant customers across thirty banks. This legal measure aims to recover the remaining ₦714 million erroneously credited due to the glitch
OPay’s legal filing detailed the process and the need for the court’s intervention. They emphasized that the glitch had inadvertently settled all RC 09 transactions as successful, leading to significant financial discrepancies. The court’s order to freeze the accounts allows OPay to request the involved banks to restrict the affected accounts, ensuring the recovery of the erroneously credited funds
While OPay has been assertive in its recovery efforts and legal pursuits, the company has declined to comment further on the situation. The fintech giant remains focused on rectifying the financial discrepancies caused by the glitch and preventing such issues in the future. This incident underscores the importance of robust transaction processing systems and the necessity for swift action when discrepancies arise
