Is OPay the 3rd largest bank ahead of First Bank?

▤ Summary

This article debunks the viral claim that OPay has become Nigeria’s third-largest bank ahead of First Bank. It explains that banks are ranked by audited balance-sheet metrics such as assets, deposits, and shareholder funds, not by app usage or transaction popularity. It also clarifies that OPay’s digital payments scale and national licensing do not make it equivalent to a Tier-1 commercial bank. The piece highlights OPay’s real growth in user adoption and transaction volume, while noting that First Bank and other major lenders remain much larger by bank-size measures. Overall, it shows how fintech disruption can reshape consumer behavior without changing traditional bank rankings.

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