Key points
- OPay is planning to list its shares on the Nigerian Exchange (NGX), with a formal announcement expected soon.
- The proposed listing comes as the fintech prepares for a potential US initial public offering targeting a valuation of about $4 billion.
- OPay processed $358 billion in gross transaction value and generated $536.3 million in revenue in 2025.
Main story
Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), in what could become one of the most significant technology listings in Nigeria’s capital market.
Sources familiar with the matter said the company is expected to formally announce the proposed listing soon, although details of the offer have yet to be disclosed.
The development comes as OPay also prepares for a potential initial public offering in the United States, where the company has reportedly been targeting a valuation of about $4 billion. The simultaneous pursuit of listings in Nigeria and the US could potentially position the fintech for a dual-listing structure, although it is not yet clear whether the NGX listing would take place alongside the US offering or subsequently.
The uncertainty extends to the proposed Nigerian offering itself, as OPay has not disclosed its expected listing date, valuation, offer size or the percentage of shares that could be made available to investors. The company’s spokesperson also declined to comment on the proposed NGX listing.
OPay’s consideration of a local listing comes against the backdrop of the company’s rapid growth in Nigeria, where the expansion of digital payments and electronic transfers has strengthened its position in the financial technology market.
An investment document circulating the media showed that OPay processed gross transaction value of $358 billion in 2025, representing a 115 per cent increase from $166.2 billion recorded a year earlier. The growth in transaction activity was accompanied by a sharp improvement in the company’s financial performance, with revenue rising 161 per cent to $536.3 million during the year.
OPay also recorded operating income of $107.1 million in 2025, compared with an operating loss of $35.1 million in 2024, while Nigeria accounted for 88.1 per cent of its revenue, underscoring the importance of the Nigerian market to the business.
The company’s strong exposure to Nigeria is also relevant to the wider push for major businesses operating in the country to give domestic investors an opportunity to participate in their growth. NGX Group Chief Executive Officer, Temi Popoola, had earlier in August urged President Bola Tinubu to support measures encouraging companies that generate substantial revenues in Nigeria to list their shares locally.
Popoola specifically identified OPay and PalmPay among fintech companies considering overseas listings, arguing that Nigerian investors should have an opportunity to participate in the wealth being created by such companies.
Against that background, an NGX listing by OPay would provide a route for domestic investors to gain exposure to a company whose operations and revenues are heavily concentrated in Nigeria, while also strengthening the presence of technology companies on the local exchange.
At the same time, OPay is continuing preparations for its potential US offering with Citigroup, Deutsche Bank and JPMorgan Chase, which has reportedly been targeting a valuation of approximately $4 billion.
Further details of the proposed NGX listing, including its timing, structure and valuation, are expected to emerge when OPay formally announces the plan.
The issues
The proposed listing could give Nigerian investors direct access to one of the country’s largest fintech companies while increasing the representation of technology businesses on the domestic capital market.
It also comes amid concerns that some Nigerian companies generating substantial revenues locally may increasingly favour overseas capital markets, limiting domestic investors’ ability to participate in their growth.
For OPay, however, the structure of any Nigerian offering remains unclear, particularly because the company is simultaneously preparing for a potential US IPO.
What’s being said
Sources familiar with the matter said OPay is expected to formally announce plans for an NGX listing soon.
NGX Group Chief Executive Officer Temi Popoola has called for major companies generating substantial revenues in Nigeria to consider local listings and specifically identified OPay and PalmPay among fintech companies considering overseas listings.
OPay’s spokesperson declined to comment on the proposed listing.
What’s next
OPay is expected to announce further details of the proposed NGX listing, including the timing, structure, valuation, offer size and percentage of shares to be offered to investors.
The company is also continuing preparations for its potential US IPO with Citigroup, Deutsche Bank and JPMorgan Chase.
Bottom line
OPay’s proposed NGX listing would give Nigerian investors an opportunity to participate in the growth of a major fintech company whose largest market is Nigeria, while potentially deepening the technology segment of the domestic capital market.
However, the listing remains unconfirmed by OPay, and key details of the proposed offer are yet to be disclosed.
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