OPay is preparing to list its shares on the Nigerian Exchange. Sources familiar with the matter shared this with Nairametrics. The move could become one of the biggest technology listings in Nigeria’s capital market history.
The fintech giant is expected to formally announce its NGX listing plans soon. However, OPay’s spokesperson declined to comment when contacted.
This development comes at an interesting time. OPay is also preparing for a potential IPO in the United States. Reports say the company is targeting a valuation of about four billion dollars for that offering. So far, it is unclear whether the Nigerian listing will happen alongside the US IPO. It could also come later, as part of a separate dual-listing plan.
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Many details remain unknown. The timing, offer size, valuation, and share allocation for Nigerian investors have not been disclosed yet.
Still, OPay’s growth story in Nigeria speaks for itself. The company processed a gross transaction value of 358 billion dollars in 2025. That is a 115 percent jump from the 166.2 billion dollars recorded the year before.
Revenue growth has been just as impressive. It rose 161 percent to reach 536.3 million dollars in 2025. As a result, the company posted an operating income of 107.1 million dollars. That marks a sharp turnaround from a 35.1 million dollar operating loss in 2024.
Nigeria remains OPay’s biggest market by a wide margin. In fact, the country made up 88.1 percent of the company’s total revenue in 2025.
This proposed listing does not exist in isolation. It follows growing pressure from Nigeria’s exchange for major fintechs to give local investors a stake in their success. Earlier in August, NGX Group CEO Temi Popoola urged President Bola Tinubu to support policies favoring local listings. He specifically named OPay and PalmPay as fintechs eyeing overseas exchanges. According to him, Nigerian investors deserve a share in the wealth these companies build at home.
Meanwhile, OPay continues to work with Citigroup, Deutsche Bank, and JPMorgan Chase on its planned US IPO. That deal has reportedly targeted a valuation of roughly four billion dollars.
This is a developing story. More details are expected soon.
