OPay’s reported plan to list on the Nigerian Exchange (NGX), while pursuing a potential US initial public offering at about $4bn, is more than a financing exercise. It is a test of whether Nigeria can retain a larger share of the wealth created by its digital economy.
The NGX plan has not been formally announced by OPay, and the company has declined to comment. But it arrives as the fintech’s financial performance gives investors a stronger basis for assessing its growth. If the domestic listing proceeds alongside or after the US IPO, OPay could become an important bridge between Nigeria’s digital financial sector and its technology equity market.
Growth that can Support a Public Valuation
OPay’s 2025 numbers provide the strongest argument for its public-market ambitions. According to audited financial information reported by Nairametrics, revenue rose 161 percent to $536.3m, while operating income moved from a $35.1m loss in 2024 to a $107.1m profit. Net profit reached $72.47m.
Gross transaction value increased 115 percent to $358bn from $166.2bn. Monthly active users climbed 57 percent to 39.3m, while fourth-quarter daily active users rose 50 percent to 22.7m. New loans originated rose 285 percent to $938.3m.
These numbers matter because a $4bn valuation requires investors to believe OPay can sustain growth while improving margins. The company is no longer presenting only a user-growth story. It is increasingly presenting a profitability story.
Opera’s latest US filing provides an independent reference point. The company, which owns a 9.5 percent stake in OPay, estimated the fintech’s probability-weighted present value at $3.4bn at the end of 2025. Its IPO scenarios placed OPay’s equity value between $3bn and $6bn. The reported $4bn target is therefore ambitious, but not detached from disclosed valuation work.
Why the NGX Listing Matters
The domestic listing would give Nigerian pension funds, asset managers and retail investors an opportunity to own part of a company whose largest market is Nigeria. The country generated 88.1 percent of OPay’s 2025 revenue, making the case for local participation particularly strong.
NGX Group chief executive Temi Popoola has made the broader policy argument. “While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country,” he said, according to Punch.
Nigeria has produced valuable fintech businesses, yet many remain privately held and their early investors capture most capital gains. A successful OPay listing could widen ownership, deepen the technology component of the NGX and give local investors exposure to digital payments.
But a listing is not automatically a win. OPay would need credible disclosure, strong corporate governance, transparent ownership and enough liquidity to support institutional participation. A thinly traded technology stock would provide little benefit beyond symbolism.
The Technology Behind the Opportunity
OPay’s advantage is not simply its mobile application. It connects digital wallets, transfers, merchant payments, savings, lending and a large physical agent network.
That model matters because Nigerian digital finance operates across smartphones and cash-heavy informal commerce. Point-of-sale terminals, merchant accounts and instant transfers allow fintechs to serve customers who may not use conventional bank branches regularly.
NIBSS data shows the scale of this market. Nigeria’s electronic payment ecosystem processed about ₦1.07 quadrillion in transactions over the preceding year, while NIBSS Instant Payments transactions reached 11.2bn.
OPay sits inside this broader migration from cash and branch banking towards real-time digital transactions. Combining payments data with lending and other financial products could increase revenue per customer, but it also raises the importance of cybersecurity, fraud controls, data protection and responsible credit underwriting.
US IPO Versus NGX
OPay’s US IPO preparations give it access to deeper pools of international capital. Bloomberg reported in May that Citigroup, Deutsche Bank and JPMorgan were working with OPay on a proposed US listing targeting about $4bn. A US listing could provide stronger liquidity, wider analyst coverage and global investor access.
The NGX offers something different: local relevance and ownership. A dual listing could therefore be more powerful than choosing one market. It could allow OPay to raise international capital while giving Nigerians a direct stake in a company built largely on Nigerian transaction activity.
The challenge is market depth. Nigeria’s exchange has improved liquidity, but global technology investors remain more concentrated in US markets. OPay will have to balance the compliance burden and investor reach of multiple listings against the strategic value of local ownership.
A Test for Nigeria
The OPay listing could become a test of Nigeria’s ability to finance its technology champions. If the NGX attracts a meaningful offer, supports liquidity and brings institutional investors into the stock, it would strengthen the case that Nigerian capital can participate in the next generation of corporate growth.
If OPay lists abroad while the Nigerian offer remains small or symbolic, the message would be different. Nigeria could be producing fintech value at global scale without building a domestic market capable of capturing it.
For OPay, execution is now the priority. Investors will want to know whether $4bn can be justified by sustainable earnings, how much capital the IPO will raise and what percentage will reach Nigerian investors. For the NGX, the opportunity is larger: turn OPay from a successful Nigerian fintech into a successful Nigerian public company.
