Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), a move that could become one of the most significant technology listings in Nigeria’s capital market.
Key Highlights:
- OPay is planning a listing on the Nigerian Exchange (NGX).
- The fintech is also reportedly preparing for a potential $4 billion US IPO.
- OPay processed $358 billion in gross transaction value (GTV) in 2025.
- Its revenue rose 161 per cent to $536.3 million in 2025.
- Nigeria accounted for 88.1 per cent of OPay’s revenue last year.
- The proposed NGX listing could give Nigerian investors direct exposure to the fintech company.
The fintech company is expected to formally announce plans for the NGX listing soon.
The development comes as OPay prepares for a potential initial public offering in the United States, where the company has reportedly been targeting a valuation of about $4 billion.
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It remains unclear whether the proposed Nigerian listing would take place alongside the planned US IPO or later under a dual-listing arrangement.
Details of the proposed NGX listing, including the timing, offer size, valuation and percentage of shares that could be offered to investors, have yet to be disclosed.
OPay Records Strong Growth in Nigeria
OPay has emerged as one of Nigeria’s largest fintech companies, expanding rapidly on the back of growing digital payments, electronic transfers and financial technology services.
According to an investment document, OPay recorded a gross transaction value of $358 billion in 2025, representing a 115 per cent increase from the $166.2 billion recorded in 2024.
The company’s revenue also increased by 161 per cent to $536.3 million in 2025, while operating income rose to $107.1 million, compared with an operating loss of $35.1 million in 2024.
Nigeria remained OPay’s dominant market, accounting for 88.1 per cent of the company’s revenue in 2025.
The figures underline the scale of OPay’s operations in Nigeria and the growing importance of the country to its business.
NGX Seeks More Fintech Listings
The proposed OPay listing comes amid renewed calls for major Nigerian technology and fintech companies to list on the domestic stock exchange.
Earlier in August, NGX Group Chief Executive Officer, Temi Popoola, urged President Bola Tinubu to support measures that would encourage major companies generating substantial revenues in Nigeria to list their shares locally.
Popoola specifically identified OPay and PalmPay among fintech companies considering overseas listings.
He argued that Nigerian investors should have the opportunity to participate in the growth and wealth created by companies operating extensively in the Nigerian market.
A successful OPay listing on the NGX could therefore strengthen the technology segment of Nigeria’s capital market and provide local investors with access to one of the country’s leading fintech businesses.
OPay Targets Potential $4bn US IPO
OPay is reportedly working with Citigroup, Deutsche Bank and JPMorgan Chase on its proposed US IPO, which could value the company at approximately $4 billion.
The proposed Nigerian listing would potentially give OPay access to both international and domestic capital markets, although the structure and timing of any NGX offering remain unclear.
If completed, the listing could rank among the most prominent technology offerings in the history of the Nigerian Exchange and further deepen the relationship between Nigeria’s rapidly expanding fintech sector and its domestic capital market.
Further details on the proposed OPay NGX listing are expected to emerge when the company makes a formal announcement.
