OPay Mulls Potential NGX Listing
OPay is reportedly considering a listing on the Nigerian Exchange (NGX), a move that could give Nigerian investors an opportunity to participate directly in the growth of one of the country’s biggest fintech companies.
Sources familiar with the matter told Nairametrics that OPay has not made any official announcement but is weighing the possibility of listing its shares on the NGX.
Details regarding the timing, valuation, offer size and percentage of shares that could be offered remain undisclosed.
The reported consideration comes as OPay is also preparing for a potential initial public offering (IPO) in the United States, where it is targeting a valuation of about $4 billion.
It remains unclear whether a Nigerian listing would take place alongside the proposed US IPO or form part of a dual-listing arrangement.
OPay has recorded significant growth as Nigeria’s digital payments market has expanded. According to an investment document, the fintech processed a gross transaction value of $358 billion in 2025, representing a 115 per cent increase from $166.2 billion recorded in 2024.
The company’s revenue also rose by 161 per cent to $536.3 million in 2025, while operating income reached $107.1 million, compared with an operating loss of $35.1 million the previous year.
Nigeria accounted for 88.1 per cent of OPay’s revenue during the year.
The reported move comes amid renewed calls for major Nigerian fintech companies to list locally and allow domestic investors to benefit from their expansion.
In August, the Group Chief Executive Officer of the NGX, Temi Popoola, urged President Bola Tinubu to support measures that would encourage major companies to list their shares on the local exchange.
Popoola specifically mentioned OPay and PalmPay as fintech companies considering overseas listings and argued that Nigerian investors should have an opportunity to participate in the wealth being created by the sector.
Market analysts believe an OPay listing could rank among the most significant technology listings in the history of Nigeria’s capital market.
OPay is reportedly working with Citigroup, Deutsche Bank and JPMorgan Chase on its proposed US IPO.
Sources familiar with the matter told Nairametrics that OPay has not made any official announcement but is weighing the possibility of listing its shares on the NGX.
Details regarding the timing, valuation, offer size and percentage of shares that could be offered remain undisclosed.
The reported consideration comes as OPay is also preparing for a potential initial public offering (IPO) in the United States, where it is targeting a valuation of about $4 billion.
It remains unclear whether a Nigerian listing would take place alongside the proposed US IPO or form part of a dual-listing arrangement.
OPay has recorded significant growth as Nigeria’s digital payments market has expanded. According to an investment document, the fintech processed a gross transaction value of $358 billion in 2025, representing a 115 per cent increase from $166.2 billion recorded in 2024.
The company’s revenue also rose by 161 per cent to $536.3 million in 2025, while operating income reached $107.1 million, compared with an operating loss of $35.1 million the previous year.
Nigeria accounted for 88.1 per cent of OPay’s revenue during the year.
The reported move comes amid renewed calls for major Nigerian fintech companies to list locally and allow domestic investors to benefit from their expansion.
In August, the Group Chief Executive Officer of the NGX, Temi Popoola, urged President Bola Tinubu to support measures that would encourage major companies to list their shares on the local exchange.
Popoola specifically mentioned OPay and PalmPay as fintech companies considering overseas listings and argued that Nigerian investors should have an opportunity to participate in the wealth being created by the sector.
Market analysts believe an OPay listing could rank among the most significant technology listings in the history of Nigeria’s capital market.
OPay is reportedly working with Citigroup, Deutsche Bank and JPMorgan Chase on its proposed US IPO.
