OPay, one of Nigeria’s leading fintech companies, is preparing to list its shares on the Nigerian Exchange (NGX), potentially giving local investors direct ownership in the fast-growing digital payments company.
People familiar with the development said the fintech is expected to formally announce plans for the domestic listing soon.
The proposed NGX listing comes as OPay also prepares for a potential initial public offering (IPO) in the United States, where the company is reportedly targeting a valuation of about $4 billion.
It is unclear whether the Nigerian listing will happen alongside the US IPO or at a later date under a possible dual-listing structure.
OPay has not disclosed details of the proposed Nigerian offering, including the timing, valuation, offer size or percentage of shares that could be made available to Nigerian investors.
The proposed listing comes amid strong growth in OPay’s operations, fuelled by increasing adoption of digital payments and electronic financial services across Nigeria.
OPay said it processed $358 billion in gross transaction value in 2025, representing a 115% increase from the $166.2 billion recorded in 2024.
Its revenue also rose by 161% to $536.3 million, while operating income reached $107.1 million, compared with an operating loss of $35.1 million in 2024.
Nigeria accounted for 88.1% of OPay’s total revenue in 2025, highlighting the country’s importance to the fintech’s business.
OPay’s proposed domestic listing comes as the Nigerian Exchange seeks to attract some of the country’s biggest privately held companies, particularly technology and fintech businesses.
Earlier this month, NGX Group CEO Temi Popoola called on President Bola Tinubu to support policies that would encourage major companies generating substantial revenues in Nigeria to list on the local exchange.
Popoola specifically identified OPay and PalmPay among fintech companies reportedly considering overseas listings.
His argument is that Nigerian investors should have an opportunity to participate directly in the value being created by companies operating at significant scale in the country.
Alongside its Nigerian listing plans, OPay is reportedly preparing for a US IPO that could value the company at approximately $4 billion.
The Fintech is said to be working with global investment banks including Citigroup, Deutsche Bank and JPMorgan Chase on the proposed offering.
The final valuation and structure of the IPO could, however, change depending on market conditions and the eventual terms of the transaction.
