By Nigerian fintech OPay is considering a listing on the Nigerian Exchange (NGX) in addition to a previously reported U.S. initial public offering that could value the company at about $4 billion.
The mobile payments firm, one of Nigeria’s largest fintech companies, has not confirmed a final decision on where it will go public, but a dual listing would give it access to both international and domestic investors, the report said.
NGX Chief Executive Temi Popoola has publicly urged major Nigerian fintechs, including OPay and rival PalmPay, to consider listing at home rather than exclusively on overseas exchanges.
A listing on the NGX would let Nigerian pension funds, asset managers and retail investors buy shares in OPay, giving the domestic market a stake in a company built largely on the strength of Nigeria’s digital payments sector.
OPay reported more than 50 million users and monthly transaction volumes exceeding $12 billion by 2024, and said it had reached monthly profitability that year, the report said, citing company figures.
The company raised $400 million in 2021 from SoftBank Vision Fund, Sequoia Capital China and Long-Z Capital at a valuation of $2 billion, according to the report.
Opera, which owns a 9.5% stake in OPay, valued that holding at about $294.6 million in late 2025, implying a company valuation of roughly $3.1 billion. By the second quarter of 2026, Opera’s stake was valued at approximately $300.9 million, implying a valuation of about $3.17 billion.
According to an investment document, OPay processed $358 billion in gross transaction value (GTV) 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 in the previous year. Nigeria accounted for 88.1 per cent of OPay’s revenue during the period.
A $4 billion IPO valuation would represent an increase of roughly 26% over that more recent private-market benchmark, according to the report’s calculations.
OPay was among several fintech companies affected by customer-onboarding restrictions imposed by the Central Bank of Nigeria in 2024 over verification concerns. Those restrictions were later lifted following regulatory reviews and operational changes.
Analysts cited in the report said public investors would likely examine OPay’s compliance controls, including anti-money-laundering safeguards, know-your-customer processes, fraud prevention and cybersecurity, more closely than was possible while the company was privately held.
A dual-listing structure would also require OPay to navigate separate regulatory and disclosure requirements in each market, along with technical decisions such as whether U.S. shares would be issued as American Depositary Receipts or through a conventional dual-listing structure.
OPay’s decision comes amid broader discussion about where large African technology companies choose to go public. Airtel Money has been linked to a London listing, while China’s Transsion has proposed a Hong Kong offering.
Proponents of local listings argue that if major African tech firms list exclusively abroad, global investors gain direct access to their growth while domestic markets remain sidelined. A successful OPay listing on the NGX could serve as a test case for whether Nigeria’s exchange can support a large technology IPO.
OPay was founded with backing tied to Opera and expanded beyond Nigeria after raising $50 million in 2019. It later partnered with Mastercard to extend its payments capabilities to international transactions.
The company’s business spans consumer payments, merchant transactions and agency banking, giving it a broader financial-services footprint than many rivals.
