OPay has crossed a significant financial milestone, processing $358 billion in gross transaction value during 2025, more than double the $166.2 billion recorded the previous year, as Nigeria’s largest fintech accelerates towards a highly anticipated Initial Public Offering on the New York Stock Exchange.
The figures, contained in investment documents prepared for the company’s planned US listing, reveal a fintech operating at extraordinary scale, with transaction volumes growing at a pace that underscores its dominance of Nigeria’s digital payments landscape.
Beyond the headline transaction numbers, OPay’s user metrics tell an equally compelling story. Monthly active users climbed 57 percent from 25.1 million to 39.3 million, while daily active users reached 22.7 million in the fourth quarter, representing a 50 percent year-on-year increase. The ratio of daily to monthly active users stood at 57.8 percent in Q4 2025, a retention figure that would impress even the most established global fintech platforms.
The company’s lending business expanded even more dramatically. New loans originated surged 285 percent from $243.9 million in 2024 to $938.3 million in 2025. Quarterly unique borrowers in Nigeria rose 119 percent to 4.6 million, suggesting OPay is rapidly converting its massive user base into credit customers.
Brandspur Banking News Desk gathered that the financial results reflect this operational momentum. Total revenue rose 161 percent to $536.3 million in 2025, up from $205.7 million in 2024. Operating income swung from a $35.1 million loss to a $107.1 million profit, while EBITDA moved from negative $33.6 million to positive $113.1 million over the same period.
The return to profitability marks a crucial turning point for the fintech, which has prioritised growth over margins since its founding. The investment document notes that the reported net loss attributable to ordinary shareholders differs from operating profitability due to non-cash accretion on redeemable convertible preferred shares, which are expected to convert to ordinary shares upon a qualified IPO.
Nigeria remains overwhelmingly central to OPay’s business, accounting for 88.1 percent of revenue in 2025. Indonesia contributed 9.9 percent, Egypt 1.6 percent, and other markets just 0.4 percent. The company operates across Nigeria, Indonesia, Egypt, and Pakistan, positioning itself as a mobile-first digital financial platform combining payments, savings, credit, and lifestyle services.
The fintech’s Nigerian operations are supported by licences as a Mobile Money Operator and Microfinance Bank. Its platform recorded a first-attempt transaction success rate exceeding 99 percent in Q4 2025. Approximately 70 percent of Nigerian wallet monthly active users were engaging with more than five product use cases as of March 2026, with 96 percent retention among this cohort the following month.
The planned US IPO, first reported by Bloomberg in May 2026, targets a valuation of approximately $4 billion. Citigroup, Deutsche Bank, and JPMorgan Chase have been appointed to manage the offering, which is expected to take place later this year.
The decision to list in New York rather than Lagos has drawn criticism from Nigerian investors who question why a company generating the vast majority of its revenue from Nigeria would choose a foreign exchange for its public debut. The sentiment has reached official circles, with Nigerian Exchange Limited CEO Temi Popoola last week urging President Bola Ahmed Tinubu to support policies requiring major companies operating in Nigeria, particularly high-growth fintech firms, to list domestically.
OPay’s long-term ambitions extend well beyond its current footprint. In July 2026, the company announced targets of reaching one billion users, supporting 10 million merchants, and creating one million jobs across its markets. Elizabeth Wang, the company’s Chief Commercial Officer, framed the strategy as extending beyond payments to expanding access to financial services and supporting wider participation in the digital economy.
The company’s growth trajectory positions it among the most valuable fintech companies operating in emerging markets. Its ability to convert transaction volume into profitable lending, while maintaining exceptional platform reliability and user engagement, will be closely scrutinised by international investors as the IPO approaches.
