OPay is reportedly considering a listing on the Nigerian Exchange (NGX), potentially giving Nigerian investors an opportunity to own shares in one of the country’s biggest fintech companies before it pursues a planned initial public offering (IPO) in the United States.
The proposed local listing would mark a significant development for Nigeria’s capital market, particularly as the SoftBank-backed payments company prepares for a potential US IPO that could value it at about $4 billion. OPay is working with Citigroup, Deutsche Bank and JPMorgan Chase on the proposed American offering, which is expected later in 2026.
Brandspur Banking News Desk understands that the possible NGX move comes amid growing pressure for major fintech companies generating substantial revenue from Nigeria to give domestic investors a chance to participate in their ownership. The development was first reported locally on Thursday, with a formal announcement from OPay reportedly expected soon.
The prospect is particularly significant because OPay has so far been preparing primarily for an overseas listing. Earlier this month, NGX Group Chief Executive Officer Temi Popoola urged President Bola Tinubu to support policies encouraging major fintech firms, including OPay and PalmPay, to list locally, even if they also pursue international listings.
For Nigerians who use OPay for transfers, payments and other financial services, a local flotation could provide something that has largely been unavailable with privately held fintechs: direct equity ownership. Instead of participating only as customers, eligible investors could potentially buy shares if the company completes the proposed NGX listing and receives the necessary regulatory approvals.
OPay’s growth gives the potential listing considerable weight. The company processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded in 2024. Its monthly active transacting users also increased from 25.1 million in 2024 to 39.3 million in 2025, according to investment-document data reported by Nairametrics.
The fintech generated $536.3 million in revenue in 2025, while its operating income reached $107.1 million, compared with an operating loss of $35.1 million a year earlier. Nigeria accounted for 88.1 per cent of its 2025 revenue, underscoring the importance of the Nigerian market to its business.
OPay was founded by Chinese technology entrepreneur Zhou Yahui and is backed by investors including SoftBank Group and Sequoia Capital. The company raised $400 million in 2021 at a valuation of $2 billion, and its proposed US listing is now targeting a valuation of roughly twice that figure.
A Nigerian listing would also fit into a broader effort by the NGX to deepen the domestic capital market. Popoola has argued that companies creating significant value from Nigeria should allow local investors to benefit from that wealth, with dual listings offering a possible route for businesses that also want access to international capital.
However, OPay’s reported plans should not yet be treated as a completed listing. The company has not publicly announced that its NGX flotation has been finalised, and details such as the number of shares that could be offered, pricing, timing and regulatory approvals remain unclear. The proposed US IPO itself is also still in preparation.
If completed, an OPay listing would give Nigerian investors a direct route into a fintech whose growth has been closely tied to the country’s expanding digital payments market, while potentially making the NGX a more attractive destination for other high-growth technology companies.
