Fintech giant OPay is reportedly exploring a landmark listing on the Nigerian Exchange (NGX), a move poised to reshape the nation's capital markets. This development occurs as the company simultaneously prepares for a US Initial Public Offering targeting a valuation of approximately $4 billion. An official announcement regarding the Nigerian listing is anticipated soon, signaling a major milestone for the African tech ecosystem.
OPay's Remarkable Financial Growth
The company's consideration for a public listing is backed by its extraordinary financial performance in the Nigerian market. In 2025, OPay processed a gross transaction value of $358 billion, a staggering 115% increase from the previous year. This surge demonstrates the platform's rapidly expanding user base and deep market penetration.
This operational growth translated into impressive financial returns, with revenue climbing 161% to $536.3 million. The company also achieved a significant turnaround, posting an operating income of $107.1 million after a loss in 2024. Nigeria's market was the primary driver, contributing a dominant 88.1% of total revenue.
Strategic Dual-Listing Considerations
OPay is pursuing a multifaceted strategy by engaging global financial institutions for its planned US IPO. The company is collaborating with prominent banks like Citigroup, Deutsche Bank, and JPMorgan Chase to facilitate its entry into American markets. This international ambition highlights OPay's goal of securing a significant global valuation.
While plans for the US listing advance, the structure of the Nigerian offering remains unclear to the public. It is not yet known if the NGX listing will occur simultaneously with the US IPO or as part of a dual-listing plan. Key details, including the timing and size of the local share offer, have not been disclosed.
A Response to Local Market Advocacy
The potential domestic listing aligns with recent calls from Nigerian financial leaders to retain value within the local economy. NGX Group CEO Temi Popoola has publicly urged the government to encourage successful homegrown companies to list domestically. This advocacy aims to ensure local investors can share in the success of companies thriving in Nigeria.
Popoola specifically identified OPay as a prime candidate, arguing against wealth being exclusively captured by foreign shareholders. The push is for Nigerian citizens to have a direct stake in the technology platforms transforming their economy. OPay's move appears to be a direct response to this growing national sentiment.
Implications for Nigeria's Capital Market
Should the listing proceed, it would represent one of the most significant technology offerings in Nigeria's capital market history. This event would provide local investors with direct access to one of the country's fastest-growing fintech companies. It could also significantly boost the profile and liquidity of the Nigerian Exchange.
The high level of interest is further evidenced by reports of Standard Bank Group's talks to acquire a pre-IPO stake. This potential investment from Africa's largest bank by assets underscores immense confidence in OPay's valuation and future prospects. Such a move would allow the banking giant to secure a position before a potentially higher public valuation.
OPay's potential dual-listing strategy on both the Nigerian and a US exchange marks a pivotal moment for African fintech. This approach balances the pursuit of global capital with a commitment to providing local investors an opportunity for participation. If successful, this move could establish a powerful precedent for other leading technology firms across the continent.