OPay, one of Nigeria's largest fintech companies, is weighing a share listing on the Nigerian Exchange (NGX) that would give domestic investors direct access to its business for the first time, according to people familiar with the matter. The planned NGX listing is expected to be announced formally in the near future, running alongside separate preparations for a potential initial public offering in the United States, where the company is targeting a valuation of roughly $4 billion.
Dual Listing Considerations and Financial Performance
It is not yet clear whether both listings would happen at the same time or whether OPay would pursue a dual-listing arrangement with the NGX following the US offering. The company has not disclosed the size of any proposed share sale, pricing, or how much of the business it may offer to local investors. An OPay spokesperson declined to comment.
OPay processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded the year before, according to an investment document previously seen by Nairametrics. BusinessDay reports that revenue climbed 161 per cent to $536.3 million, and the company swung from an operating loss of $35.1 million in 2024 to an operating profit of $107.1 million.
Nigeria's Revenue Share and Strategic Importance
Nigeria generated 88.1 per cent of OPay's revenue in 2025, making a domestic listing strategically important beyond its symbolic value. Citigroup, Deutsche Bank and JPMorgan Chase are advising OPay on the US offering, which has been targeting the $4 billion valuation mark.
The push towards public markets follows a strong run of financial results. The fintech's gross transaction value more than doubled year-on-year, and its operating profit of $107.1 million marks a significant turnaround from the previous year's loss.
Test for Nigeria's Capital Market
The proposed NGX listing carries significance beyond OPay itself. Nigeria's stock exchange has largely been unable to attract the country's biggest technology companies despite rapid growth in digital payments and financial services. Most of the sector's leading players remain privately held, leaving retail and institutional investors on the domestic exchange with limited ways to gain exposure to fintech.
NGX Group chief executive Temi Popoola recently urged President Bola Tinubu to push for policies that would require large companies earning substantial revenues in Nigeria to list locally. Popoola named OPay and PalmPay specifically as examples of fintech businesses considering overseas listings, arguing that Nigerians should share in the value these companies create.
An OPay listing could open a path for other large Nigerian technology companies to tap local capital, and would test whether the NGX can compete for high-growth businesses that have historically favoured international markets for deeper pools of capital. For OPay, listing at home would connect the company to the investors and consumers who generate the vast majority of its revenue, while its US IPO ambitions keep larger international capital within reach.
Broader Context and Regulatory Developments
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has granted a state license to Alert Microfinance Bank. The new approval gives Alert MFB the full power to expand and create new products to reach micro, small, and medium-sized enterprises and the wider public. In a statement, Alert MFB said with the new licence, it plans to onboard one million customers over the next four years.
