The potential OPay IPO comes as the NGX pushes major companies that generate significant revenue in Nigeria to consider local listings, even when they are also planning to raise money overseas.
OPay is one of the fintech companies mentioned in that conversation, alongside PalmPay.
According to Dr Sylvester Anaba, Head of Research at United Capital Securities, Bloomberg had reported that OPay was planning a US IPO. The company has reportedly been valued at about $4 billion in connection with the proposed US listing.
However, the $4 billion figure should not be treated as the confirmed valuation of an OPay IPO on the NGX. The details of a possible Nigerian offering have not yet been disclosed.
Is OPay planning an IPO in Nigeria?
OPay is reportedly moving towards a potential listing on the Nigerian Exchange, although the exact structure and timing have not been announced.
The development follows an appeal by Temitope Kupoluyi, Group CEO of NGX Group, for companies that generate substantial revenue in Nigeria but plan to list abroad to also consider giving Nigerian investors access through local listings.
OPay and PalmPay were cited among the fintech companies that could potentially list.
The analyst said it was difficult to determine whether OPay’s possible NGX listing was a direct response to the NGX’s appeal or whether the company had already been considering a dual listing.
An IPO, he noted, typically involves significant planning and would not normally be decided suddenly.
How much is OPay worth?
OPay’s reported valuation has increased over the years.
The fintech was valued at approximately $2 billion in 2021. Its reported private valuation later reached about $3 billion, while its potential US IPO has been linked to a valuation of around $4 billion.
The $4 billion figure is therefore associated with the reported US IPO plans.
There is currently no publicly disclosed valuation for a potential OPay NGX offering.
The Nigerian valuation, offer size, share price and percentage of shares that could be made available to Nigerian investors would need to be disclosed in formal offering documents.
The scale of OPay’s Nigerian business is one reason its potential listing has attracted attention.
Nigeria reportedly accounted for 88.1% of OPay’s revenue in 2025, making the country by far its most important market.
The company reportedly generated $536.3 million in revenue in 2025, compared with $205.7 million in 2024. That represents an increase of about 161%.
OPay’s gross transaction value also rose sharply, from $166 billion in 2024 to $358 billion in 2025, an increase of about 115%.
The company reportedly moved from an operating loss to an operating profit of $107.1 million in 2025.
These figures show the scale of the business that could potentially become available to Nigerian public-market investors.
OPay reportedly has about 39.3 million monthly users in Nigeria. The analyst suggested that the actual number could be higher. The fintech has also expanded beyond payments and transfers into other financial services, including lending.
Almost $1 billion in new loans were reportedly originated through OPay in 2025.
The figures highlight how deeply OPay is embedded in Nigeria’s financial-services market.
Why does the NGX want OPay to list in Nigeria?
The push for a local OPay listing is partly about giving Nigerians an opportunity to participate in the growth of companies operating at a significant scale in the country.
OPay has previously raised money through private placements abroad. That means foreign investors have been able to participate in the company’s growth while Nigerian investors have not had the same opportunity to buy publicly traded shares.
A listing on the NGX could change that.
It would potentially allow Nigerian institutional and retail investors to own shares in OPay and benefit from any future increase in the company’s value.
For the NGX, attracting a major fintech could also broaden the range of technology companies available to investors on the Nigerian capital market.
What would an OPay IPO mean for investors?
If OPay eventually lists on the NGX, investors would need to examine the company’s prospectus before deciding whether to buy its shares.
The prospectus would be expected to provide important details about the offer, including the number of shares being sold, the offer price, the size of the transaction and the company’s financial and business risks.
At present, those details are not available.
There is also no confirmed information on the minimum amount Nigerian investors would need to participate in a potential OPay IPO.
When is the OPay IPO?
There is no confirmed OPay IPO date yet.
The timeline for a potential US IPO has not been confirmed in the information available, and the timing of a possible NGX listing is also unclear.
OPay would need to complete the relevant regulatory and listing processes before a Nigerian public offering could proceed.
The analyst said investors would have to wait for formal filings with the Securities and Exchange Commission (SEC) and the NGX before the final terms could be assessed.
Will Nigerians be able to buy OPay shares?
That is one of the biggest questions surrounding the potential listing.
If OPay proceeds with an NGX IPO, Nigerians could potentially be able to buy shares through the Nigerian capital market. But it is not yet known how much of the company would be offered locally.
Investors are still waiting for information on:
- OPay’s Nigerian IPO valuation
- The number of shares to be offered
- The percentage of the company being sold
- The IPO price
- The total offer size
- The minimum investment
- The opening and closing dates of the offer
- The eventual NGX listing date
Until those details are formally published, claims about the price of OPay shares or how much Nigerians will need to invest would be speculative.
Could OPay’s listing encourage other fintechs?
A successful OPay listing could have implications for other Nigerian fintech companies.
PalmPay and MoneyPoint were also mentioned in the discussion about major fintech companies potentially accessing the Nigerian capital market.
If OPay successfully completes an NGX listing, it could demonstrate that large technology and financial-services companies can raise capital locally while giving Nigerian investors direct access to their businesses.
That could encourage other fintechs to consider the NGX when planning future fundraising or public offerings.
Why the OPay IPO matters
The potential OPay IPO is significant because it sits at the intersection of Nigeria’s growing fintech industry and its capital market.
For OPay, a public listing could provide additional capital for expansion, increase its visibility among institutional investors and broaden its investor base.
For the NGX, attracting a major fintech would strengthen the exchange’s technology and financial-services segment.
For Nigerian investors, the biggest attraction would be the possibility of owning shares in a company whose business is overwhelmingly tied to the Nigerian market.
But for now, the OPay IPO remains a potential listing rather than a completed public offering.
The reported $4 billion valuation relates to the company’s potential US IPO, while the terms of any Nigerian offering—including its valuation, share price, offer size and listing date—remain undisclosed.
The next major development will be any formal filing or prospectus from OPay that sets out the terms of the proposed listing.
