Nigeria-focused fintech company OPay is seeking to raise up to $366 million through an initial public offering (IPO) in New York, targeting a valuation of $4.42 billion as it prepares to expand its digital payments business and strengthen its position in Africa’s financial technology market.
The company is offering approximately 16 million American Depositary Shares (ADSs) at between $19 and $21 each, with plans to list on the New York Stock Exchange under the ticker symbol OPAY.
At the upper end of the proposed price range, OPay would be valued at more than twice the $2 billion valuation it secured during a $400 million fundraising round in 2021.
The proposed listing marks a significant step for the fintech, whose growth has been driven largely by Nigeria’s expanding digital payments market.
Standard Bank commits up to $200 million
Stanbic Africa Holdings, a subsidiary of South Africa’s Standard Bank Group, has agreed to invest up to $200 million in OPay through a private placement linked to the IPO.
However, the investment is not guaranteed at the full amount. It is subject to regulatory approvals, Standard Bank’s capital requirements and a restriction limiting its post-listing ownership of OPay to 4.99%.
The final investment will depend on the terms outlined in OPay’s prospectus and the completion of the public offering.
The proposed investment follows an August memorandum of understanding between OPay and Stanbic Africa to explore collaboration across digital banking, payments, lending, remittances and merchant services.
The partnership could enable Standard Bank to distribute selected financial products through OPay’s consumer and merchant network, potentially expanding its reach among customers underserved by conventional banking channels.
However, the memorandum represents an agreement to explore opportunities rather than a guarantee that all proposed products or services will be launched.
OPay’s Growth in Nigeria
Nigeria remains OPay’s most important market despite the company being incorporated in the Cayman Islands and headquartered in Singapore.
Nigeria accounted for 89.5% of OPay’s revenue in the first half of 2026, highlighting the extent to which its financial performance depends on the Nigerian economy and digital payments industry.
OPay plans to use the proceeds from the IPO and the associated private placement to invest in technology, distribution, new products, market expansion and potential acquisitions.
OPay has also received board approval to pursue a secondary listing on the Nigerian Exchange (NGX) after completing its planned New York IPO. The proposed Nigerian listing remains subject to market conditions, regulatory approval and compliance with local trading and settlement requirements.
If completed, it would provide Nigerian investors with an opportunity to invest directly in a fintech business whose growth has been driven primarily by the domestic market.
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