OPay Limited’s short-term investment portfolio rose to $532.94 million as of June 30, 2026, as the fintech company increased its exposure to Nigerian money market instruments ahead of its proposed initial public offering (IPO) in the United States.
The figures were disclosed in OPay’s Form F-1 registration statement filed with the US Securities and Exchange Commission (SEC) on October 9, 2026. Nairametrics reported the investment disclosures on October 11, 2026.
According to the filing, the portfolio increased from $131.35 million at the end of 2024 to $410.45 million at the end of 2025, representing a 212.5% increase. It grew by a further 29.84% in the first half of 2026, accounting for approximately 27.9% of OPay’s $1.91 billion in total assets as of June 30, 2026.
OPay disclosed that its investments include Treasury bills, money market funds and other liquid instruments held through licensed Nigerian asset management companies. The investments generally have maturities of one year or less and are classified as held-to-maturity assets.
The company’s weighted average investment yield rose from 19% at the end of 2024 to 21% at the end of 2025 and 22% as of June 30, 2026. Yields on products offered through asset managers ranged from 14% to 24%, according to the filing.
The growing portfolio has contributed to higher interest income. OPay reported $50.59 million in interest income for the six months ended June 30, 2026, representing a 196.4% increase from $17.07 million in the corresponding period of 2025. The first-half figure also exceeded the $47.26 million recorded for the full year ended December 31, 2025.
The SEC filing showed that investment income accounted for 10.8% of OPay’s total revenue in the first half of 2026, compared with 8.6% in the corresponding period of 2025.
However, OPay warned that the investment arrangements expose it to liquidity and counterparty risks. The company said settlement of managed investment products typically takes one to three business days but could be delayed during periods of financial stress. Some agreements also contain force majeure provisions that could limit asset managers’ liability for certain settlement delays.
OPay further warned that limited visibility into some underlying investments and falling yields could affect its ability to meet guaranteed returns on savings products, potentially putting pressure on profits and cash flow.
As of June 30, 2026, OPay reported $978.94 million in customer savings balances and more than 42 million savings-product users. Its investment portfolio was equivalent to approximately 54.4% of those balances, although the filing did not establish that the entire portfolio directly backed customer savings.
In its October 9, 2026 filing, OPay proposed listing its American depositary shares on the New York Stock Exchange under the ticker symbol OPAY. The preliminary prospectus did not disclose the final offer price or number of shares to be offered. The offering remains subject to the SEC registration statement becoming effective and final approval of the NYSE listing application.
