OPay is reportedly considering a listing on the Nigerian Exchange (NGX), a move that could give Nigerian investors an opportunity to own part of one of the country’s biggest fintech companies.
According to sources familiar with the matter, OPay has not made any official announcement about the plan. However, the company is said to be weighing the possibility of offering its shares to investors through the local stock market.
Details such as when the listing could happen, the size of the proposed share offering, the company’s valuation and the percentage of shares that could be sold have not been disclosed.
The reported plan comes at a time when OPay is also believed to be preparing for a possible initial public offering (IPO) in the United States. The company has reportedly been targeting a valuation of about $4 billion for the potential US listing.
It remains unclear whether an NGX listing would take place before the US IPO, after it or alongside it under a dual-listing arrangement.
OPay has become a major player in Nigeria’s rapidly expanding digital payments industry. Its growth has been driven by increased use of mobile money, digital transfers and other cashless payment services.
An investment document cited in the report showed that OPay processed $358 billion in gross transaction value in 2025, representing a 115 per cent increase from the $166.2 billion recorded in 2024.
The company also recorded strong revenue growth during the year. OPay’s revenue rose by 161 per cent to $536.3 million in 2025, compared with the previous year.
Its operating performance also improved significantly. The company recorded $107.1 million in operating income in 2025, compared with an operating loss of $35.1 million in 2024.
Nigeria remains central to OPay’s business. The country accounted for 88.1 per cent of the company’s revenue in 2025, highlighting the importance of the Nigerian market to its overall operations.
A local listing would come amid growing pressure for successful Nigerian technology companies to give domestic investors an opportunity to participate in their growth.
NGX Group Chief Executive Officer, Temi Popoola, recently called for measures that would encourage major Nigerian companies to list locally. He specifically mentioned fintech companies such as OPay and PalmPay as examples of businesses whose possible overseas listings could limit opportunities for Nigerian investors.
For the Nigerian capital market, an OPay listing could be significant because the exchange has been seeking to attract more technology and high-growth companies.
Market analysts believe the potential transaction could become one of the largest technology-related listings in the history of Nigeria’s capital market.
OPay is reportedly working with major international financial institutions, including Citigroup, Deutsche Bank and JPMorgan Chase, on its proposed US IPO.
While there is no confirmed date for either listing, the reported consideration of an NGX offering could mark an important development for Nigeria’s fintech sector and provide local investors with another major technology investment opportunity.
The development also highlights the growing question of whether Nigeria’s most successful fintechs should raise capital abroad or deepen the domestic capital market by giving Nigerian investors direct access to their growth.
