Leading fintech OPay is set to formally announce plans to list on the Nigerian Exchange, sources familiar with the matter told Nairametrics.
The proposed NGX listing is coming at the same time the company is preparing for a potential Initial Public Offering in the United States, where it is reportedly targeting a valuation of about $4 billion.
It is still unclear whether the Nigerian listing will happen alongside the US IPO or later as part of a dual listing arrangement.
Details on timing, offer size, valuation and the percentage of shares that may be offered to Nigerian investors have not been disclosed.
Efforts to get an official comment from OPay were unsuccessful. The company’s spokesperson declined to comment on the development.
The planned listing comes on the back of explosive growth in OPay’s Nigerian business, fueled by the rapid expansion of digital payments.
The company earlier disclosed that it processed a Gross Transaction Value of $358 billion in 2025. That is a 115% jump from the $166.2 billion recorded in 2024.
Revenue also surged by 161% to $536.3 million in 2025, while operating income stood at $107.1 million. In 2024, the company posted an operating loss of $35.1 million.
Nigeria alone accounted for 88.1% of OPay’s total revenue in 2025, underscoring how critical the Nigerian market is to the fintech’s overall business.
The potential listing also fits into the Nigerian Exchange’s renewed push to bring major privately held companies, especially fintechs, to the domestic market.
Earlier this month, NGX Group CEO Temi Popoola urged President Bola Tinubu to back policies that would encourage big companies generating significant revenue in Nigeria to list locally.
Popoola specifically named OPay and PalmPay as fintechs reportedly considering overseas listings, and argued that Nigerian investors deserve a chance to participate in the wealth being created by these businesses.
For OPay, a domestic listing could be a landmark moment for Nigeria’s capital market, giving local investors direct ownership in one of the country’s biggest digital payments players.
On the global front, OPay is reportedly working with Citi, Deutsche Bank and JPMorgan Chase on its proposed US IPO.
The offering is expected to target a valuation of about $4 billion, though sources say the final figure and structure will depend on market conditions.
If both the NGX and US listings go through, OPay would rank among the most prominent technology companies to tap Nigeria’s public equity market.
Further details on the proposed Nigerian offering are expected once OPay formally announces its plans in the coming weeks.
