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Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), in a move that could give Nigerian investors direct access to one of the country’s fastest-growing digital financial services companies.
Sources familiar with the development told Nairametrics that OPay is expected to formally announce plans for the domestic listing soon.
The proposed NGX listing comes as OPay also prepares for a potential initial public offering (IPO) in the United States, where it is reportedly targeting a valuation of about $4 billion.
It remains unclear whether the Nigerian listing will take place alongside the proposed US IPO or at a later date as part of a dual-listing arrangement.
Details of the proposed NGX offering, including the timing, size of the offer, valuation and percentage of shares that may be offered to Nigerian investors, are yet to be disclosed.
Efforts to obtain an official comment from OPay were unsuccessful, as the company’s spokesperson declined to comment on the development.
The proposed listing comes against the backdrop of strong growth in OPay’s Nigerian operations, driven largely by the rapid expansion of digital payments and electronic financial transactions.
Earlier, OPay disclosed it processed a gross transaction value of $358 billion in 2025, representing a 115 per cent increase from the $166.2 billion recorded in 2024.
The company’s revenue also rose by 161 per cent to $536.3 million during the year, while operating income stood at $107.1 million, compared with an operating loss of $35.1 million in 2024.
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Nigeria accounted for 88.1 per cent of OPay’s total revenue in 2025, highlighting the strategic importance of the Nigerian market to the fintech.
The potential listing also comes at a time when the Nigerian Exchange is seeking to attract some of the country’s biggest privately held companies, particularly major fintechs, to the domestic capital market.
Earlier this month, NGX Group Chief Executive Officer, Temi Popoola, urged President Bola Tinubu to support measures that would encourage major companies generating significant revenues in Nigeria to list locally.
Popoola specifically mentioned OPay and PalmPay as fintech companies reportedly considering overseas listings, arguing that Nigerian investors should have an opportunity to participate in the wealth being created by these businesses.
For OPay, a domestic listing could therefore mark a significant development for Nigeria’s capital market, giving local investors an opportunity to own shares in a major player in the country’s rapidly expanding digital payments industry.
OPay is reportedly working with major global investment banks, including Citigroup, Deutsche Bank and JPMorgan Chase, on its proposed US IPO.
The offering is expected to target a valuation of approximately $4 billion, although the final valuation and structure could change depending on market conditions and the eventual terms of the transaction.
A successful NGX listing, alongside or following an overseas offering, could make OPay one of the most prominent technology companies to access Nigeria’s public equity market.
Further details of the proposed Nigerian listing are expected to emerge as OPay moves closer to formally announcing its plans.
