OPay Eyes NGX Listing as Fintech Targets $4bn Valuation
OPay, one of Nigeria’s biggest fintech companies, is reportedly preparing to list its shares on the Nigerian Exchange (NGX), in a move that could become one of the most notable technology listings in the country’s capital market.
People familiar with the development said the fintech is expected to make a formal announcement on the proposed NGX listing soon. However, details surrounding the timing and structure of the transaction have not yet been disclosed.
The reported plan comes as OPay also considers a potential initial public offering (IPO) in the United States, where the company is said to be seeking a valuation of approximately $4 billion.
It remains uncertain whether the Nigerian listing would happen at the same time as the US IPO or be pursued later as part of a possible dual-listing arrangement.
Strong growth in transaction volumes
OPay’s potential entry into the NGX comes as the company continues to record substantial growth in its business.
An investment document showed that OPay processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded in 2024. This represents a 115% year-on-year increase.
The fintech also recorded strong revenue growth during the year. Revenue climbed by 161% to $536.3 million in 2025.
Its operating performance improved significantly as well. OPay reported $107.1 million in operating income in 2025, compared with an operating loss of $35.1 million in 2024.
The figures indicate a substantial improvement in the company's ability to convert its expanding transaction volumes into revenue and operating earnings.
Significance for Nigeria’s capital market
An OPay listing could mark an important development for Nigeria’s capital market, particularly for the country's technology sector.
Although Nigeria has a large and growing fintech industry, relatively few major privately owned technology companies have made the transition to the public market. An NGX listing by OPay could therefore encourage other large technology and fintech businesses to consider raising capital locally.
The transaction could also give Nigerian institutional and retail investors an opportunity to invest directly in one of the country's most prominent digital-payment companies.
For the NGX, the potential listing could increase the exchange's exposure to the technology sector and strengthen its appeal to high-growth companies seeking access to public capital.
Potential US IPO
OPay’s reported plans for a US IPO add another layer to the potential transaction.
A US listing could provide access to a broader international investor base and potentially support the company's ambition to achieve a valuation of about $4 billion.
However, the reported valuation remains an indication of the company's target rather than a confirmed market valuation. The eventual value would depend on factors including investor demand, financial performance, market conditions and the terms of the offering.
If OPay eventually pursues listings in both Nigeria and the US, it would give the company access to investors across both markets while potentially creating greater liquidity for its shares.
What investors will be watching
Investors are likely to pay close attention to the details when OPay formally announces its plans.
Key issues will include the size of the proposed NGX offering, valuation, share price, percentage of shares to be offered and whether the transaction will involve new shares, existing shareholder sales or a combination of both.
Investors will also assess OPay’s profitability, transaction growth, customer base, regulatory environment and ability to maintain its rapid expansion.
The relationship between the proposed Nigerian listing and the reported US IPO will also be important, particularly if OPay opts for a dual-listing structure.
A potentially landmark fintech listing
With transaction volumes of $358 billion, revenue of $536.3 million and operating income of $107.1 million reported for 2025, OPay would approach a potential public offering from a position of significant scale.
If the NGX listing proceeds, it could become a landmark transaction for Nigeria’s technology and capital-market sectors, while providing a test of domestic investor appetite for large African fintech businesses.
For now, however, the listing timetable, offer size, valuation and structure remain unconfirmed until OPay makes an official announcement and releases the relevant transaction details.
No comments:
Post a Comment