OPay is considering listing its shares on the Nigerian Exchange, according to sources familiar with the situation. This move could become one of the most important technology listings ever in
OPay is considering listing its shares on the Nigerian Exchange, according to sources familiar with the situation. This move could become one of the most important technology listings ever in Nigeria’s capital market. An official announcement is expected soon.
At the same time, OPay is preparing for a potential initial public offering (IPO) in the United States, aiming for a valuation of around $4 billion. It is still uncertain whether the Nigerian listing will occur at the same time as the US IPO or if they will take place separately as part of a dual-listing strategy.
So far, details about the timing of the Nigerian listing, how much money will be raised, and the number of shares available for Nigerian investors have not been shared. According to reports, the company declined to provide further information.
Why OPay wants to list on the Nigerian ExchangeOPay’s business in Nigeria has been experiencing remarkable growth. In 2025, the company processed a total transaction value of $358 billion, a jump of 115% from $166.2 billion the previous year, according to an investment document reviewed by sources.
Revenue also saw a massive increase of 161%, reaching $536.3 million. OPay turned around from a $35.1 million operating loss in 2024 to an operating income of $107.1 million in 2025. Nigeria was crucial to this success, making up 88.1% of the company’s revenue.
Back story: OPay eyes $4B valuation in US stock market listing with Citi, Deutsche Bank, and JPMorgan
The push for a domestic stock listing comes in response to growing calls from Nigeria’s exchange. In early August, NGX Group CEO Temi Popoola urged President Bola Tinubu to promote measures encouraging successful local companies to list their shares domestically. He specifically mentioned OPay and PalmPay as fintech companies considering listings in foreign markets.
His message was clear: if Nigerian companies are generating significant wealth, Nigerian investors should have the opportunity to be part of it, rather than just watching the benefits go to foreign shareholders.
Similar read: Standard Bank moves to buy Opay stake ahead of US listing
Currently, OPay is collaborating with Citigroup, Deutsche Bank, and JPMorgan Chase for a potential IPO in the US. Separately, Standard Bank Group, the largest bank in Africa by assets, is in talks to buy a pre-IPO stake in OPay, which would allow the South African bank to invest in one of Nigeria’s leading digital payment platforms before it goes public at a potentially higher valuation.
OPay The plan for a listing on the Nigerian exchange adds an exciting new aspect to what is set to be one of Africa’s most closely watched fintech exits. If successful, OPay would be one of the few tech companies founded in Nigeria to pursue listings on both a local and an international market.
This move could serve as a model for other rapidly growing Nigerian fintechs that are considering whether to list in Lagos or New York.
