OPay will not begin trading on the New York Stock Exchange as previously scheduled, citing a regulatory review in a foreign jurisdiction. The decision effectively halts the proposed listing, meaning the fintech's American Depositary Shares (ADSs) will not commence trading on the NYSE as originally planned.

In a statement shared with Technext, the company maintained that the regulatory inquiry relates to a jurisdiction that is immaterial to its core business operations.

According to OPay, the decision followed careful consideration and discussions with the underwriters, after which both parties mutually agreed to terminate the underwriting agreement dated October 29, 2026.

"After careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action. As such, the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering," the statement reads.

The suspension comes shortly after OPay announced the pricing of its U.S. initial public offering (IPO) at $19 per share, valuing the company at roughly $4 billion, as reported earlier: OPay prices US IPO at $19 per share, valuing the fintech at about $4 billion.

The IPO comprised 16 million American depositary shares priced at $19 each, at the lower end of the proposed $19 to $21 range. According to a report, the offering aimed to raise about $304 million before fees and expenses. The underwriters also held a 30-day option to acquire up to 2.4 million additional ADSs to cover any over-allotments.

The company had planned to begin trading on the NYSE under the ticker symbol OPAY, with the offering expected to close on November 2, pending customary conditions. Each ADS corresponds to 10 ordinary shares.

The listing was set to mark a crucial milestone in the well-applauded story of a Nigerian fintech that has gone global. OPay, however, stressed that the decision should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.

"OPay's long-term commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country's digital financial services sector, promote financial inclusion, support economic growth, and contribute to the development of Nigeria's digital economy," the statement added.

The company reiterated that the matter concerns an inquiry in a foreign jurisdiction, which it is addressing through appropriate channels, and said it is engaging relevant stakeholders to facilitate an early resolution. OPay said it would continue to deepen investments in the country's digital financial services sector, promote financial inclusion, support economic growth and contribute to the development of the digital economy. For now, the proposed offering will not proceed under the terminated underwriting agreement, while the company said it will provide updates as material developments occur.

"The Company appreciates the continued confidence and support of its stakeholders and will provide further updates as material developments occur," it concluded.