OPay is weighing a listing of its shares on the Nigerian Exchange (NGX), according to sources familiar with the matter — a move that could rank among the most significant technology listings in the history of Nigeria's capital market. An official announcement is expected soon.

The proposed domestic listing runs in parallel with OPay's preparations for a potential initial public offering (IPO) in the United States, where the company is targeting a valuation of approximately $4 billion. It remains unclear whether the Nigerian listing would be carried out alongside the US IPO or structured separately as part of a dual-listing strategy.

The company behind the plan is one of Nigeria's most prominent fintechs. OPay was launched in 2018 with backing from Opera, the Norway-based web browser company, and was valued at about $2 billion in 2021 after a $400 million funding round led by SoftBank's Vision Fund 2, with investors including Sequoia Capital China also participating. It has since become one of the country's most widely used payment apps, offering transfers, bill payments and merchant services.

Details on the timing of the Nigerian listing, the amount to be raised, and the number of shares that would be made available to Nigerian investors have not been disclosed. According to reports, the company declined to provide further information.

The plans follow rapid growth in OPay's Nigerian business. In 2025, the company processed a total transaction value of $358 billion, up 115% from $166.2 billion the previous year, according to an investment document reviewed by sources. Revenue rose 161% to $536.3 million, and the company swung from an operating loss of $35.1 million in 2024 to operating income of $107.1 million in 2025. Nigeria was central to the turnaround, accounting for 88.1% of the company's revenue. The figures underscore how central digital payments have become in Nigeria, Africa's most populous country, where a severe cash shortage in early 2023 accelerated a broader shift toward mobile transfers and payment apps among consumers and small merchants.

The push for a domestic listing also 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 at home. Popoola specifically named OPay and PalmPay — the latter backed by Transsion, the Chinese maker of the Tecno and Infinix phones that dominate Nigeria's handset market — as fintech companies considering listings in foreign markets, and his message was direct: if Nigerian companies are generating significant wealth, Nigerian investors should have the opportunity to take part in it rather than watch the benefits flow to foreign shareholders.

OPay is currently working with Citigroup, Deutsche Bank, and JPMorgan Chase on 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 — a deal that would allow the South African bank to invest in one of Nigeria's leading digital payment platforms before it goes public, potentially at a higher valuation.

A listing on the Nigerian exchange would add a new dimension to what is shaping up to be one of Africa's most closely watched fintech exits. Nigerian tech companies have more often gone public abroad: e-commerce firm Jumia chose the New York Stock Exchange for its 2019 listing, while the NGX's largest recent debuts have come from banks and telecoms, including Airtel Africa's 2021 Lagos listing. Flutterwave, one of Africa's most valuable fintechs, has also been reported to be weighing a US listing. If completed, OPay would become one of the few technology companies founded in Nigeria to pursue listings on both a local and an international market — a step that could serve as a template for other fast-growing Nigerian fintechs weighing whether to list in Lagos or New York.

Source: TechNext24