Fintech company OPay has received authorization from its board and shareholders to list on the Nigerian Exchange (NGX), a step disclosed in a registration statement submitted to the United States Securities and Exchange Commission (SEC) on October 9, 2026.

The approval sets up a secondary listing on the NGX that will follow the fintech's upcoming primary listing on the New York Stock Exchange (NYSE), marking a significant step for the company. In a dual-listing structure, a company's shares trade on an additional exchange alongside the primary market rather than replacing it — a setup used to reach investors in more than one market. In its statement, OPay said the move is intended to create a new investment avenue for local investors, allowing Nigerians to buy shares directly on the domestic stock market rather than navigating overseas exchanges.

While the approval is promising for local investors eager to own a stake in OPay, the company has yet to announce when the NGX listing will take place, and the authorization does not mean the fintech's shares will be available for trading on the NGX just yet. The next concrete markers will be the completion of the NYSE listing and any announcement that specifies a date for the NGX listing.

The development has the potential to bring one of Nigeria's most prominent technology companies closer to domestic investors while enriching the local stock market. It is notable news for investors eager to tap into the country's growing digital payments sector, where many leading companies remain privately owned.

A local listing would make it easier for Nigerian investors — particularly those using Nigerian stockbrokers — to buy into OPay's future success directly through the domestic market, rather than seeking exposure through overseas channels.

OPay, however, sounded a cautionary note in the filing. According to the document, shares traded on the NGX may not be easily exchangeable for shares traded in the United States unless certain arrangements are put in place. In the U.S., investors often hold American depositary shares (ADSs), which represent shares in foreign companies. If NGX-listed shares are not interchangeable with the U.S. securities, the two markets could see different prices and trading volumes, complicating how investors buy or sell OPay shares across the two exchanges. The company also noted that a local listing does not guarantee strong trading activity or improved liquidity.

Despite those caveats, OPay's potential listing could prove a milestone for the NGX. It would introduce a key player in the digital payments industry into a market where access to major technology companies has been limited, potentially diversifying the investment landscape and giving the exchange a stronger foothold in Nigeria's fintech scene.

For the wider fintech industry, OPay's push could pave the way for other large companies seeking to access both local and international capital. If successful, it might serve as an example for fintech firms weighing a public listing. Even so, OPay's exploration of the route does not ensure that other companies will follow suit, nor does it guarantee that the listing will attract significant investor interest.

Earlier this year, it was reported that OPay was considering a stock market listing in Nigeria alongside the possibility of an initial public offering (IPO) in the United States. The company has now officially taken steps toward a secondary listing on the NGX, having secured approval from its board and shareholders. While the U.S. IPO remains pending, the move toward a Nigerian listing underscores the company's growth ambitions and offers the potential for future investment by local investors.

Sources: OPay secures approval for NGX listing — TechNext24 · OPay official website