Nigeria accounted for nearly 90 per cent of OPay’s revenue in the first half of 2026, as the fintech company prepares to raise up to $366m through a listing on the New York Stock Exchange.
The Nigeria-focused digital payments firm is offering about 16 million American Depositary Shares at between $19 and $21 each, targeting a valuation of up to $4.42bn.
The proposed valuation is more than double the $2bn at which OPay was valued during a $400m fundraising round in 2021.
The company, founded by Chinese billionaire Yahui Zhou, plans to trade on the New York Stock Exchange under the ticker symbol OPAY. It also has board approval to pursue a secondary listing on the Nigerian Exchange after completing the US offering, subject to regulatory approval and market conditions.
OPay’s prospectus shows that Nigeria generated 89.5 per cent of its revenue in the first half of 2026. Revenue rose by 137 per cent to $467.1m during the period, while net income reached $90.9m.
The company had about 50.1 million monthly active users and 26.8 million daily active users as of July 2026. Its platform processed 90.1 billion transactions, with a gross transaction value of $558bn in the 12 months to June.
OPay’s full-year revenue rose from $205.7m in 2024 to $536.3m in 2025, when it recorded a net profit of $72.5m after posting a loss of about $50.8m the previous year.
The IPO has also attracted a potential investment of up to $200m from Stanbic Africa Holdings, a subsidiary of South Africa’s Standard Bank Group.
The investment would be made through a private placement linked to the offering, but the final amount will depend on regulatory and ownership restrictions, including a limit on Standard Bank’s post-listing stake in OPay of 4.99 per cent.
OPay and Stanbic Africa signed a memorandum of understanding in August to explore cooperation in digital banking, payments, lending, remittances and merchant services. The proposed collaboration could give Standard Bank access to OPay’s extensive consumer and merchant network.
OPay intends to use proceeds from the public offering and private placement to invest in technology, distribution, new products and market expansion, as well as potential acquisitions.
Other investors, including entities linked to SoftBank and Redwheel Group, have indicated interest in the offering. However, some expressions of interest are non-binding, and the final proceeds and valuation will depend on the IPO pricing and completion.
While OPay’s strong Nigerian performance offers investors exposure to the country’s growing digital payments market, its concentration in Nigeria also leaves the company vulnerable to local economic pressures, competition and regulatory changes.
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