Nigerian operations accounted for 88.1 per cent of OPay’s revenue in 2025, underscoring the importance of the local market to the fintech company as it makes its debut on the New York Stock Exchange (NYSE).
OPay began trading on the exchange on Friday under the ticker symbol OPAY after raising $304m through its initial public offering (IPO).
The company sold 16 million American depositary shares at $19 each, valuing it at about $4bn. The offer price was at the lower end of its target range of $19 to $21.
The listing marks a major step in the expansion of the digital payments company, whose services include money transfers, bill payments, savings and loans.
According to its regulatory filing, OPay processed 90.1 billion transactions valued at $558bn in the 12 months to June 30, 2026. This represents an average transaction value of about $6.19.
The company had approximately 50 million monthly active users as of July 31, according to its prospectus.
OPay’s co-chief executive, Lars Rahbaek Boilesen, described the listing as “a significant moment for OPay and Nigeria”.
The company’s shares are trading in the United States, while its board and shareholders have approved plans for a secondary listing on the Nigerian Exchange. The proposed Lagos listing is subject to approval by the Securities and Exchange Commission, and no date has been announced.
The banks managing the offering, including Citigroup, Deutsche Bank and Standard Bank, have an option to purchase an additional 2.4 million shares within 30 days. If fully exercised, the option could increase the proceeds to about $350m.
The offering is expected to close on November 2, 2026.
OPay, founded in 2018, provides digital financial services in emerging markets, including Nigeria and Indonesia. SoftBank entities held a 6.6 per cent stake in the company before the offering.
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