OPay Eyes NGX Listing as Fintech Targets $4bn US Valuation

Nigerian fintech giant OPay is reportedly preparing to list its shares on the Nigerian Exchange, NGX, in a move that could rank among the most significant technology listings in the country’s capital market.

Sources familiar with the development told Nairametrics that OPay is expected to formally announce plans for the proposed domestic listing soon.

The potential NGX listing comes as the fintech company also prepares for a possible initial public offering in the United States, where it is reportedly targeting a valuation of about $4 billion.

It remains unclear whether the Nigerian listing would be conducted alongside the proposed US IPO or introduced subsequently as part of a dual-listing arrangement.

Details of the proposed NGX transaction, including its timing, offer size, valuation and the percentage of shares that could be offered to Nigerian investors, have not been disclosed.

OPay’s spokesperson reportedly declined to comment when contacted about the development.

OPay records sharp growth

The potential listing comes amid significant growth in OPay’s operations, particularly as digital payments and electronic transfers have expanded across Nigeria.

An investment document previously seen by Nairametrics showed that OPay processed a gross transaction value of $358 billion in 2025, representing a 115 per cent increase from $166.2 billion recorded in 2024.

The company’s revenue also rose by 161 per cent to $536.3 million during the year.

OPay further recorded operating income of $107.1 million, reversing an operating loss of $35.1 million recorded in 2024.

Nigeria remains the company’s dominant market, accounting for 88.1 per cent of its revenue in 2025.

NGX seeks more fintech listings

The proposed listing also comes against the backdrop of renewed calls for major Nigerian fintech companies to list locally and give domestic investors an opportunity to participate in the growth of the sector.

Earlier in August, NGX Group Chief Executive Officer, Temi Popoola, urged President Bola Tinubu to support measures encouraging major companies that generate substantial revenues in Nigeria to list their shares on the domestic exchange.

Popoola specifically mentioned OPay and PalmPay among fintech companies considering overseas listings, arguing that Nigerian investors should also benefit from the wealth being created by the rapidly expanding digital financial services industry.

OPay is currently working with Citigroup, Deutsche Bank and JPMorgan Chase on its proposed US IPO, which has reportedly been structured around a potential valuation of approximately $4 billion.

If confirmed, an NGX listing by OPay would provide Nigerian investors with direct access to one of the country’s fastest-growing fintech businesses and could mark a major milestone for the domestic capital market.

Further details on the proposed listing are expected to emerge soon.