Fintech giant OPay is reportedly preparing to list its shares on the Nigerian Exchange (NGX), a move that could rank among the biggest technology listings in Nigeria’s capital market.
Sources familiar with the development said the company is expected to formally announce its plans for a Nigerian listing soon.
The proposed listing comes as OPay also prepares for a potential initial public offering (IPO) in the United States, where the fintech is reportedly seeking a valuation of about $4 billion.
It remains unclear whether the NGX listing would take place alongside the planned US IPO or at a later date as part of a possible dual-listing arrangement.
Details of the proposed Nigerian offering, including the expected listing date, valuation, offer size and percentage of shares to be made available to Nigerian investors, have yet to be disclosed.
OPay’s spokesperson reportedly declined to comment on the development.
OPay records strong growth
OPay has emerged as one of Nigeria’s leading fintech companies, benefiting significantly from the rapid expansion of digital payments and electronic financial transactions across the country.
According to investment information previously reviewed by Nairametrics, OPay processed a gross transaction value of $358 billion in 2025, representing a 115 percent increase from the $166.2 billion recorded in 2024.
The company’s revenue also increased substantially, rising by 161 percent to $536.3 million in 2025.
OPay further recorded an operating income of $107.1 million, compared with an operating loss of $35.1 million the previous year.
Nigeria remains OPay’s dominant market, contributing approximately 88.1 percent of its total revenue in 2025.
NGX seeks more fintech listings
The proposed listing comes amid renewed calls for Nigeria’s major technology and fintech companies to give local investors the opportunity to benefit from their growth.
Earlier in August, NGX Group Chief Executive Officer Temi Popoola urged President Bola Tinubu to support policies that would encourage major companies generating significant revenue in Nigeria to list on the domestic exchange.
Popoola specifically mentioned OPay and PalmPay as fintech companies reportedly considering overseas listings, stressing that Nigerian investors should have the opportunity to participate in the wealth being generated by such businesses.
OPay targets US IPO
OPay is reportedly working with major global investment banks, including Citigroup, Deutsche Bank and JPMorgan Chase, on its proposed US IPO.
The offering is reportedly being planned around a valuation of approximately $4 billion, although the timing and final structure of the proposed transaction remain subject to further developments.
If OPay proceeds with a listing on the NGX, it could provide Nigerian investors with direct exposure to one of the country’s fastest-growing fintech businesses and potentially mark a major milestone for the domestic capital market.
Further details on the proposed listing are expected to emerge in the coming days.
This is a developing story. More details will follow as they become available.
