OPay Eyes Local Stock Market as Part of $4 Billion IPO Plans

Nigeria’s leading fintech, OPay, is reportedly exploring a dual listing strategy that could include the Nigerian Exchange (NGX), alongside previously announced plans for an American public offering. This move comes as the company seeks to raise capital and potentially reach a valuation of $4 billion.

The timing aligns with strong performance in the NGX market, which has seen significant growth in 2026 - the All-Share Index rose by 57% in the first seven months, adding over $43.8 billion to listed companies’ value.

Key Developments

• OPay may list on NGX while still pursuing a US IPO
• Company valuation has risen from $3.10 billion (May) to $3.17 billion currently
• Standard Group, South Africa’s largest lender, reportedly in talks to acquire an OPay stake
• The move follows calls from the Nigerian President for local fintechs to list on domestic exchanges

OPay’s potential listing would follow similar moves by other African tech giants seeking both international and local investment.

Meanwhile, Coronation Asset Management recently sold a portion of its SPAR shares, reducing its stake from 10.89% to 9.53%, but remaining a significant shareholder in the South African retailer.