OPay Targets Landmark Listing on Nigerian Stock Market

Digital payments giant OPay is preparing for a listing on the Nigerian Exchange (NGX), potentially becoming one of Nigeria’s most significant tech IPOs ever. The move comes as part of broader plans to seek a $4 billion valuation through a US initial public offering (IPO) with major investment banks like Citi, Deutsche Bank, and JPMorgan Chase.

Financial Performance Drives Listing Interest

The decision follows a period of remarkable growth for OPay in Nigeria. In 2025 alone, the company processed $358 billion in transactions — a 115% increase from $166.2 billion in 2024. Revenue surged by 161%, reaching $536.3 million, compared to an operating loss of $35.1 million just a year earlier. Nigeria accounts for 88.1% of OPay’s total revenue.

Dual-Listing Strategy Emerges

The Nigerian listing could occur alongside or separately from the planned US IPO, creating a dual-listing strategy that would allow both local and international investors to participate in OPay’s growth story.

This push for a domestic stock listing aligns with recent calls from Nigeria’s exchange for successful companies like OPay and PalmPay to prioritize local markets rather than exclusively seeking foreign listings. The NGX Group CEO, Temi Popoola, has emphasized that Nigerian investors should benefit directly from the success of companies generating wealth within the country.

Strategic Implications for African Tech Markets

The move positions OPay as a potential model for other fast-growing fintechs in Nigeria and across Africa. By pursuing listings on both local and international exchanges, OPay could demonstrate a viable path for tech companies to access capital while retaining strong ties to their home markets.