One of Nigeria’s largest fintech companies is preparing a move that no technology company has pulled off on the Nigerian Exchange. OPay is reportedly weighing a share listing on the NGX, a development that could reshape how domestic investors access the country’s booming digital payments sector.
The company, which processed $358 billion in gross transactions last year, has not confirmed the plans or shared details about pricing and timing. What complicates the picture is that OPay is also preparing for a potential $4 billion initial public offering in the United States.
If the NGX listing materializes, it would represent the first technology IPO on the exchange since its dedicated Technology Board launched in 2022.
OPay’s reported NGX listing could break a four-year drought for the Tech Board
Sources familiar with the matter told Nairametrics that OPay is expected to formally announce its NGX listing plans soon, though key terms remain undisclosed. A company spokesperson declined to comment on the reported development.
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It remains unclear whether the proposed domestic listing would happen alongside a planned US IPO or under a dual-listing structure. OPay has retained Citigroup, Deutsche Bank, and JPMorgan Chase for its proposed US offering, which targets a valuation of roughly $4 billion, Bloomberg reported.
The NGX launched its Technology Board in 2022 to attract high-growth tech companies, but the segment has not recorded a single tech IPO in four years. A TLP Advisory report found that 53% of surveyed Nigerian startup founders lacked sufficient awareness of how the listing process works, BusinessDay reported.
OPay’s financial growth makes the listing case difficult to ignore
OPay’s financial trajectory is a major reason this potential listing has drawn such close market attention. The company processed $358 billion in gross transaction value in 2025, a 115% jump from $166.2 billion the prior year, according to an investment document reviewed by Nairametrics.
Revenue climbed 161% to $536.3 million in 2025, and OPay swung from a $35.1 million operating loss in 2024 to an operating profit of $107.1 million. Nigeria generated 88.1% of total revenue last year, underscoring why a domestic listing carries strategic weight beyond simply raising new capital.
OPay at a glance: 2025 key figures
- Gross transaction value: $358 billion, up 115% year-over-year
- Revenue: $536.3 million, up 161% from 2024
- Operating income: $107.1 million, versus a $35.1 million loss in 2024
- Nigeria share of revenue: 88.1%
- Monthly active users: 39.3 million (up 57% from 2024) across Nigeria, Indonesia, Egypt, and Pakistan
- Total funding raised: $570 million (investors include SoftBank and Sequoia Capital)
South Africa’s Standard Bank Group, Africa’s largest lender by assets, is also in early-stage talks to acquire a pre-IPO stake in the company, Bloomberg reported separately.
NGX leadership has publicly pushed for fintech companies to list locally
“While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country.” — Temi Popoola, CEO, NGX Group
The reported listing follows a push from the exchange’s own leadership. NGX Group CEO Temi Popoola urged President Bola Tinubu in early August to support policies encouraging companies earning substantial revenues in Nigeria to list locally, WeeTracker reported.
Popoola named OPay and rival PalmPay as fintech companies considering overseas listings and argued that Nigerian investors should share in the value these businesses create domestically.
What an OPay NGX listing would mean for Nigerian investors
For the millions of Nigerians who use OPay every day but have never had a chance to own shares in the company, a domestic listing would change that equation. It would also test whether the NGX can compete for high-growth businesses that have historically preferred international markets.
Popoola Kazeem, an equity analyst at a Lagos-based investment firm, told Blueprint that a listing would give domestic investors direct access to a company deeply tied to the local digital economy. He cautioned that investors would still need to scrutinize OPay’s profitability and corporate structure before committing capital.
What to watch for if you follow Nigeria’s capital market
OPay’s reported NGX listing bid is a potential landmark, but it arrives with unanswered questions about structure and timing. The offer size, share pricing, and relationship to the parallel $4 billion US IPO all remain undisclosed.
The signal to watch is a formal announcement that would deliver the first technology IPO on the NGX since the Technology Board launched four years ago. For the exchange, the stakes run beyond one company, because landing OPay would validate a platform built for exactly this kind of fintech.
