African Fintech Companies Increasingly Choosing Global Markets for IPOs

Africa’s most successful fintech companies are preparing to go public, with several major listings expected by the end of 2026. What’s notable is that only one of these unicorns plans to list on an African exchange.

The Nigerian payments platform OPay, backed by SoftBank, has hired Citigroup, Deutsche Bank, and JPMorgan Chase for a US IPO targeting a $4 billion valuation. Its rival PalmPay, supported by Transsion and MediaTek, is preparing for a Hong Kong listing potentially raising $200 million at a valuation exceeding $1 billion. Airtel Money, the mobile money arm of Airtel Africa, has selected the London Stock Exchange with an expected valuation around $10 billion.

The exception is MNT-Halan, the Egyptian fintech unicorn planning an IPO on the Egyptian Exchange with a projected valuation between $900 million and $1 billion—making it the only one opting for a local bourse.

Why Are These Companies Going Abroad?

This trend raises concerns about capital markets across Africa. Several structural barriers appear to be at play:

  • Currency Risk: Many African fintechs receive funding in dollars, creating a mismatch when seeking exits in local currencies like the naira or rand.
  • Liquidity Constraints: Smaller market depth on African exchanges limits their ability to support major listings—the NGX currently lacks the liquidity for a $4 billion IPO.
  • Valuation Disconnect: Private valuations often exceed what public markets are willing to pay, particularly for growth companies that prioritize user acquisition over immediate profitability.
  • Governance Requirements: Some local listing requirements may not align with the operational structures of rapidly scaling fintechs.

While local exchanges offer benefits like investor familiarity and potentially less stringent rules, the allure of deeper capital pools, higher valuations, and established regulatory frameworks for technology companies in markets like New York, London, and Hong Kong has proven stronger.