OPay Poised for Landmark Listing on Nigerian Stock Market

In a move that could reshape Nigeria’s capital market, fintech giant OPay is reportedly preparing to list its shares on the Nigerian Exchange (NGX). This potential listing comes as part of broader plans for an initial public offering (IPO) in the United States, targeting a valuation of approximately $4 billion.

The dual-track approach reflects OPay’s remarkable growth trajectory. The company processed over $358 billion in transactions in 2025 alone—a staggering 115% increase from $166.2 billion the previous year. Revenue surged by 161%, reaching $536.3 million, with Nigeria accounting for a dominant 88.1% of this income.

The timing and structure of both listings remain unclear, though industry observers suggest OPay could pursue either parallel or sequential offerings. Details regarding the number of shares available to Nigerian investors and fundraising targets have yet to be announced.

Why Nigeria?

NGX Group CEO Temi Popoola recently highlighted the importance of domestic listings for companies generating substantial wealth in Nigeria, specifically mentioning OPay as a prime example. His call aligns with broader efforts to ensure that Nigerians can directly benefit from the success of homegrown businesses rather than solely watching foreign shareholders reap the rewards.

Strategic Significance

This move positions OPay as one of the few African tech companies to pursue listings in both local and international markets—a potential blueprint for other high-growth fintechs considering their exit strategies. With Standard Bank Group reportedly in talks to acquire a pre-IPO stake, this listing promises to be one of Africa’s most closely watched fintech events.