OPay swings to profit in FY2025 as revenue surges 161% to $536.3 million

African fintech company OPay Limited swung to a net profit of $72.47 million in FY2025 from a $50.98 million loss in FY2024.

The fintech company also recorded revenue of $536.25 million in FY2025, representing a 161% increase from $205.73 million reported in FY2024, as strong transaction volumes, user growth and expansion in lending supported the turnaround in profitability.

The figures are contained in an investment document on the company’s planned Initial Public Offering (IPO), seen by Nairametrics, and based on OPay’s audited consolidated financial statements for the years ended December 31, 2024, and 2025.

Operating income also swung to a $107.10 million profit in FY2025 from a $35.10 million loss in FY2024.

Similarly, non-GAAP EBITDA improved from a $33.56 million loss in FY2024 to a $113.15 million profit in FY2025, translating to an EBITDA margin of about 21.1%.

What are driving the numbers

The improvement in earnings was supported by significant growth across OPay’s operating metrics.

• Gross Transaction Value, or GTV, increased by 115% to $358.0 billion in 2025, from $166.2 billion a year earlier.
• Monthly Active Users increased 57% to 39.3 million, compared with 25.1 million in FY2024, while Daily Active Users in the fourth quarter rose 50% to 22.7 million from 15.1 million.

This put OPay’s Q4 2025 DAU-to-MAU ratio at 57.8% with about 70% of its Nigerian wallet monthly active users using more than five products as of March 2026, with a 96% next-month retention rate among that cohort.

Lending impact

Also driving the strong bottom line is lending. Lending recorded one of the strongest increases during the year.

New loans originated rose 285% to $938.3 million, compared with $243.9 million in 2024, while quarterly unique borrowers in Nigeria more than doubled to 4.6 million from 2.1 million.

Monthly average revenue per user, excluding Indonesia, rose 56% from $0.90 to $1.40, while cumulative POS terminals dispatched increased 29% to 900,000.

Balance sheet and cash flow

OPay also ended FY2025 with a larger balance sheet. Total assets increased 77% to $1.49 billion, compared with $841.54 million in FY2024.

• Cash and cash equivalents jumped 162% to $274.32 million from $104.79 million, while net cash generated from operating activities increased 193% to $152.18 million, from $51.99 million in the previous year.
• The combination of rising earnings and stronger operating cash flow suggests that OPay’s return to profitability was accompanied by improved cash generation rather than being driven solely by accounting gains.

The document notes that technology and development expenses also declined as a percentage of revenue between 2024 and 2025, indicating improving operating leverage as the platform scaled.

Nigeria remains OPay’s biggest market

Despite OPay’s presence across Nigeria, Indonesia, Egypt and Pakistan, Nigeria continues to account for most of the company’s revenue.

• Nigeria generated 88.1% of FY2025 revenue, followed by Indonesia with 9.9%, Egypt with 1.6% and other markets with 0.4%.
• The company had 39.3 million monthly active users at the end of 2025 and processed $358 billion in gross transaction value during the year.

OPay operates across payments, savings, credit and other financial services and is licensed in Nigeria as both a Mobile Money Operator and Microfinance Bank.

What you should know

The results come as investors are being offered strategic pre-IPO exposure to OPay ahead of a contemplated listing on the New York Stock Exchange.

• According to the document, the transaction is anchored by the Ministry of Finance Incorporated (MOFI), described as Nigeria’s Federal Government asset manager and an ordinary shareholder of record in OPay.
• The aggregate offering size is expected to be up to $150 million, with participation structured for institutional, high-net-worth and retail investors through dedicated vehicles distributed by Zedcrest.
• OPay was incorporated in the Cayman Islands in 2019 and operates across four major markets; Nigeria, Indonesia, Egypt and Pakistan.

Its FY2025 numbers show a company moving from rapid user and transaction growth into profitability, with revenue more than doubling, and operating income and EBITDA turning positive and operating cash flow approaching $152 million.