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Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), Nairametrics has learnt, in what could become one of the most significant technology listings in the history of Nigeria’s capital market.
Sources familiar with the matter told Nairametrics that the fintech company is expected to formally announce plans for the NGX listing soon.
The development comes as OPay prepares for a potential initial public offering in the United States, where the company has reportedly been targeting a valuation of about $4 billion.
It is not immediately clear whether the proposed NGX listing will take place simultaneously with the planned US IPO or subsequently as part of a dual-listing structure.
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Details of the proposed Nigerian listing, including its timing, offer size, valuation and the percentage of shares that could be made available to investors, have also not yet been disclosed.
Nairametrics reached out to OPay’s spokesperson, but he declined to comment on the matter.
OPay’s rapid growth in Nigeria
OPay is one of Nigeria’s largest fintech companies and has grown rapidly in recent years, particularly following the acceleration in digital payments and electronic transfers.
According to an investment document previously seen by Nairametrics, OPay processed gross transaction value of $358 billion in 2025, representing a 115% increase from $166.2 billion a year earlier.
Revenue also surged 161% to $536.3 million in 2025, while the company recorded operating income of $107.1 million compared with a $35.1 million operating loss in 2024.
Nigeria remains by far OPay’s largest market, accounting for 88.1% of the company’s revenue in 2025.
The proposed NGX listing would also follow recent calls by the Nigerian Exchange for some of the country’s largest fintech companies to give domestic investors an opportunity to participate in their growth.
Earlier in August, NGX Group Chief Executive Officer Temi Popoola urged President Bola Tinubu to support measures encouraging major companies that generate substantial revenues in Nigeria to list their shares locally.
Popoola specifically cited OPay and PalmPay among fintech companies considering overseas listings, arguing that Nigerian investors should also be able to participate in the wealth being created by such companies.
OPay is currently working with Citigroup, Deutsche Bank and JPMorgan Chase on its proposed US IPO, which has been reported to target a valuation of approximately $4 billion.
Nairametrics understands that further details regarding OPay’s proposed NGX listing are expected to be announced soon.
This is a developing story. More details later.
