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OPay estimates that it accounted for 57.4% of the total value of digital loans disbursed in Nigeria in 2025, underscoring its position in the country’s digital lending market.
The estimate was disclosed in a registration statement filed with the U.S. Securities and Exchange Commission (SEC) ahead of the fintech’s proposed initial public offering (IPO).
According to the filing, the figure was calculated by dividing OPay’s 2025 loan disbursements in Nigeria, based on its internal lending records, by the estimated total value of digital loans disbursed across the Nigerian market.
Total digital loan disbursement
OPay says the market estimate was provided by Frost & Sullivan.
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- “In 2025, OPay is estimated to have accounted for approximately 57.4% of total digital loan disbursement value in Nigeria,” the filing stated.
The company said its scale in digital payments has helped strengthen its position in lending, as its large user base and transaction data support the delivery of additional financial services.
“Our scale in digital payments supports a strong position in the digital lending segment,” the filing stated.
Okash ranks first among digital lending apps
OPay’s Okash lending platform ranked first among digital lending applications in Nigeria in the first half of 2026, according to the registration statement.
Citing data from DataSparkle, an independent mobile application monitoring platform, OPay said Okash’s active users were approximately 1.6 to 6.6 times those of the other four companies in the top five digital lending applications.
The company also reported a strong position across Nigeria’s broader financial application market.
According to DataSparkle data cited in the filing, OPay accounted for approximately 66.1% of monthly active users across the financial applications monitored in Nigeria in the first half of 2026.
The filing further described OPay as Nigeria’s largest processor of digital payments and transfers by gross transaction value (GTV) during the period, citing Frost & Sullivan.
Across all applications in Nigeria, OPay ranked third by daily active users and fourth by weekly active users, making it the only financial application among the top five in both categories. It ranked sixth by monthly active users, the only financial application in the top 10.
- “OPay has established a leading position in Nigeria’s digital banking ecosystem, particularly in user engagement and transaction volumes,” the filing stated.
OPay outlines competitive advantages
OPay described Nigeria as its largest market, noting that the country’s digital financial services industry is large, fast-growing and highly competitive.
The company identified traditional banks, digital lending platforms and fintech companies as the main categories of competitors.
On traditional banks, OPay cited what it described as limitations in branch-based banking models, high operating costs, limited reach among micro-entrepreneurs and informal workers, and weaknesses in technology and product innovation.
For digital lending platforms, the filing pointed to their concentration on short-term, small unsecured loans, potentially high effective interest rates and aggressive data collection and debt recovery practices that have attracted regulatory scrutiny.
OPay said fintech companies operating under licences such as Mobile Money Operator and Microfinance Bank benefit from regulatory authorisation covering relevant financial services, including payments, deposits and credit.
The company argued that its technology, product innovation, network effects and integration of financial services distinguish it from competitors.
Its technology platform is designed to support high volumes of concurrent transactions, while its combination of payments, savings and credit products allows it to serve users across multiple financial needs.
OPay also said payment transaction data helps inform its credit risk assessments, while lending and savings products encourage customer retention and more frequent transactions.
Competition expected to intensify
Despite its reported market position, OPay expects competition in Nigeria’s digital financial services sector to remain intense as existing operators increase investment and new entrants seek opportunities in payments and lending.
- “The competition in this sector will continue to intensify, especially as fintech services become more ingrained in consumers’ daily lives,” the filing stated.
The company said similar competitive dynamics exist in its other markets, including Indonesia, Egypt and Pakistan, where it faces banks, challenger banks, mobile money operators, digital wallets, lending platforms and other fintech providers.
The market share and ranking figures disclosed in the registration statement are based on OPay’s internal records and third-party estimates from Frost & Sullivan and DataSparkle.
OPay’s short-term investments rise to $532.94 million
Separately, OPay disclosed that its short-term investment portfolio stood at $532.94 million as of June 30, 2026, representing approximately 27.9% of its total assets of $1.91 billion.
The portfolio increased from $410.45 million at the end of 2025 and $131.35 million at the end of 2024.
The filing indicated that a substantial portion of the investments was placed through Nigerian asset management companies, ahead of the company’s proposed U.S. IPO.
The disclosure provides additional insight into OPay’s financial position as it prepares for the proposed listing, alongside its reported scale in digital payments and lending.
