OPay discloses $532.9 million short-term investment portfolio ahead of US IPO

OPay Limited has disclosed a short-term investment portfolio valued at $532.94 million as of June 30, 2026, with much of the portfolio placed through Nigerian asset management companies ahead of its proposed US initial public offering (IPO).

The disclosure was contained in OPay’s Form F-1 registration statement filed with the US Securities and Exchange Commission on October 9, 2026 and was obtained by Nairametrics over the weekend.

The portfolio represented approximately 27.9% of OPay’s $1.91 billion in total assets and had grown from $410.45 million at the end of 2025 and $131.35 million at the end of 2024.

OPay portfolio yield rises to 22%:

OPay disclosed that it works with several domestically licensed Nigerian asset managers, with underlying investments including treasury bills, money market funds and other liquid instruments. The investments generally mature within one year and are classified as held-to-maturity assets carried at amortised cost.

• The company’s weighted-average portfolio yield increased from 19% at the end of 2024 to 21% in 2025 and 22% by June 2026, while disclosed yields on asset-manager products typically ranged between 14% and 24%.
• The investment portfolio increased 212.5% in 2025 and a further 29.84% during the first half of 2026.
• Interest income rose 196.4% to $50.59 million in H1 2026 from $17.07 million a year earlier, exceeding the $47.26 million earned throughout 2025.
• Investment income accounted for 10.8% of H1 2026 revenue, compared with 8.6% in the corresponding period of 2025.
• Quarterly investment income increased from $22.05 million in the first quarter to $28.54 million in the second quarter of 2026.

The filing described credit-loss allowances as immaterial but did not identify the asset managers, disclose individual placement amounts or separate investments managed by third parties from directly held securities.

Consequently, the $532.94 million represents the portfolio’s balance-sheet carrying value rather than cumulative placements or an amount held exclusively by asset managers.

OPay flags investment liquidity risks:

OPay identified liquidity, counterparty and investment-return risks associated with its short-term placements. The company said settlement of managed investment products generally takes between one and three business days but could be delayed during periods of financial stress.

• It also warned that certain contractual provisions and limited visibility into underlying holdings could complicate access to funds when needed.
• Force majeure clauses in some agreements could release asset managers from liability for certain settlement delays, including during a wider liquidity crisis.
• Some underlying investments may include non-fixed-income assets whose composition, size and maturity are not always fully visible to OPay.
• Counterparty exposures include possible distress, misconduct, insolvency or regulatory action affecting asset managers, custodians and settlement providers.
• OPay could have to cover shortfalls on savings products offering guaranteed returns if investment yields decline, potentially affecting profit, cash flow and regulatory capital.
• OPay reported customer savings of $978.94 million as of June 30, 2026, with more than 42 million users subscribed to its savings products.

Flexible savings products accounted for $847.51 million, while fixed deposits and savings targets contributed $131.43 million.

Although the investment portfolio was equivalent to approximately 54.4% of customer savings balances, the filing did not establish that this proportion of deposits was invested through asset managers or report any asset-manager default or investment loss.

OPay targets New York listing:

OPay’s registration statement proposes listing American depositary shares on the New York Stock Exchange under the ticker OPAY. However, the offer-size and pricing fields remained blank, indicating that the filing did not establish a completed IPO.

• Nairametrics previously reported that OPay was preparing a US listing targeting a valuation of approximately $4 billion, while also considering a listing on the Nigerian Exchange.
• OPay reported H1 2026 revenue of $467.06 million, up 136.5%, with net profit rising to $90.87 million from $21.71 million.
• Full-year 2025 revenue reached $536.25 million, while net profit stood at $72.47 million, compared with a $50.83 million loss in 2024.
• Nigeria contributed 89.5% of the company’s revenue during the first half of 2026.
• Nairametrics reported that OPay processed $358 billion in gross transaction value in 2025, compared with $166.2 billion in the preceding year.

It was also reported that Stanbic Africa Holdings had agreed to invest up to $200 million through a concurrent private placement, with a Nigerian secondary listing planned after the NYSE debut.

As OPay approaches its proposed listing, the composition of its short-term investment portfolio and its ability to maintain liquidity during simultaneous customer withdrawals remain important issues highlighted by the filing.