OPay plans NGX listing as fintech targets local investors after $358bn transaction year

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OPay is planning to list its shares on the Nigerian Exchange, giving local investors direct access to one of Africa's biggest fintech companies. The planned NGX listing runs alongside a separate US IPO that could value the company at about $4bn.

The fintech processed $358bn in gross transaction value in 2025, more than double the $166.2bn recorded the previous year, according to an investment document seen by Nairametrics. Revenue jumped 161% to $536.3m, and the company swung from an operating loss of $35.1m in 2024 to an operating profit of $107.1m.

What is known about the listing plan

The NGX listing is expected to be announced formally in the near future, according to people familiar with the matter. It is not yet clear whether both listings would happen at the same time or whether OPay would pursue a dual-listing arrangement with the NGX following the US offering.

The company has not disclosed the size of any proposed share sale, pricing, or how much of the business it may offer to local investors. An OPay spokesperson declined to comment.

Citigroup, Deutsche Bank and JPMorgan Chase are advising OPay on the US offering, which has been targeting the $4bn valuation mark.

Why a domestic listing matters

Nigeria generated 88.1% of OPay's revenue in 2025, making a domestic listing strategically important beyond its symbolic value. The NGX has largely been unable to attract the country's biggest technology companies despite rapid growth in digital payments and financial services. Most leading players remain privately held, leaving retail and institutional investors on the domestic exchange with limited ways to gain exposure to fintech.

NGX Group chief executive Temi Popoola recently urged President Bola Tinubu to push for policies that would require large companies earning substantial revenues in Nigeria to list locally. Popoola named OPay and PalmPay specifically as examples of fintech businesses considering overseas listings, arguing that Nigerians should share in the value these companies create.

An OPay listing could open a path for other large Nigerian technology companies to tap local capital, and would test whether the NGX can compete for high-growth businesses that have historically favoured international markets for deeper pools of capital. For OPay, listing at home would connect the company to the investors and consumers who generate the vast majority of its revenue, while its US IPO ambitions keep larger international capital within reach.

In other news: CBN licences Alert Microfinance Bank

The Central Bank of Nigeria has granted a state licence to Alert Microfinance Bank. The new approval gives Alert MFB the full power to expand and create new products to reach micro, small, and medium-sized enterprises and the wider public. In a statement, Alert MFB said it plans to onboard one million customers over the next four years.

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