OPay swings to $72.47 million profit in FY2025 as revenue jumps 161% to $536.25 million
By Aboki Forex —
African fintech company OPay Limited posted a net profit of $72.47 million in FY2025, reversing the $50.98 million loss it recorded in FY2024. Revenue surged 161% to $536.25 million from $205.73 million in the previous year, driven by strong transaction volumes, user growth and expansion in lending.
The figures are contained in an investment document on the company's planned Initial Public Offering, seen by Nairametrics, and are based on OPay's audited consolidated financial statements for the years ended December 31, 2024 and 2025.
Profit turnaround and operating strength
Operating income swung to a $107.10 million profit in FY2025 from a $35.10 million loss in FY2024. Non-GAAP EBITDA also improved from a $33.56 million loss to a $113.15 million profit, translating to an EBITDA margin of about 21.1%.
Gross Transaction Value increased by 115% to $358.0 billion in 2025, up from $166.2 billion a year earlier. Monthly Active Users rose 57% to 39.3 million, compared with 25.1 million in FY2024, while Daily Active Users in the fourth quarter climbed 50% to 22.7 million from 15.1 million.
OPay's Q4 2025 DAU-to-MAU ratio stood at 57.8%. About 70% of its Nigerian wallet monthly active users used more than five products as of March 2026, with a 96% next-month retention rate among that cohort.
Lending and key growth metrics
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. 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. Cumulative POS terminals dispatched increased 29% to 900,000.
OPay ended FY2025 with a larger balance sheet. Total assets increased 77% to $1.49 billion from $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.
The combination of rising earnings and stronger operating cash flow suggests OPay's return to profitability was backed by improved cash generation, not just accounting gains. Technology and development expenses also declined as a percentage of revenue between 2024 and 2025, indicating improving operating leverage.
Nigeria still leads and what comes next
Nigeria remains OPay's biggest market, accounting for 88.1% of FY2025 revenue. Indonesia contributed 9.9%, Egypt 1.6%, and other markets 0.4%. OPay operates across payments, savings, credit and other financial services, and is licensed in Nigeria as both a Mobile Money Operator and Microfinance Bank.
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. The transaction is anchored by the Ministry of Finance Incorporated, 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 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, operating income and EBITDA turning positive, and operating cash flow approaching $152 million.