OPay is considering a listing on the Nigerian Exchange (NGX), potentially giving Nigerian investors direct access to one of Nigeria's largest fintech companies as it also prepares for a possible US initial public offering (IPO) targeting a valuation of about $4 billion.
The reported NGX consideration comes amid growing calls for Nigeria's major fintech companies to list locally. NGX Group leadership has highlighted major fintechs such as OPay and PalmPay as potential candidates for domestic listings.
OPay is also working with Citigroup, Deutsche Bank and JPMorgan Chase on its potential US IPO.
The fintech's 2025 financial performance underscores the scale of its business. OPay processed $358 billion in gross transaction value (GTV) during the year, representing a 115% increase from 2024.
Revenue rose 161% to $536.3 million, while Nigeria remained overwhelmingly its largest market, accounting for 88.1% of revenue.
However, details of a potential NGX listing, including its timing, offer size, valuation and percentage of shares that could be offered, have not been disclosed. OPay has not publicly confirmed that it will proceed with an NGX listing.
If pursued, an NGX listing would represent a significant development for Nigeria's capital market and could give domestic investors an opportunity to participate directly in the growth of one of Africa's leading fintech companies.