OPay is preparing to list its shares on the Nigerian Exchange (NGX), according to sources cited by NairaMetrics, potentially setting the stage for one of the most significant technology listings in the history of Nigeria’s capital market.
The fintech company is expected to formally announce plans for the domestic listing soon, although the timing, valuation, offer size, and proportion of shares to be sold have yet to be disclosed.
The proposed listing comes as OPay also explores an initial public offering in the United States that could value the company at about $4 billion. It remains unclear whether the NGX listing would take place alongside the U.S. offering or later under a dual-listing structure.
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OPay did not comment on the reported Nigerian listing.
A domestic flotation would give Nigerian investors direct exposure to one of the country’s largest digital financial-services companies at a time when the NGX is seeking to deepen its technology sector and attract fast-growing private businesses to the public market.
The potential transaction would also represent a major test of whether Nigeria’s capital market can capture more of the value created by companies that have built large businesses locally but are looking overseas for access to deeper pools of capital.
OPay’s growth provides a substantial financial base for a potential listing. According to an investment document cited by Nairametrics, the company processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded a year earlier.
Revenue increased 161% to $536.3 million, while operating income reached $107.1 million, compared with an operating loss of $35.1 million in 2024.
Nigeria accounted for 88.1% of OPay’s revenue in 2025, underscoring the importance of the domestic market to its business and making a Nigerian listing particularly relevant to local investors.
The figures also show how rapidly OPay’s business has expanded alongside Nigeria’s shift toward electronic payments, mobile banking and digital financial services. Its improved operating performance could strengthen the investment case as the company weighs access to public equity markets.
The proposed NGX listing follows growing pressure for Nigeria’s leading fintech companies to allow domestic investors to participate in their expansion.
Earlier in August, NGX Group CEO Temi Popoola called on President Bola Tinubu to support measures encouraging major companies that generate substantial revenue in Nigeria to list locally. Popoola specifically mentioned OPay and PalmPay, both of which have been linked to plans for overseas listings.
For the NGX, attracting OPay would carry significance beyond the size of the transaction. Nigeria’s exchange has long sought to broaden its listings beyond traditional banks, telecommunications companies, industrial firms and consumer businesses, while the rapid expansion of the country’s technology sector has created a new pool of potential large issuers.
A successful OPay flotation could therefore provide a precedent for other large privately held technology companies considering public-market funding.
However, for OPay, analysts believe a Nigerian listing would have to be weighed against the advantages of an international offering. A U.S. listing could provide access to a substantially deeper technology-investor base and potentially greater analyst coverage, while an NGX offering would give the company stronger visibility among Nigerian institutional and retail investors and deepen its connection with the market where it generates most of its revenue.
The structure of the eventual transaction will therefore be closely watched. A simultaneous domestic and U.S. offering could broaden OPay’s investor base, while a subsequent NGX listing could provide Nigerian investors with access after the company establishes itself in an international market.
OPay is currently working with Citigroup, Deutsche Bank and JPMorgan Chase on its proposed U.S. IPO, which has been reported to target a valuation of roughly $4 billion.
If confirmed, the NGX plan would mark a notable shift in Nigeria’s technology-capital-market story. Rather than allowing the country’s largest fintech companies to generate their growth and eventually seek liquidity almost entirely abroad, a local OPay listing could give Nigerian investors a direct stake in the financial technology businesses that have benefited from the country’s rapid digitalization.