Digitnomics 
By Francisca Anuforo
Nigeria remains OPay’s dominant market as transaction value, users, lending and revenue surge
OPay processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded a year earlier, highlighting the rapid expansion of the Nigerian fintech as it positions itself for a potential listing in the United States.
The 115 percent increase in transaction value was accompanied by significant growth across the company’s customer base, lending operations and financial performance, according to figures reported by BusinessDay.
OPay’s monthly active users increased by 57 percent to 39.3 million in 2025, from 25.1 million in 2024.
Its daily active users also rose by 50 percent to 22.7 million in the fourth quarter of 2025, giving the platform a daily-to-monthly active-user ratio of 57.8 percent.
Revenue climbs as lending business expands
The fintech’s lending operation recorded an even sharper expansion during the year.
New loans originated increased by 285 percent, rising from $243.9 million in 2024 to $938.3 million in 2025.
Quarterly unique borrowers in Nigeria also increased by 119 percent to 4.6 million.
The expansion in transaction activity and financial services contributed to a sharp increase in revenue.
OPay’s total revenue rose 161 percent to $536.3 million in 2025, compared with $205.7 million in 2024.
The company also recorded a major improvement in operating performance.
Operating income moved from a $35.1 million loss in 2024 to a $107.1 million profit, while EBITDA improved from a $33.6 million loss to a $113.1 million profit.
Nigeria remains the growth engine
Despite its operations in several international markets, Nigeria remains overwhelmingly central to OPay’s business.
Nigeria accounted for 88.1 percent of the company’s revenue in 2025, while Indonesia contributed 9.9 percent, Egypt 1.6 percent and other markets 0.4 percent.
OPay operates across Nigeria, Indonesia, Egypt and Pakistan, providing payments, savings, credit and other financial services through its mobile-first platform.
In Nigeria, the company operates under Mobile Money Operator and Microfinance Bank licences.
The fintech also reported a first-attempt transaction success rate of more than 99 percent in Nigeria during the fourth quarter of 2025.
US IPO plans take shape
The strong financial performance comes as OPay prepares for a potential initial public offering in the United States.
Reports have said OPay has engaged Citigroup, Deutsche Bank and JPMorgan Chase to work on a proposed US listing targeting a valuation of approximately $4 billion. The offering could take place later in 2026, although its timing and size have not been finalised.
The proposed valuation would represent a significant increase from OPay’s 2021 funding round, when the company raised $400 million at a $2 billion valuation.
An eventual public listing would give international investors direct exposure to one of Africa’s largest fintech businesses while providing a public-market benchmark for the value of a Nigerian-focused digital financial services company.
IPO raises questions over domestic listing
OPay’s potential US listing is also likely to fuel a broader debate over where major Nigerian technology companies should access public capital.
Nigerian Exchange Limited Chief Executive Officer Temi Popoola has called for policies that would encourage major companies operating in Nigeria, particularly high-growth fintech firms, to consider listing on the domestic exchange.
OPay’s situation presents an interesting contrast.
Although the company is preparing for a potential international listing, the overwhelming majority of its revenue comes from Nigeria.
This means its ability to sustain growth will remain closely connected to the Nigerian economy, financial regulations, consumer adoption and the broader development of digital payments in the country.
Beyond payments
OPay is increasingly positioning itself as more than a payments platform.
The company has expanded into savings and credit, with the sharp increase in lending activity showing the growing importance of financial services beyond basic transactions.
In July, OPay announced a long-term ambition to reach one billion users, support 10 million merchants and create one million jobs.
The latest figures suggest that the company is entering the potential public-market process from a considerably stronger operating position than it had a year earlier.
But the bigger challenge will be maintaining that momentum.
Rapid transaction growth does not automatically translate into sustainable shareholder returns.
If the US IPO proceeds, investors will likely scrutinise OPay’s profitability, regulatory exposure, geographic concentration and ability to expand beyond its dependence on Nigeria.
For Nigeria’s fintech ecosystem, however, the potential listing could be significant.
A successful US debut by OPay would provide a new valuation benchmark for African fintech companies and could influence how other major technology businesses on the continent approach international capital markets.
For now, the IPO remains a potential transaction. But OPay’s latest numbers show that the company is entering that conversation from a position of substantial growth.
Source: BusinessDay and reports on OPay’s proposed US IPO.
