Digitnomics 
OPay is preparing to list its shares on the Nigerian Exchange (NGX), a move that could give Nigerian investors an opportunity to own a stake in one of the country’s biggest fintech companies.
Sources familiar with the development disclosed that OPay is expected to formally announce plans for the NGX listing soon.
The planned domestic listing comes at a significant time for the fintech, which is also preparing for a potential initial public offering (IPO) in the United States at a reported valuation of about $4 billion.
It is not yet clear whether OPay intends to list on the NGX at the same time as the proposed US IPO or pursue the Nigerian listing afterwards as part of a dual-listing structure.
The company has yet to disclose the proposed listing date, offer size, valuation or the percentage of shares that could be made available to investors.
OPay’s spokesperson declined to comment on the development.
OPay’s Nigerian business continues to expand
The potential listing comes as OPay records significant growth in its operations, particularly in Nigeria, its largest market.
According to an investment document previously seen by Nairametrics, OPay processed a gross transaction value (GTV) of $358 billion in 2025, up 115% from $166.2 billion recorded in 2024.
Its revenue increased by 161% to $536.3 million during the same period.
The company also recorded a major improvement in operating performance, moving from a $35.1 million operating loss in 2024 to $107.1 million in operating income in 2025.
Nigeria generated 88.1% of OPay’s revenue in 2025, highlighting the importance of the Nigerian market to the company’s growth strategy.
Why the NGX listing matters
An OPay listing could be significant for Nigeria’s capital market, particularly as the country seeks to attract more technology companies to the stock exchange.
For Nigerian investors, the development could create an opportunity to participate directly in the growth of a major fintech business that has built a substantial presence in the country’s digital payments ecosystem.
The move also comes after renewed calls from the Nigerian Exchange for major Nigerian fintech companies to list locally rather than pursue only overseas markets.
Earlier in August, NGX Group Chief Executive Officer, Temi Popoola, urged President Bola Tinubu to support measures that would encourage major companies generating substantial revenues in Nigeria to list on the local exchange.
Popoola specifically mentioned OPay and PalmPay as fintech companies considering overseas listings and argued that Nigerian investors should have the opportunity to benefit from the wealth created by these businesses.
OPay also preparing for US IPO
OPay’s domestic listing plans are emerging alongside preparations for a potential US IPO.
The fintech is reportedly working with Citigroup, Deutsche Bank and JPMorgan Chase on the proposed US offering, which could value the company at approximately $4 billion.
The final valuation, timing and structure of the US transaction remain subject to market conditions and regulatory processes.
If OPay proceeds with listings in both Nigeria and the United States, it could become one of the most significant Nigerian fintech companies to access public capital across both markets.
For the NGX, the potential listing could also strengthen efforts to deepen the exchange’s technology and fintech segment while giving local investors greater access to the value being created in Nigeria’s digital economy.
The development remains subject to formal confirmation by OPay, with further details on the proposed NGX listing expected to emerge in the coming weeks.
