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OPay Limited recorded a sharp increase in transaction activity in 2025, with its gross transaction value (GTV) more than doubling to $358 billion, as the African fintech continues to expand ahead of a potential listing on the New York Stock Exchange.
The company processed $358 billion in transactions during 2025, representing a 115% increase from the $166.2 billion recorded in 2024, according to an investment document relating to its proposed Initial Public Offering (IPO).
The surge underscores the rapid expansion of OPay’s payments business and was accompanied by significant growth in its customer base and lending operations.
User Base Expands
OPay’s monthly active users increased by 57%, rising from 25.1 million in 2024 to 39.3 million in 2025.
Daily active users also climbed, with fourth-quarter daily active users increasing by 50% to 22.7 million. The figures gave the fintech a daily-to-monthly active user ratio of 57.8% in the fourth quarter of 2025.
The company’s lending business recorded an even stronger expansion during the period.
New loans originated jumped 285%, from $243.9 million in 2024 to $938.3 million in 2025. Meanwhile, the number of unique quarterly borrowers in Nigeria increased by 119% to 4.6 million.
Revenue Jumps 161%
The increase in transaction volumes translated into substantial financial growth for the fintech.
OPay’s total revenue climbed 161%, from $205.7 million in 2024 to $536.3 million in 2025.
The company also moved into operating profitability during the year. Operating income improved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025, while EBITDA swung from a $33.6 million loss to a $113.1 million profit.
The investment document noted that reported net losses attributable to ordinary shareholders differ from the company’s operating profitability because of non-cash accretion associated with redeemable convertible preferred shares. Those preferred shares are expected to convert into ordinary shares if a qualifying IPO takes place.
Nigeria Remains Core Market
Despite OPay’s growing international footprint, Nigeria remains by far its largest market.
The country generated 88.1% of OPay’s revenue in 2025, followed by Indonesia at 9.9%, Egypt at 1.6% and other markets at 0.4%.
OPay currently operates across Nigeria, Indonesia, Egypt and Pakistan, offering services spanning payments, savings, credit and lifestyle products through its mobile-first platform.
In Nigeria, the company’s operations are supported by its licences as a Mobile Money Operator and Microfinance Bank.
The fintech also reported a first-attempt transaction success rate of more than 99% in the fourth quarter of 2025.
By March 2026, about 70% of its Nigerian wallet monthly active users were reportedly using more than five product use cases. The group recorded a 96% next-month retention rate among those users.
$4bn Valuation Target
OPay, one of Africa’s unicorn companies, is reportedly preparing for a US IPO that could value the fintech at approximately $4 billion.
Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to manage the proposed offering, which is expected to take place later in 2026.
The planned listing was first reported by Bloomberg in May and has already generated debate among Nigerian investors over the decision to list in the United States despite Nigeria accounting for the overwhelming majority of OPay’s revenue.
The debate has also reached the country’s capital-market authorities. Nigerian Exchange Limited Chief Executive Officer Temi Popoola recently called on President Bola Ahmed Tinubu to support policies encouraging major companies operating in Nigeria, particularly high-growth fintech companies, to list on the domestic exchange.
OPay Sets Ambitious Expansion Goals
The company is also setting aggressive long-term targets as it builds on its expansion.
In July, OPay announced an ambition to reach one billion users, support 10 million merchants and create one million jobs across its markets.
Elizabeth Wang, OPay’s Chief Commercial Officer, said the company’s strategy extends beyond payments, with technology being positioned as a tool for expanding access to financial services and increasing participation in the digital economy.
The latest transaction, revenue and user figures position OPay for its next phase of growth as it prepares for what could become one of the most closely watched African fintech listings on a US stock exchange.
