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African fintech giant OPay has reported a major turnaround in its financial performance, recording a $72.47 million net profit in 2025 after posting a $50.98 million loss a year earlier.
The profitability milestone comes as the Nigeria-focused fintech prepares for a potential initial public offering (IPO), giving prospective investors a stronger financial growth story to assess.
According to audited 2025 financial statements contained in an investment document linked to OPay’s proposed IPO, the company’s revenue surged 161% to $536.25 million, up from $205.7 million in 2024.
The results point to a year of strong expansion across OPay’s payments, lending and digital financial-services businesses.
Transaction Value More Than Doubles
OPay’s growth was not driven solely by an expanding customer base.
The fintech’s gross transaction value (GTV) increased 115% to $358 billion in 2025, more than twice the $166.2 billion recorded the previous year.
Its monthly active users also rose by 57% to 39.3 million, compared with 25.1 million in 2024.
The company’s lending business recorded even faster growth.
New loans originated during the year increased 285% to $938.3 million, while the number of unique quarterly borrowers in Nigeria more than doubled to 4.6 million, representing a 119% increase.
The figures indicate that OPay is increasingly generating activity from multiple financial products rather than depending predominantly on payments.
Operating Profitability Strengthens
Beyond the headline net profit, OPay’s underlying operating performance also improved substantially.
Operating income moved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025.
Non-GAAP EBITDA similarly swung from a $33.6 million loss to a $113.2 million profit.
The company also generated $152.2 million in operating cash flow, nearly three times the amount recorded a year earlier.
That improvement is significant because it suggests the company’s transition into profitability was accompanied by stronger cash generation from its core operations.
OPay ended 2025 with approximately $274.3 million in cash, representing a 162% increase year-on-year.
Nigeria Remains the Core Market
Despite its operations across Nigeria, Indonesia, Egypt and Pakistan, Nigeria remains the centre of OPay’s business.
The Nigerian market accounted for 88.1% of the company’s total revenue in 2025, underscoring the importance of the country to its overall financial performance.
OPay is also seeing deeper engagement among its Nigerian users.
As of March 2026, around 70% of its Nigerian monthly active wallet users were using more than five products, suggesting that customers are increasingly moving beyond basic payment services to other offerings within the platform.
The trend supports OPay’s broader evolution from a payments company into a more diversified digital financial-services provider.
Profitability Adds Weight to IPO Ambitions
The latest results come at a potentially important moment for OPay.
Reports in May 2026 indicated that the fintech was preparing for a possible US IPO, with a target valuation of approximately $4 billion.
Major investment banks, including JPMorgan, Citi and Deutsche Bank, were reportedly involved in preparations for the proposed offering.
While the IPO plans remain subject to market conditions and regulatory processes, OPay’s latest financial performance could strengthen the investment case presented to prospective shareholders.
The company now has a combination of rapid transaction growth, tens of millions of active users, expanding lending operations and, most importantly, positive earnings.
From Payments to Broader Financial Services
OPay’s 2025 performance highlights the changing nature of Nigeria’s fintech sector.
The company began primarily as a payments-focused platform but has progressively expanded into lending and other financial services, encouraging users to interact with multiple products within its ecosystem.
That strategy appears to be translating into higher customer engagement and stronger financial performance.
The challenge ahead will be sustaining that growth while maintaining profitability as OPay expands its services and potentially enters public markets.
For a company that has spent years prioritising scale in one of Africa’s most competitive fintech markets, the shift from rapid expansion to measurable profitability represents a significant milestone.
With $72.47 million in net profit now on its books, OPay enters its potential IPO chapter with a considerably stronger story: a fintech that has not only built a massive transaction network, but has also begun demonstrating that scale can translate into sustainable earnings.African fintech giant OPay has reported a major turnaround in its financial performance, recording a $72.47 million net profit in 2025 after posting a $50.98 million loss a year earlier.
The profitability milestone comes as the Nigeria-focused fintech prepares for a potential initial public offering (IPO), giving prospective investors a stronger financial growth story to assess.
According to audited 2025 financial statements contained in an investment document linked to OPay’s proposed IPO, the company’s revenue surged 161% to $536.25 million, up from $205.7 million in 2024.
The results point to a year of strong expansion across OPay’s payments, lending and digital financial-services businesses.
Transaction Value More Than Doubles
OPay’s growth was not driven solely by an expanding customer base.
The fintech’s gross transaction value (GTV) increased 115% to $358 billion in 2025, more than twice the $166.2 billion recorded the previous year.
Its monthly active users also rose by 57% to 39.3 million, compared with 25.1 million in 2024.
The company’s lending business recorded even faster growth.
New loans originated during the year increased 285% to $938.3 million, while the number of unique quarterly borrowers in Nigeria more than doubled to 4.6 million, representing a 119% increase.
The figures indicate that OPay is increasingly generating activity from multiple financial products rather than depending predominantly on payments.
Operating Profitability Strengthens
Beyond the headline net profit, OPay’s underlying operating performance also improved substantially.
Operating income moved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025.
Non-GAAP EBITDA similarly swung from a $33.6 million loss to a $113.2 million profit.
The company also generated $152.2 million in operating cash flow, nearly three times the amount recorded a year earlier.
That improvement is significant because it suggests the company’s transition into profitability was accompanied by stronger cash generation from its core operations.
OPay ended 2025 with approximately $274.3 million in cash, representing a 162% increase year-on-year.
Nigeria Remains the Core Market
Despite its operations across Nigeria, Indonesia, Egypt and Pakistan, Nigeria remains the centre of OPay’s business.
The Nigerian market accounted for 88.1% of the company’s total revenue in 2025, underscoring the importance of the country to its overall financial performance.
OPay is also seeing deeper engagement among its Nigerian users.
As of March 2026, around 70% of its Nigerian monthly active wallet users were using more than five products, suggesting that customers are increasingly moving beyond basic payment services to other offerings within the platform.
The trend supports OPay’s broader evolution from a payments company into a more diversified digital financial-services provider.
Profitability Adds Weight to IPO Ambitions
The latest results come at a potentially important moment for OPay.
Reports in May 2026 indicated that the fintech was preparing for a possible US IPO, with a target valuation of approximately $4 billion.
Major investment banks, including JPMorgan, Citi and Deutsche Bank, were reportedly involved in preparations for the proposed offering.
While the IPO plans remain subject to market conditions and regulatory processes, OPay’s latest financial performance could strengthen the investment case presented to prospective shareholders.
The company now has a combination of rapid transaction growth, tens of millions of active users, expanding lending operations and, most importantly, positive earnings.
From Payments to Broader Financial Services
OPay’s 2025 performance highlights the changing nature of Nigeria’s fintech sector.
The company began primarily as a payments-focused platform but has progressively expanded into lending and other financial services, encouraging users to interact with multiple products within its ecosystem.
That strategy appears to be translating into higher customer engagement and stronger financial performance.
The challenge ahead will be sustaining that growth while maintaining profitability as OPay expands its services and potentially enters public markets.
For a company that has spent years prioritising scale in one of Africa’s most competitive fintech markets, the shift from rapid expansion to measurable profitability represents a significant milestone.
With $72.47 million in net profit now on its books, OPay enters its potential IPO chapter with a considerably stronger story: a fintech that has not only built a massive transaction network, but has also begun demonstrating that scale can translate into sustainable earnings.
