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Nigerian fintech giant OPay is preparing to list its shares on the Nigerian Exchange (NGX), a move that could become one of the most significant technology-sector listings in the history of Nigeria’s capital market.
Sources familiar with the development told Nairametrics that OPay is expected to formally announce plans for the Nigerian listing soon. The proposed move comes as the fintech also prepares for a potential initial public offering in the United States, where it is reportedly targeting a valuation of about $4 billion.
OPay Eyes Dual-Market Possibility
It remains unclear whether OPay’s proposed NGX listing would happen before its planned US offering, at the same time as the international IPO, or subsequently under a dual-listing structure.
The company has yet to disclose key details of the Nigerian transaction, including the proposed listing date, offer size, valuation or the percentage of shares that could be made available to investors.
The development nevertheless represents a significant shift for Nigeria’s capital market, where the country’s rapidly expanding fintech industry has largely remained in private ownership.
US IPO Plans Already Underway
OPay’s Nigerian listing plans come against the backdrop of its preparations for a potential US IPO.
Earlier reports indicated that the fintech was working with Citigroup, Deutsche Bank and JPMorgan on a possible US share offering, with the company targeting a valuation of approximately $4 billion. The timing and size of that offering had not been finalised.
A Nigerian listing would potentially give domestic investors an opportunity to participate in OPay’s growth alongside international investors, although the structure of the proposed transaction remains unknown.
Business Growth Strengthens Listing Case
The planned listings come after a period of significant expansion for OPay.
The fintech processed approximately $358 billion in gross transaction value in 2025, more than twice the $166.2 billion recorded in 2024, highlighting the rapid growth of its payments business.
OPay also reported a major improvement in profitability during 2025, moving from a loss in the previous year to a substantial profit as its transaction volumes and user base expanded.
The company has increasingly built its business around digital payments, transfers and other financial services, establishing a significant presence in Nigeria’s fintech market.
Potential Boost for Nigeria’s Capital Market
An OPay listing could provide a major boost to the Nigerian Exchange’s efforts to attract more technology companies and deepen domestic participation in the country’s digital economy.
Nigeria’s leading fintech companies have traditionally relied on private equity and venture capital funding, allowing early investors to capture much of the financial upside from their growth.
A public listing would create a route for ordinary and institutional Nigerian investors to own part of one of the country’s largest fintech businesses.
The development also comes shortly after the NGX called for major Nigerian fintech companies to consider listing on the domestic exchange, arguing that businesses generating significant value from the Nigerian economy should also create investment opportunities for local investors.
A Landmark Test for Nigerian Fintechs
If completed, an OPay listing would be closely watched by the wider Nigerian technology ecosystem.
The company would join a relatively small group of technology and digital businesses with access to public-market capital, potentially setting a precedent for other large fintechs considering similar moves.
For the NGX, attracting OPay could strengthen the exchange’s technology credentials and broaden the range of sectors represented on the market.
For OPay, meanwhile, the Nigerian listing could provide access to domestic capital while raising the company’s visibility among local investors.
The immediate focus will now be on OPay’s formal announcement and the details of the proposed offering. Until those terms are released, questions around valuation, timing, share allocation and whether the Nigerian and US listings will be connected remain open.
If the plan proceeds, OPay’s debut could become a defining moment for both Nigeria’s fintech industry and its capital market, demonstrating whether a fast-growing digital financial-services company can successfully transition from private-market success to public ownership.
