OPay has demonstrated that a technology-driven financial institution can identify market inefficiencies, mobilise capital, develop innovative solutions and serve millions of Nigerians

OPay’s plan to list on the New York Stock Exchange has put fresh attention on how a technology-driven financial company can spot gaps in the market, raise capital, build new products and reach millions of Nigerians.

OPay Limited filed a registration statement with the US Securities and Exchange Commission on October 9 to list American depositary shares on the NYSE under the symbol OPAY. The filing also says the company has board and shareholder approval to seek a secondary listing on the Nigerian Exchange (NGX). Reports say that second listing would depend on how the New York offering goes.

The filing gives a first look at the size of the business. As of July 31, 2026, OPay had 50.1 million monthly users and 26.8 million daily users, according to figures reported by TechCity. It processed 90.1 billion transactions worth $558 billion in the 12 months to June 2026. It also moved from a loss of $50.8 million in 2024 to a profit of $72.5 million in 2025, and Nigeria accounted for about 89 per cent of its first-half 2026 revenue.

On the money side, South Africa’s Standard Bank Group has agreed to invest up to $200 million through a linked private placement, which the filing puts at about 4.99 per cent of the shares. SoftBank’s Vision Fund holds a 6.6 per cent stake before the IPO. Bloomberg earlier reported that OPay is targeting a valuation of about $4 billion.

The push for a Nigerian listing has been growing. On August 6, NGX Group chairman Umaru Kwairanga and chief executive Temi Popoola met President Bola Tinubu to advocate that major technology companies list locally or dual-list, and Popoola named OPay among the fintechs. The aim, NGX says, is to move Nigerians from being only users of digital services to being shareholders in the companies they patronise.

OPay built its customer base through mobile payments and a nationwide network of agents and merchants that lets people withdraw cash, transfer money and pay bills close to home. Whether Nigerian investors will get to buy shares is not yet settled, since a domestic listing still needs regulatory approvals and favourable market conditions.

Sources: BusinessDay, Peoples Gazette, bne IntelliNews, TechCity and Tribune, October 10 and 11, 2026.