OPay Files for US Ipo, Weighs Nigeria NGX Listing

In Short

• OPay has filed for a US IPO.
• The fintech is also considering a secondary listing on the Nigerian Exchange, also known as the NGX.
• New filings show fast growth in revenue and profit in H1 2026, with Nigeria driving most of the business.

What Happened

OPay has filed a prospectus for a proposed US initial public offering, or IPO (a stock market listing where the public can buy shares). The company is also weighing a secondary listing on the Nigerian Exchange. A secondary listing means the company’s shares can trade on another exchange in addition to the main one.

In its filing, OPay describes a business that is still heavily centred on Nigeria, even as it operates in Egypt, Indonesia, and Pakistan. OPay offers digital payments and lending. Lending means it issues credit and earns interest and fees on repayments.

For the first six months of 2026, OPay reported $467.1 million in revenue. That figure was up 136% from $198.0 million in the same period of 2025. Nigeria accounted for 89.5% of revenue.

The company also reported $90.9 million in net income, compared to $21.7 million a year earlier. Net income is profit after costs, taxes, and other expenses.

Why It Matters

A US IPO would be one of the highest-profile exits for a fintech that built its scale primarily in Nigeria. It can also set a fresh benchmark for how global public market investors price African fintech growth, especially where lending is becoming a bigger driver.

A possible NGX secondary listing matters for local capital markets. It could create a route for Nigerian retail and institutional investors to own a stake in OPay without relying on private funding rounds.

For founders and operators, the numbers in OPay’s prospectus add more data to a key debate in African fintech. Payments can bring scale, but lending often brings profit, along with higher risk if defaults rise. Public investors will likely watch both closely.