Fintech giant OPay is preparing to list its shares on the Nigerian Exchange (NGX), a move that could rank among the most significant technology listings in the history of Nigeria’s capital market. The company has not officially confirmed the plan, but multiple reports indicate discussions are underway, with a spokesperson declining to comment on the matter.
A Dual-Listing Strategy Takes Shape
The proposed NGX listing comes as OPay simultaneously works toward a potential initial public offering in the United States, where it is targeting a valuation of roughly $4 billion. The company is reportedly working with Citigroup, Deutsche Bank, and JPMorgan Chase on the US offering, with a possible listing window later in 2026, though timing and deal size remain flexible.
It is not yet clear whether the Nigerian listing would happen alongside the US IPO or follow later as part of a broader dual-listing structure. If both proceed, OPay would become one of the few Nigerian-founded tech companies to list on both a local and an international exchange, potentially setting a template for peers like Flutterwave and Moniepoint as they weigh similar international ambitions.
Growth Numbers Behind the Listing Buzz
OPay’s business performance appears to be driving investor interest. The company processed $358 billion in gross transaction value in 2025, a 115 percent jump from $166.2 billion the year before. Revenue rose 161 percent to $536.3 million over the same period, with Nigeria accounting for 88.1 percent of that total.
Investor appetite has also shown up through existing stakeholders. Opera, one of OPay’s key backers, held a 9.5 percent stake worth $294.6 million at the end of 2025, implying a valuation of about $3.10 billion. By the second quarter of 2026, that stake’s fair value had grown further, pushing OPay’s implied valuation to roughly $3.17 billion. Separately, South Africa’s Standard Group has reportedly been in talks to acquire a stake in OPay ahead of any public listing.
Pressure From Nigeria’s Exchange
The push toward a domestic listing also lines up with renewed pressure from NGX leadership. NGX Group chief executive Temi Popoola recently urged President Bola Tinubu to introduce measures encouraging large, Nigeria-generating companies to list locally rather than exclusively pursuing foreign markets. Popoola specifically pointed to OPay and PalmPay as fintechs considering overseas listings, arguing that Nigerian investors should be able to share in the wealth these companies generate rather than watching returns flow to foreign shareholders.
That argument has gained some traction as NGX’s own performance has strengthened. The exchange’s All-Share Index rose 57 percent in the first seven months of 2026, and at least eight NGX-listed companies, including MTN Nigeria, Dangote Cement, BUA Foods, and Airtel Africa, now carry market capitalisations above N5 trillion. That track record has made the case that NGX is no longer just a symbolic venue for major listings.
What Investors Will Be Watching
Analysts note that OPay’s impressive transaction volumes will not be the only factor investors weigh. Sustainable earnings, cash generation, balance sheet quality, corporate structure, and regulatory exposure are all likely to come under scrutiny before any listing, whether in Lagos or New York. With rivals like Moniepoint and PalmPay competing aggressively for the same user base, any pricing pressure on OPay’s margins could also test how ambitious that $4 billion valuation target proves to be.
For now, further details on the proposed NGX listing, including timing, offer size, and share structure, are expected to be announced in the coming weeks.
