African financial technology leader OPay is preparing to list its shares on the Nigerian Exchange (NGX) in a move that could rank among the most significant technology stock offerings in Nigeria's capital market history. The domestic listing initiative comes as the payment platform prepares for a potential Initial Public Offering (IPO) in the United States, where it is reportedly targeting a valuation of approximately $4 billion with global underwriting support from Citigroup, Deutsche Bank, and JPMorgan Chase.
Dual-Listing Prospects and Regulatory Advocacy
Although specific details regarding the offer size, exact timing, and domestic valuation framework have not been publicly disclosed, market analysts suggest the proposed NGX listing could take place alongside or shortly following the US listing as part of a dual-listing structure. The development aligns with recent advocacy by NGX Group Chief Executive Officer Temi Popoola, who urged government stakeholders to support policy measures encouraging major fintech firms—including OPay and PalmPay—to list locally so domestic retail and institutional investors can participate directly in the wealth generated by Nigeria's digital payment ecosystem.
Surging Financials and Operational Scale
Nigeria serves as OPay’s principal operating market, generating 88.1% of company revenue. Accelerated consumer adoption of digital transfers and agency banking networks has driven rapid financial expansion across all primary metrics:
- Gross Transaction Value (GTV): Processed an unprecedented $358 billion in 2025, representing a 115% surge from $166.2 billion recorded in 2024.
- Revenue Growth: Topline revenue climbed 161% year-on-year to reach $536.3 million in 2025.
- Profitability Turnaround: Reported $107.1 million in operating income for 2025, successfully reversing an operating loss of $35.1 million recorded in the prior financial year.
Capital Market Impact and Outlook
A successful listing on the domestic bourse would provide the NGX with unprecedented technology sector depth, establishing a clear benchmark for high-growth tech valuations in West Africa. Market watchers believe the transaction could pave the way for other African unicorns to access local public equity markets, bridging domestic retail capital with international institutional investment.
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