OPay More Than Doubles Transaction Value

Nigerian fintech company OPay recorded $358 billion in gross transaction value (GTV) in 2025, more than twice the $166.2 billion recorded the previous year.

The 115% increase highlights the rapidly growing scale of OPay's payments ecosystem and comes at a significant time for the company as it reportedly considers a potential US initial public offering (IPO).

The company is reportedly targeting a valuation of approximately $4 billion, putting greater attention on its revenue growth, profitability, customer activity and ability to expand beyond Nigeria.

User Growth Shows Stronger Engagement

OPay's growth was not limited to the amount of money moving through its platform.

The fintech reported 39.3 million monthly active users in 2025, representing a 57% increase from 25.1 million in 2024.

Its daily active user base also expanded significantly. During the fourth quarter, OPay recorded 22.7 million daily active users, up 50% year-on-year.

This translates to a daily-to-monthly active user ratio of about 57.8%, suggesting that a substantial portion of its customer base interacts with the platform regularly.

The company is also seeing customers use multiple products rather than relying on OPay solely for payments and transfers.

By March 2026, around 70% of Nigerian wallet users who were active monthly were using more than five different product features. OPay said 96% of those customers remained active the following month.

Lending Becomes an Important Growth Driver

Credit has emerged as another major part of OPay's expansion.

The value of new loans issued by the company increased by 285%, rising from $243.9 million in 2024 to $938.3 million in 2025.

The number of unique quarterly borrowers in Nigeria also more than doubled, reaching 4.6 million, a 119% increase.

The figures demonstrate OPay's broader shift from being primarily a payments platform toward becoming a more comprehensive digital financial-services provider.

Customers can increasingly use the same ecosystem for payments, transfers, savings and credit.

For the company, this creates opportunities to generate more value from existing customers rather than relying solely on acquiring new ones.

Revenue Growth Pushes OPay Back Into Operating Profit

The increase in transaction activity was accompanied by significant financial improvement.

OPay's revenue climbed 161% to $536.3 million in 2025, compared with $205.7 million the previous year.

The company also moved from an operating loss of $35.1 million in 2024 to an operating profit of $107.1 million.

Its EBITDA similarly improved, moving from a $33.6 million loss to a positive $113.1 million.

OPay has still reported a net loss attributable to ordinary shareholders. However, the company has explained that this includes non-cash accounting effects associated with redeemable convertible preferred shares.

Those preferred shares are expected to convert into ordinary shares if the company completes a qualifying IPO.

Transaction Reliability Becomes Increasingly Important

As OPay's transaction volumes grow, the reliability of its infrastructure becomes increasingly important.

The company reported a first-attempt transaction success rate of more than 99% in Nigeria during the fourth quarter of 2025.

For a platform processing hundreds of billions of dollars in transaction value, maintaining high system reliability is critical to customer confidence and continued growth.

Nigeria Still Dominates OPay's Business

Despite its presence in several international markets, Nigeria remains the centre of OPay's business.

The country generated 88.1% of OPay's revenue in 2025.

Indonesia accounted for 9.9%, while Egypt contributed 1.6%. Other markets made up only 0.4%.

OPay currently operates across Nigeria, Indonesia, Egypt and Pakistan.

The heavy dependence on Nigeria demonstrates the company's strength in its home market but also presents a concentration risk for potential investors.

A major question surrounding OPay's next phase of growth is whether it can reproduce the scale it has achieved in Nigeria across other markets.

Potential $4 Billion US IPO

OPay's improved financial performance comes as the company reportedly considers a US IPO that could value it at approximately $4 billion.

Reports indicate that Citigroup, Deutsche Bank and JPMorgan Chase are involved in preparations for the potential offering.

A successful listing would represent another major stage in OPay's growth journey.

The company previously raised $400 million in 2021, when it was valued at approximately $2 billion.

A potential $4 billion valuation would therefore represent a significant increase from its previous funding valuation.

Why an Overseas Listing Could Matter

The possibility of a US listing has also generated discussion in Nigeria.

OPay generates the overwhelming majority of its revenue from the Nigerian market, leading some observers to question why the company would choose an international exchange instead of listing on the Nigerian Exchange.

A US listing, however, could give OPay access to a much larger pool of international investors and capital.

It would also subject the company to increased scrutiny around financial performance, corporate governance, risk management and long-term profitability.

OPay Is Moving Beyond Payments

The biggest story behind OPay's 2025 numbers may not simply be the $358 billion processed through its platform.

The company is increasingly positioning itself as a broader financial ecosystem.

Payments remain at the centre of the business, but lending, savings and other financial products are becoming increasingly important to its growth strategy.

The approach allows OPay to deepen its relationship with customers by offering several services through one platform.

The Road Ahead

OPay has set ambitious long-term targets, including reaching one billion users, supporting 10 million merchants and contributing to the creation of one million jobs across its markets.

Its 2025 performance shows that the fintech already operates at significant scale.

The potential IPO will ultimately test whether that scale can translate into sustained profitability and stronger international diversification.

For now, the numbers point to a company that is growing rapidly, increasing customer engagement and expanding beyond its original payments-focused model.

The next challenge will be convincing global investors that OPay's success in Nigeria can become a sustainable financial-services story across multiple markets.