OPay has filed for a proposed initial public offering (IPO) in the United States, setting the stage for a potential New York Stock Exchange listing while preparing to pursue a secondary listing on the Nigerian Exchange (NGX).

The proposed Nigerian listing could give local investors an opportunity to own shares in one of the country’s most widely used digital financial services platforms. However, the company has not yet disclosed the final IPO valuation, offer price, number of shares to be offered or a confirmed listing date.

The preliminary prospectus filed with the US Securities and Exchange Commission (SEC) also highlights OPay’s rapid financial growth, expanding lending business and rising provisions for expected credit losses.

OPay’s revenue more than doubles in the first half of 2026

OPay generated $467.1 million in revenue during the six months ended June 30, 2026, up from approximately $197.5 million in the corresponding period of 2025.

The company’s net income increased to $90.9 million from $21.7 million a year earlier, according to its filing.

Nigeria remained its largest market, accounting for 89.5% of revenue during the first half of 2026. The concentration underscores the importance of Nigeria to OPay’s financial performance, despite its operations in other markets, including Egypt, Indonesia and Pakistan.

The company reported full-year revenue of $536.3 million in 2025, compared with $205.7 million in 2024. It also moved from a net loss of approximately $50.8 million in 2024 to net income of about $72.5 million in 2025.

These results give prospective investors a clearer picture of OPay’s growth as it prepares to enter public markets. They also raise questions about how much of that growth can be sustained as the company expands its financial products.

Lending becomes a major source of revenue

Although OPay is widely associated with digital payments and money transfers, lending has become an increasingly important part of its business.

Revenue from loan financing services rose from $71.5 million in 2024 to $260.3 million in 2025. During the first half of 2026, the business generated $236.1 million, accounting for roughly 51% of the company’s total revenue for the period.

The figures show how OPay is generating more income from credit services alongside its payment operations. Lending can increase revenue, but it also exposes a financial services company to the possibility that borrowers will not repay their loans as expected.

That risk is reflected in OPay’s expected credit-loss provisions, which rose from $24.8 million in 2024 to $121.3 million in 2025. The provisions reached $118.4 million in the first half of 2026, compared with $38.1 million in the same period of 2025.

Expected credit-loss provisions are accounting estimates of potential losses from loans and other financial assets. They do not necessarily represent loans that have already defaulted or cash losses that have already occurred.

Nevertheless, the increase makes the performance of OPay’s credit portfolio an important consideration for investors assessing its profitability. Revenue and net income growth tell only part of the story; investors will also need to evaluate repayment performance, credit quality and the cost of expanding the lending business.

OPay reports 50.1 million monthly active users

OPay’s prospectus also highlights the scale of its platform.

As of July 31, 2026, the company reported 50.1 million monthly active users and 26.8 million daily active users. For the 12 months ended June 30, 2026, it processed 90.1 billion transactions, representing $558 billion in gross transaction value.

Gross transaction value measures the total value of transactions processed through a platform. It should not be confused with revenue, because not every transaction generates income for the company.

The size of OPay’s user base and transaction activity gives it a substantial operating footprint. However, continued growth will depend on its ability to retain users, maintain reliable services, manage regulatory obligations and convert transaction activity into sustainable earnings.

Standard Bank subsidiary agrees to a conditional investment

The proposed IPO is accompanied by a private placement involving Stanbic Africa Holdings, a subsidiary of Standard Bank Group.

Under the disclosed arrangement, Stanbic Africa Holdings has agreed to subscribe for OPay shares, subject to conditions. The investment is capped by a formula that includes a $200 million ceiling, a regulatory-capital-linked limit and a restriction tied to its potential ownership following the offering.

The arrangement should not be interpreted as an unconditional investment of $200 million. The final amount depends on the terms and conditions disclosed in the filing.

The participation of a major African banking group could provide a strategic link between OPay’s digital financial services platform and an established banking network. However, the proposed investment alone does not establish the final market value of OPay or guarantee the outcome of its IPO.

What a Nigerian secondary listing could mean

OPay disclosed that its board and shareholders have approved plans to pursue a secondary listing on the Nigerian Exchange after its proposed primary listing on the New York Stock Exchange.

The plan remains subject to market conditions, regulatory approvals and other requirements. The company has not announced a confirmed timetable for the Nigerian listing.

If completed, the move could give eligible investors in Nigeria a route to buy shares through the local market rather than relying solely on access to a US exchange. It could also add another prominent technology-focused company to Nigeria’s public equities market as interest in new listings grows.

However, the opportunity is not yet available simply because the plan has been disclosed. Investors will need to wait for further announcements covering the listing timetable, applicable regulatory approvals, share availability and other transaction details.

What investors should watch before the IPO

OPay’s prospectus offers several important areas for prospective investors to examine:

  • Valuation and pricing: The final IPO price and valuation will help investors assess what they are being asked to pay for the business.

  • Lending performance: The rapid expansion of loan financing revenue needs to be assessed alongside expected credit losses and repayment trends.

  • Dependence on Nigeria: With nearly nine-tenths of first-half revenue coming from Nigeria, changes in the country’s economic, competitive or regulatory environment could materially affect performance.

  • Earnings sustainability: Investors will need to assess whether revenue and net income can continue growing as the company expands.

  • Listing details: The offer size, share allocation, regulatory approvals and timing of a possible NGX listing remain important unanswered questions.

OPay’s proposed US IPO is a significant development for Nigeria’s fintech sector, but its financial disclosures reveal a more complex story than rapid growth alone.

The company has expanded its revenue and reported a sharp improvement in net income. At the same time, lending now accounts for a substantial share of revenue, while expected credit-loss provisions have increased considerably.

A potential NGX listing could make OPay shares more accessible to local investors and strengthen the visibility of Nigerian fintech companies in public markets. But access to an investment is not the same as a guarantee of returns.

The key questions will be how OPay is valued, whether its lending growth remains profitable after credit costs, and whether it can sustain its performance beyond its dominant Nigerian market.