NIGERIA · FINTECH OPay, one of Nigeria’s biggest fintech firms, is preparing a United States stock-market listing that could value it at around $4 billion, hiring Citi, Deutsche Bank and JPMorgan to lead the deal. A successful float would be the largest technology listing ever to emerge from Nigeria, and a milestone for African fintech. What OPay is OPay began as the payments arm of a ride-hailing business and grew into one of Nigeria’s largest mobile-money platforms. Today it lets millions of people send money,
pay bills and run small businesses from a phone. The company says it has passed 50 million users and processes more than $12 billion in transactions every month. In a country where many were long shut out of traditional banking, that reach is its biggest asset. Most customers reach it through a phone and a network of neighbourhood agents rather than a bank branch. That model has let it grow far faster than traditional lenders. The app bundles payments, transfers, savings and small loans in
one place. For many users it has become a daily financial hub. The $4 billion bet OPay has hired Citi, Deutsche Bank and JPMorgan to lead a planned listing in the United States, according to reports. The deal could come later this year and value the firm at around $4 billion. Bankers have floated the idea of a dual listing to widen the investor base. Nothing has been formally filed or priced, so the timing could still slip. A New York listing would also be
a kind of homecoming for global investors who have watched African fintech from afar. Few of the continent’s start-ups have come this far. A rapid climb in value The reported target marks a steep ascent. OPay was valued at about $2 billion in 2021, when SoftBank’s Vision Fund 2 led a $400 million funding round. By the end of 2025 its implied worth had risen toward $3 billion, based on filings from Opera, the Chinese-owned browser firm from which OPay sprang. A $4 billion float
would crown that climb. The pandemic years supercharged digital payments across Africa, and OPay rode that wave. Its rise has tracked the broader boom in the continent’s mobile economy. Why it matters beyond Lagos A successful listing would be the largest technology flotation ever to come out of Nigeria. For a continent where start-up funding has cooled, it would be a powerful signal. It would also show that Wall Street still has an appetite for African digital finance. Investors would be buying into the bet
that hundreds of millions of Africans are shifting from cash to phones. Nigeria, with more than 200 million people and a young, online population, is the natural test bed. If digital finance works anywhere on the continent, it is here. A crowded, fast-growing market OPay is not alone. Rivals such as Moniepoint and PalmPay are expanding fast, and together the three serve tens of millions of Nigerians. The shift accelerated during a 2023 cash shortage that pushed many Nigerians onto digital payments for the first
time. That habit has largely stuck. Competition is fierce on price, and margins can be thin. Winning often means signing up the most agents and merchants, street by street. Trust is the other battleground, since users must believe their money is safe. A stumble on security could undo years of growth. A US listing would expose OPay to far tougher scrutiny than it faces at home. Investors will probe its profitability, its controls against fraud and its exposure to a volatile naira. Regulation is also
tightening across African fintech. Rapid growth has a way of attracting both customers and watchdogs. What to watch The first question is timing: whether OPay files and prices this year, and at what valuation. A strong debut could open the door for other African technology firms eyeing foreign markets. The deeper story is the digitisation of Africa’s largest economy. OPay’s listing would put a price tag on that transformation. A weak debut, by contrast, could chill sentiment toward the whole sector. The stakes reach well
beyond one company. Either way, OPay has already changed how millions of Nigerians move money. The listing would simply put a number on that shift. Frequently asked questions
OPay, Nigeria fintech, US listing, Citi, Deutsche Bank, JPMorgan, mobile money, stock market listing, African fintech