OPay Limited has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX), following its proposed $4 billion initial public offering (IPO) in the United States.
The approval, disclosed in a registration statement filed with the US Securities and Exchange Commission on October 9, 2026, could give Nigerian investors an opportunity to buy shares in the fintech company through the local stock market.
However, the proposed Nigerian listing is not yet final. It depends on the completion of OPay’s planned primary listing on the New York Stock Exchange (NYSE), regulatory approvals and compliance with Nigerian securities laws and exchange requirements.
OPay has not disclosed how many shares it intends to make available to Nigerian investors or when trading could begin.
OPay Seeks Access to Nigeria’s Capital Market
The proposed listing comes amid growing calls for major businesses generating substantial revenue in Nigeria to give local investors access to their shares.
In August, Nigerian Exchange Group chief executive Temi Popoola urged the government to encourage large technology companies, including OPay and PalmPay, to list on the domestic exchange.
A Nigerian listing could expand investment opportunities on the NGX, allowing local investors to gain exposure to a fintech business serving millions of customers.
However, the extent of participation will depend on the final offer structure, share price, number of shares available and the level of demand from investors.
OPay also cautioned that a listing would not automatically guarantee an active market for its shares or improved trading liquidity.
OPay’s Revenue and Profit Increase
OPay’s proposed US IPO comes as the company reports significant growth in revenue and profitability.
The fintech generated $467.06 million in revenue during the first half of 2026, up 136.5 per cent from $198 million in the same period of 2025.
Net profit increased to $90.87 million from $21.71 million a year earlier. Nigeria accounted for 89.5 per cent of the company’s revenue during the first six months of 2026.
For the full year 2025, OPay reported revenue of $536.25 million and net profit of $72.47 million, reversing a loss of $50.83 million recorded in 2024.
The company processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded in 2024.
Its monthly active users also increased from 25.1 million in 2024 to 39.3 million in 2025, while daily active users in the fourth quarter rose by 50 per cent to 22.7 million.
These figures highlight the scale of OPay’s business, although its proposed $4 billion valuation will ultimately depend on investor demand, its final IPO price, profitability and future growth prospects.
Nigerian and US Shares May Trade Differently
One issue investors will need to consider is whether OPay’s Nigerian-listed shares can be exchanged for the American depositary shares planned for trading in New York.
The company warned that the securities traded on the two exchanges may not initially be interchangeable unless arrangements are established to facilitate transfers between the markets.
Without such arrangements, the Nigerian shares and US-traded securities could operate as separate pools of investments, potentially leading to different prices and fragmented liquidity.
Differences in investor demand, exchange rates and trading conditions could contribute to price variations between the markets.
Investors will therefore need clear information about the rights attached to the Nigerian shares, transfer arrangements and the costs of buying and selling them.
Standard Bank Plans Investment of Up to $200m
OPay’s proposed US offering also includes a planned private placement involving Stanbic Africa Holdings, a subsidiary of Standard Bank Group.
The proposed investment is capped at $200 million and would not exceed 4.99 per cent of OPay’s shares after the offering, subject to the terms outlined in its registration statement and the necessary approvals.
OPay intends to use proceeds from the US offering for general corporate purposes, including investments in technology, distribution, new products, market expansion and potential acquisitions.
The final investment amount and ownership stake will depend on the completed offering terms.
Regulatory Approval Remains Outstanding
OPay’s board and shareholder approval establishes its intention to pursue a Nigerian listing, but several steps remain before local investors can trade its shares.
The company must complete its proposed US listing process, obtain the required Nigerian regulatory approvals and disclose the structure and terms of the secondary listing.
For Nigeria’s capital market, the proposed move could broaden access to a major fintech business. Whether it delivers meaningful opportunities for domestic investors will depend on the availability of shares, transparent disclosures and sufficient liquidity once trading begins.
