Nigerian super-app OPay filed for a U.S. stock-market listing in early October, targeting the ticker "OPAY" and a secondary listing in Lagos. With 50 million monthly active users and revenues growing 2.4-fold in a year, the fintech signals a new wave of African tech IPOs reaching global capital markets.
Numbers that speak for themselves
In the first half of 2026, OPay posted revenues of $467.1 million, up 136% from $197.5 million in the same period a year earlier. Net profit reached $90.9 million, four times the prior-year figure, after a $50.8 million loss in 2024. Transaction volumes surged from $139 billion to $339 billion year-on-year. The super-app now counts more than 50 million monthly active users, with Nigeria — accounting for roughly 90% of revenues — as its core market.
SoftBank, Standard Bank, Citi: major backers on board
The filing submitted on October 9, 2026 reveals the pre-IPO shareholder structure. SoftBank holds a 6.6% stake, while Standard Bank has committed approximately $185 million for a stake of no more than 4.99%, subject to IPO completion and regulatory approvals. Citigroup, Deutsche Bank, Standard Bank, and CICC are acting as lead underwriters. The last disclosed valuation — from a 2021 funding round — stood at $2 billion; the market expects a significant premium given the growth recorded since.
A defining test for African fintech
OPay is no ordinary fintech. Founded in 2018 with backing from Opera and Chinese capital, the platform initially focused on mobile payments, money transfers, and basic financial services for the unbanked. Its pivot toward lending — which now accounts for nearly 60% of revenues — explains the dramatic margin improvement, even as a non-performing loan ratio of 4.3% calls for careful monitoring. A secondary listing on the Nigerian Exchange (NGX) is also planned, which would let local investors participate directly in the valuation of a domestic champion.
Why it matters
OPay's IPO is a powerful signal for Africa's broader tech ecosystem: after years of slowing venture capital flows, Wall Street is regaining appetite for high-growth African assets. For the Indian Ocean region, where several fintech startups are seeking to scale internationally, OPay's trajectory — zero to 50 million users in eight years — offers a reference point. It also confirms that profitability, not just user-count growth, is now the decisive metric for major valuations.