Opay considers secondary listing on Nigeria Exchange as it eyes $4B US IPO

Opay Digital Services, the Nigerian payments platform that processed $358 billion in gross transactions last year, is weighing a secondary stock listing on the Nigerian Exchange alongside its planned US initial public offering. The dual-listing strategy would target a valuation of roughly $4 billion, double what the company was worth the last time it raised capital.

The numbers behind the IPO push

Opay’s financials explain why Wall Street is paying attention. In 2025, the company posted $536.3 million in revenue, a 161% jump from the prior year. More importantly, it swung to an operating profit of $107.1 million, proving that high-growth African fintech doesn’t have to be a perpetual cash furnace.

Nigeria remains the engine. The country accounted for 88.1% of Opay’s total revenue last year, a concentration that’s both a strength and a vulnerability.

The company has retained Citigroup, Deutsche Bank, and JPMorgan Chase to advise on the US IPO. The IPO prospectus is expected to drop imminently.

Back in 2021, Opay raised $400 million in a round led by the SoftBank Vision Fund, which valued the company at $2 billion. A successful IPO at $4 billion would represent a clean double for those investors in roughly five years.

Why a Nigerian listing matters

NGX CEO Temi Popoola has been vocal about wanting major local fintechs to list domestically, arguing that Nigerian investors deserve the chance to own stakes in companies they use every day.

The timing and structure of the NGX listing remain unclear. A secondary listing typically means the primary shares trade on one exchange while a parallel listing allows trading on a second exchange. The mechanics, whether through depositary receipts or direct share listing, will matter for liquidity and pricing efficiency on the Nigerian side.

From ride-hailing to payments powerhouse

Founded in 2018, the company initially tried to compete in ride-hailing before recognizing that the real opportunity was in digital financial services. It shifted focus to payments, and the bet paid off spectacularly.

The $358 billion in gross transaction value processed in 2025 puts that scale into perspective. That figure exceeds the GDP of most African nations.

International investors will also be watching how Opay addresses its revenue concentration in Nigeria. An 88.1% dependence on a single market, especially one with a history of currency devaluations and capital controls, is the kind of risk that typically commands a discount in public market valuations. How the company frames its expansion plans beyond Nigeria in the prospectus could meaningfully influence the IPO’s pricing.

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