According to the filing, OPay’s revenue rose 136.5% in the six months ended June 30, 2026, reaching $467.1 million, up from $197.5 million in the same period a year earlier. Net income also saw a sharp climb, increasing to $90.9 million from $21.7 million in the prior year. This growth trajectory continues a multi-year trend; the company generated $536.3 million in total revenue in 2025, compared with $205.7 million in 2024. Notably, OPay achieved profitability in 2025 with net income of $72.5 million, reversing a net loss of $50.8 million recorded in 2024.
The proposed IPO would list American depositary shares on the New York Stock Exchange under the ticker symbol OPAY. However, the preliminary filing does not yet specify the final offer price, the number of shares to be sold, or the expected proceeds from the offering. The listing remains subject to regulatory and exchange approvals, meaning the terms could still change before completion.
Ownership structure reveals a blend of Chinese and international stakeholders. Zhou, who also founded the Chinese technology company Kunlun Tech, beneficially owned 21.3% of OPay before the proposed offering. Norwegian technology company Opera holds an 8.6% stake, while entities linked to SoftBank hold 6.6%. The filing also outlines a proposed investment by Stanbic Africa Holdings, a subsidiary of South Africa’s Standard Bank Group. The bank has agreed to purchase OPay shares through a private placement alongside the IPO, with the investment capped at the lowest of $200 million, a regulatory-capital-based limit, or the value of a 4.99% stake at the IPO price. This transaction is contingent on the success of the offering and applicable regulatory approvals.
Nigeria remains the primary driver of OPay’s financial performance. The West African nation generated $417.6 million in revenue during the first half of 2026, accounting for 89.5% of the company’s total income. Platform activity metrics also show significant expansion: gross transaction value (the total value of transactions processed) reached $339.1 billion during the period, up from $139.3 billion a year earlier. Daily active users increased from 17.6 million to 25.8 million, indicating deepening penetration in the local market.
Despite the strong top-line growth, the filing highlights risks associated with this rapid expansion. A significant concern is the sharp rise in credit-related expenses. OPay’s provision for credit losses increased to $123.6 million in the first half of 2026, a steep jump from $38.1 million in the same period the previous year. This suggests that as the company extends credit or facilitates higher-value transactions, it faces greater exposure to defaults. The company also warned that regulatory changes, funding constraints, and adverse economic conditions in its markets could impact future performance.
The proposed listing offers public-market investors a direct avenue to assess OPay’s growth trajectory, profitability, and exposure to Nigeria’s digital financial-services market. While the company has demonstrated the ability to convert rapid user growth into profit, the final valuation and offering terms remain undetermined. Investors will need to weigh the impressive revenue growth against the rising cost of credit risk and the regulatory uncertainties inherent in the Nigerian financial sector.
The next major step for OPay will be the finalization of the IPO terms and the receipt of necessary regulatory approvals. The specific date of the listing and the final share price will likely be announced closer to the offering’s completion, providing the market with a definitive valuation for the fintech giant.
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