Fintech company OPay recorded a 115 per cent increase in gross transaction value (GTV) to $358 billion in 2025, more than double the $166.2 billion recorded in 2024, as the company accelerates its expansion ahead of a potential listing on the New York Stock Exchange.

The figures, contained in an investment document on OPay’s planned Initial Public Offering (IPO), highlight significant growth across its payments, customer acquisition and lending businesses.

OPay’s monthly active users increased by 57 per cent, rising from 25.1 million in 2024 to 39.3 million in 2025. Daily active users also grew by 50 per cent to 22.7 million in the fourth quarter of 2025, representing a daily-to-monthly active user ratio of 57.8 per cent.

The company’s lending business recorded even stronger growth during the period. New loans originated jumped 285 per cent from $243.9 million in 2024 to $938.3 million in 2025, while quarterly unique borrowers in Nigeria increased by 119 per cent to 4.6 million.

The expansion translated into stronger financial performance, with revenue rising 161 per cent from $205.7 million in 2024 to $536.3 million in 2025.

OPay also swung into operating profitability, moving from an operating loss of $35.1 million in 2024 to a profit of $107.1 million in 2025. EBITDA similarly improved from a $33.6 million loss to a $113.1 million profit.

The company explained that reported net loss attributable to ordinary shareholders differs from its operating profitability because of non-cash accretion on redeemable convertible preferred shares, which are expected to convert into ordinary shares following a qualified IPO.

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Nigeria remained OPay’s dominant market, accounting for 88.1 per cent of its 2025 revenue. Indonesia contributed 9.9 per cent, Egypt 1.6 per cent, while other markets accounted for 0.4 per cent.OPay operates in Nigeria, Indonesia, Egypt and Pakistan, offering payments, savings, credit and other financial services through a mobile-first platform.

In Nigeria, its operations are supported by licences as a Mobile Money Operator and Microfinance Bank. The company said its platform achieved a first-attempt transaction success rate of more than 99 per cent in the fourth quarter of 2025.

As of March 2026, about 70 per cent of OPay’s Nigerian wallet monthly active users were using more than five product use cases, with 96 per cent of those users retained the following month.

OPay is reportedly targeting a valuation of about $4 billion through a US IPO, with Citigroup, Deutsche Bank and JPMorgan Chase appointed as advisers to the proposed transaction.

The planned listing, first reported by Bloomberg in May, has however generated debate among Nigerian investors over the decision to list in the United States despite Nigeria accounting for the overwhelming majority of OPay’s revenue.

The debate gained further prominence after Nigerian Exchange Limited Chief Executive Officer, Temi Popoola, called for policies encouraging major companies operating in Nigeria, particularly high-growth fintech firms, to list domestically.

Analysts say OPay’s planned listing reflects the growing international ambitions of African fintech companies but also highlights the challenge facing Nigeria’s capital market in retaining locally generated corporate value.

Meanwhile, OPay has set an ambitious long-term target of reaching one billion users, supporting 10 million merchants and creating one million jobs across its markets.

Chief Commercial Officer, Elizabeth Wang, said the company’s strategy goes beyond payments, focusing on technology-driven financial inclusion and expanding economic opportunities for individuals, businesses and communities.

The rapid growth in transactions, users, lending and profitability positions OPay as one of Africa’s leading fintech companies as it prepares for what could become one of the continent’s most closely watched technology IPOs.