Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), a move that could rank among the most significant technology listings in the history of Nigeria’s capital market.

The proposed listing is expected to be formally announced by the company, although key details of the transaction, including the timing, offer size, valuation and percentage of shares that could be offered to Nigerian investors, have yet to be disclosed.

The development comes as OPay is also preparing for a potential initial public offering (IPO) in the United States, where the fintech company has reportedly been targeting a valuation of about $4 billion.

It remains unclear whether the proposed Nigerian listing would take place alongside the US IPO as part of a dual-listing arrangement or be undertaken subsequently.

If completed, an NGX listing would give Nigerian investors an opportunity to own shares in one of the country’s largest and fastest-growing fintech companies and participate directly in its future growth.

OPay has emerged as a major player in Nigeria’s digital financial services industry, benefiting from the rapid expansion of electronic payments, mobile money and digital banking services.

Nigeria is by far the company’s largest market, accounting for 88.1 per cent of OPay’s revenue in 2025, underscoring the importance of the Nigerian market to its overall business.

The potential listing would also come at a time when the Nigerian capital market is seeking to attract large technology companies and other major businesses with substantial operations and revenues in the country.

The Nigerian Exchange has increasingly advocated for major Nigerian businesses, particularly high-growth companies operating in strategic sectors, to give domestic investors an opportunity to participate in their ownership and wealth creation.

Earlier in August, NGX Group Chief Executive Officer, Temi Popoola, called on President Bola Tinubu to support policies that would encourage major companies generating significant revenues in Nigeria to list their shares on the domestic exchange.

Popoola specifically mentioned OPay and PalmPay among fintech companies that were considering overseas listings. He argued that Nigerian investors should not be excluded from participating in the value being created by companies that have built substantial businesses in the country.

The proposed OPay listing could therefore help address concerns about the migration of some of Nigeria’s most successful technology companies to foreign capital markets in search of deeper pools of capital and higher valuations.

For the NGX, the potential listing would also strengthen the exchange’s technology and financial-services segment while broadening the range of investment opportunities available to local and foreign portfolio investors.

OPay’s potential market debut could attract considerable attention because of the size of its Nigerian operations, its position in the rapidly expanding digital payments industry and the valuation being targeted for its proposed US listing.

The reported $4 billion valuation would place OPay among the more valuable privately held African fintech businesses and could provide an important reference point for investors assessing the potential value of the company’s Nigerian operations.

OPay is currently working with Citigroup, Deutsche Bank and JPMorgan Chase on preparations for its proposed US IPO, according to reports on the planned transaction.

However, the proposed US offering remains subject to regulatory, market and corporate considerations, and the timing and final structure of the transaction could change.

Similarly, the details of the proposed NGX listing have not been made public.

A local listing could nevertheless have broader implications for Nigeria’s capital market beyond OPay itself.

The successful listing of a major fintech company could demonstrate that high-growth technology businesses can access domestic capital while providing institutional and retail investors with exposure to the country’s digital economy.

It could also encourage other large privately held technology companies with significant Nigerian operations to consider the NGX as a viable source of capital rather than relying exclusively on foreign exchanges.

OPay’s potential listing would come after a period of increased activity in Nigeria’s capital market, with companies across banking, insurance, consumer goods and other sectors raising substantial funds through equity and debt markets.

The fintech’s entry into the NGX could further deepen the market, increase its sectoral diversity and strengthen its appeal to investors seeking exposure to technology-driven businesses.

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