African payments juggernaut OPay is finalizing plans to list its shares on the Nigerian Exchange (NGX), expanding its public market debut alongside a targeted $4 billion initial public offering in the United States.
The market update comes from investment banking source disclosures and financial documents revealing the SoftBank-backed fintech is preparing a dual-listing structure to grant local retail investors equity exposure.
Underwriters Citigroup, Deutsche Bank, and JPMorgan Chase are structuring the foreign IPO, while the domestic float responds to domestic regulatory calls for high-performing tech firms generating local revenues to list equity on the NGX.
The listing strategy follows robust fundamental performance. OPay processed $358 billion in gross transaction value in 2025, while full-year revenue surged 161% to $536.3 million, yielding an operating profit of $107.1 million.
Nigeria continues to drive the enterprise’s underlying performance, accounting for 88.1% of total revenues. The move represents a major victory for Nigerian capital market regulators pushing to deepen domestic equity market capitalization.
