OPay, the digital payments app that has become a fixture in Nigerian daily life, has filed publicly for an initial public offering in the United States.
The company filed with the SEC on Friday for an IPO that Renaissance Capital estimates could raise up to $500 million. It plans to list on the NYSE under the symbol OPAY.
If it prices, the deal would be the largest American listing by an African technology company since Jumia’s 2019 debut. It would also be the clearest test yet of whether global investors will pay for growth built on Nigeria’s volatile economy.
What OPay Disclosed
The Singapore-based company was founded in 2017 and booked $806 million in revenue for the 12 months ended June 30, 2026.
The company’s reach is its main selling point. OPay says it was the top finance app in Africa and the Middle East, with a 9.9% market share by monthly active users in the six months to June 30, 2026. It also ranked as Nigeria’s No. 2 app across all categories by daily active users as of July 31.
Outside Nigeria, the footprint is smaller. OPay runs loan facilitation in Indonesia, merchant acquiring in Egypt, and merchant acquiring and consumer wallets in Pakistan.
The company first filed confidentially on February 12, 2026. Citi, Deutsche Bank, Standard Bank and CICC are joint bookrunners. No pricing terms were disclosed.
A Long Road to a Listing
OPay did not start as a bank. It began inside Opera, the Norwegian browser maker, and once ran motorcycle ride-hailing and food delivery under a super-app strategy. It later narrowed its focus to financial services.
The bet paid off. In 2021, OPay raised $400 million in a Series C round led by SoftBank’s Vision Fund 2 at a $2 billion valuation.
The company spent the past year preparing for public markets. It appointed a new global management team, including James Zhou as executive chairman, former Opera CEO Lars Boilesen as co-CEO, and James Perry, a former Citigroup managing director, as chief financial officer.
Nigeria’s 2024 cash shortage also helped. When banknotes ran scarce, millions of Nigerians moved to transfers, and OPay’s network of point-of-sale agents became the default way to move money in many neighborhoods.
The Valuation Question
Reports in May put OPay’s ambitions in sharper focus. Bloomberg reported that the company was targeting a $4 billion valuation, double its 2021 Series C price.
Opera’s own books offer an outside check. Opera valued its 9.5% stake at $294.6 million at the end of 2025, implying a total valuation of roughly $3.1 billion. By the second quarter of 2026, that stake was valued at about $300.9 million, implying around $3.17 billion. A $4 billion IPO would require investors to accept a price roughly 26% higher.
Opera has a direct interest in the outcome. Its OPay stake represents about 26% of its total equity. If OPay fails to list within Opera’s assumed two-year window, or lists at a lower price, Opera would have to mark down the stake.
The banking lineup has also shifted. JPMorgan was among the banks named in the May reports. It does not appear among the bookrunners listed in the filing, while Standard Bank and CICC do.
One Country Carries the Business
OPay presents itself as an emerging-markets platform. Its numbers say otherwise. Nigeria generated 88.1% of OPay’s revenue in 2025.
That concentration is the central risk for American investors. The naira lost most of its value against the dollar after the 2023 currency float. A company reporting in dollars while earning in naira can post strong local growth and still show flat or falling results.
Regulation adds another layer. The Central Bank of Nigeria has repeatedly tightened rules on fintechs, including a 2024 freeze on new customer onboarding at several operators over know-your-customer concerns. Since April 1, 2026, the central bank has restricted point-of-sale agents to working with one financial institution, a change analysts say favors large players like OPay.
There is also a political question at home. Some in Nigeria have asked whether a company that earns most of its money from Nigerians should list outside the country.
What the Filing Does Not Say Yet
The public summary leaves out the numbers that will decide the deal:
- Profitability. No net income or loss figure has been published in the summary. Investors will want to know whether $806 million in revenue converts to profit.
- Revenue mix. How much comes from payments, lending and agent fees is unclear. Lending carries higher margins and higher credit risk.
- Price range and share count. Without them, the $4 billion figure remains a reported target, not an offer.
- Ownership after the IPO. Stakes held by Opera, SoftBank and Chinese early backers will shape governance.
Why It Matters
African tech has a poor record on public markets. Jumia and Egypt’s Swvl both saw steep share price declines after listing. Venture funding across the continent has also slowed since 2022.
A strong OPay debut would give investors a reason to return. Recent regional listings were smaller: South Africa’s Optasia raised $345 million at a $1.4 billion valuation in Johannesburg, and Morocco’s Cash Plus raised $82.5 million in Casablanca.
A weak debut would reinforce the view that African fintech growth does not survive currency conversion. Either way, OPay’s pricing will become the benchmark rivals such as PalmPay and Moniepoint are measured against.
