OPay Files for a New York IPO, Plans a Nigerian Exchange Listing and Lines Up Up to $200 Million From Stanbic

OPay has taken the first public step towards a listing on Wall Street. On 9th October, the Singapore-headquartered, Nigeria-focused payments company filed a registration statement with the US Securities and Exchange Commission to list American depositary shares on the New York Stock Exchange under the ticker OPAY. The same filing says the company has board and shareholder approval for a secondary listing on the Nigerian Exchange, which would follow the New York listing.

The filing is preliminary. The share price, share count and listing date have not been set, and the New York listing is still subject to final exchange approval.

What OPay Has Filed

The shares would be American depositary shares, which represent shares in a foreign company and trade on a US exchange, with Citibank as the depositary. OPay is incorporated in the Cayman Islands, so buyers would own securities in OPay Limited rather than directly in its operating subsidiaries.

The offer size has not been disclosed in the filing, but Renaissance Capital estimates the IPO could raise up to $500 million. Its joint bookrunners are Citi, Deutsche Bank, Standard Bank and CICC. OPay says it will use the proceeds for technology, distribution, new products and services, new markets, and possible acquisitions.

The Stanbic Investment

Alongside the IPO, Stanbic Africa Holdings, a subsidiary of Standard Bank Group, has pledged to buy OPay shares in a private placement of up to $200 million. The amount depends on Standard Bank Group's regulatory capital limits and cannot exceed 4.99% of OPay's shares after the deal. Stanbic also faces a 12-month restriction on transferring the shares.

The Numbers in the Filing

OPay made $90.9 million in net income in the first half of 2026, up from $21.7 million a year earlier, on revenue of $467.1 million, up from $197.5 million.

The longer view is just as sharp. Full-year revenue rose from $205.7 million in 2024 to $536.3 million in 2025, and the company moved from a $50.8 million loss in 2024 to a $72.5 million profit in 2025. Nigeria produced $472.6 million of 2025 revenue, or 88.1% of the total, with Indonesia, Egypt and Pakistan supplying the rest.

On usage, the filing lists 50.1 million monthly active users and 26.8 million daily active users as of 31st July 2026, up from 16.6 million monthly users in early 2024. In the 12 months to 30th June, OPay processed 90.1 billion transactions worth $558 billion and issued $1.56 billion in loans in Nigeria. Renaissance Capital's summary ranks it as the leading digital financial platform in Nigeria and the second app across all categories by daily active users.

What a Nigerian Exchange Listing Would Mean

The secondary listing is meant to let Nigerian investors buy in through local stockbrokers instead of an overseas exchange. Approval does not mean the shares can trade on the Nigerian Exchange yet, and OPay has not said when a listing will happen.

The filing also carries a warning. Shares traded in Lagos may not be interchangeable with the New York shares unless arrangements exist to move them between the two markets. Without those arrangements, investors could face fragmented liquidity, price differences between the markets and higher volatility. The listing also depends on market conditions and compliance with the Investments and Securities Act, 2025, the Nigerian SEC's rules and the Nigerian Exchange rulebook.

Nigerian investors have already shown how much they use their phones to buy shares. PINCHED covered how the Dangote Refinery IPO overloaded Nigeria's investment apps, and a listing of the country's biggest payments app would arrive in that same market.

What It Means for OPay Users

For people who already use the app, nothing changes in existing accounts because of the filing. Three Nigerian OPay entities are regulated by the Central Bank of Nigeria: OPay Microfinance Bank, OPay Digital Services and Soti Payment. Mobile money wallets are insured by the Nigeria Deposit Insurance Corporation up to ₦5 million per customer, and microfinance bank deposits up to ₦2 million.

A public listing would add something new: quarterly results and public risk disclosures. The filing already lists risks that include competition, cybersecurity, changing regulation, foreign exchange and interest rate losses, and limited experience in new markets.

Why This Matters for African Tech

The company grew revenue by 160.7% in 2025 and turned profitable in the same year, and Nigeria is where almost nine-tenths of that revenue comes from. For Nigerian founders and investors, the open question is whether a Lagos listing can give local investors a real stake, or only a smaller, thinner market beside the New York one.

Frequently Asked Questions

Has OPay Filed for an IPO?

Yes. OPay filed a registration statement with the US SEC on 9th October 2026 to list American depositary shares on the New York Stock Exchange under the ticker OPAY. The listing is still subject to final exchange approval.

When Will OPay List on the Nigerian Exchange?

OPay has not announced a date. It has board and shareholder approval for a secondary listing on the Nigerian Exchange, which would follow its New York listing.

How Much Is Stanbic Investing in OPay?

Stanbic Africa Holdings has pledged to buy up to $200 million of OPay shares in a private placement alongside the IPO, capped at 4.99% of OPay's shares after the transaction.

How Profitable Is OPay?

OPay reported $90.9 million in net income for the first half of 2026, up from $21.7 million a year earlier, and $72.5 million for 2025.

Does the IPO Affect My OPay Account?

No. The filing does not change existing accounts. Wallets and microfinance bank deposits remain covered by NDIC insurance up to the stated limits.