As OPay Eyes a New York Listing, Investors Return to African Fintech
The SoftBank-backed payments company is working with major Wall Street banks on a proposed US listing that could value the business at about $4 billion.
OPay is preparing for a public listing in the United States, with the Nigerian payments company seeking a valuation of about $4 billion as it expands beyond its startup phase into a more mature financial business.
The company has appointed Citigroup, Deutsche Bank, and JPMorgan to work on the proposed offering, according to reports from Bloomberg. The share sale could happen later in 2026 if market conditions remain favorable.
Founded by Chinese entrepreneur Zhou Yahui, OPay built its position in Nigeria through mobile transfers, agency banking, merchant services, and consumer wallets. The company raised $400 million in 2021 from investors including SoftBank Vision Fund, Sequoia Capital China, and Long-Z Capital at a $2 billion valuation. The latest target would place the company at roughly double that figure within five years.
The planned listing arrives at a time when investors are placing greater weight on profitability and operating resilience across fintech markets. OPay said in 2024 that it had reached monthly profitability after years of aggressive expansion. That milestone carries importance for public investors, many of whom have become more cautious about high-growth technology businesses that remain dependent on continuous external funding.
Nigeria remains central to OPay’s growth story. The company said it had more than 50 million users by 2024 and was processing over $12 billion in transactions each month. Its agency network also became one of the country’s largest channels for cash withdrawals, transfers, and digital payments outside traditional banking branches.
The company’s rise has coincided with increasing pressure on Nigerian regulators to tighten oversight around digital finance platforms. In 2024, the Central Bank of Nigeria temporarily restricted new customer onboarding at several fintech firms, including OPay, over compliance concerns linked to customer verification procedures. The suspension was later lifted after reviews and operational adjustments.
A US listing would place OPay under another layer of scrutiny. American public markets require deeper disclosure around governance, anti-money laundering systems, financial controls, cybersecurity risks, and revenue quality. For African fintech companies seeking global investors, those standards are becoming part of the path toward long-term credibility.
The proposed IPO also reflects a broader change in how African technology companies are approaching capital markets. Earlier growth cycles focused heavily on private fundraising and unicorn valuations. Public listings were rare and often viewed as distant targets. Companies are now under pressure to show that scale can translate into durable revenue and sustainable operations.
Research firm McKinsey estimates African fintech revenue could reach $47 billion by 2028, driven by mobile money adoption, low banking penetration, and rising digital commerce across the continent. That opportunity has drawn international investors into the sector, though regulatory uncertainty and currency volatility continue to shape risk calculations.
If OPay proceeds with the listing, the company would become one of the most closely watched African fintech entrants in US equity markets in recent years. The offering is also likely to influence how investors assess other major digital finance companies operating across Nigeria and the wider African market.
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