OPay Updates Investors Community after NYSE Debut
Fintech with a rock-solid footprint in Nigeria, OPay Limited, has provided an update regarding its anticipated initial public offering (IPO) on the New York Stock Exchange (NYSE), announcing that it has mutually agreed with underwriters to terminate the underwriting agreement and halt the offering at this time.
The decision follows a regulatory inquiry relating to a jurisdiction that the company maintains is immaterial to its core business operations.
Prudent Course of Action
While expressing strong confidence that the regulatory matter will be resolved satisfactorily in the near future, OPay noted that, after careful deliberation alongside its underwriters, stepping back from the immediate rollout was the most prudent step.
Consequently, the offering will not proceed as previously scheduled, and the company’s American Depositary Shares (ADSs) will not commence trading on the NYSE, the fintech company disclosed.
In its official statement, OPay emphasised that the development should not be misconstrued as a reflection of its financial health, operational integrity, or overall regulatory standing.
“The matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels.
The Company remains confident that the inquiry will be resolved satisfactorily in the near future and is actively engaging the relevant stakeholders to facilitate an early resolution.”
Operations Unaffected in Nigeria and Global Markets
OPay assured customers, merchants, agents, and business partners that the development has zero impact on its day-to-day operations, service delivery, or regulatory compliance across its active markets, which include Nigeria, Indonesia, Egypt, and Pakistan.
Reaffirming its long-term dedication to the region, the company stressed that its commitment to Nigeria remains unwavering.
OPay intends to press forward with deepening investments in the country’s digital financial services infrastructure, driving financial inclusion, supporting broader economic growth, and contributing to Nigeria’s expanding digital economy.
The fintech platform expressed appreciation for its stakeholders’ continued support and said it will share further updates as material developments occur.
The fintech company, with Nigeria as a key market, raised $304 million on the NYSE on Friday at $4.1 billion valuation. In 8 years, OPay has grown into a large depositor base and solved challenges that traditional lenders still face after decades of operations.
Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia. The fintech giant would use its IPO proceeds to invest in technology and support growth in Nigeria and other African markets.
Strong Performance Scorecard
OPay’s total revenue rose from US$205.731 million in 2024 to US$536.251 million in 2025. For the six months ended June 30, 2026, revenue reached US$467.060 million, compared with US$197.477 million in the same period a year earlier, according to the company’s registration statement.
The company moved from a net loss of US$50.827 million in 2024 to net income of US$72.470 million in 2025. Net income for the first half of 2026 stood at US$90.874 million, up from US$21.714 million a year earlier, while operating income for the period was US$131.237 million.
Geographic mix
Nigeria remains the company’s core market, generating US$417.610 million, or 89.5%, of first-half 2026 revenue. Indonesia contributed US$41.741 million, Egypt US$5.291 million, and other markets US$2.418 million.
The prospectus outlines distinct business lines across markets: loan facilitation in Indonesia, merchant acquiring services in Egypt, and both merchant acquiring and consumer wallet services in Pakistan.
Transaction volume and user base
Gross transaction value (GTV) totalled US$339.1 billion in the first half of 2026, up 143% from the first half of 2025, according to the prospectus. Over the twelve months ended June 30, 2026, the platform processed 90.1 billion transactions, representing US$558 billion in GTV.
Monthly active users reached 47.5 million as of June 30, 2026, and grew to 50.1 million as of July 31, 2026, alongside 26.8 million daily active users.
Lending/Market Share
New self-operated loans originated in Nigeria totalled US$927.6 million in the first half of 2026. OPay ranked first among finance apps in Africa and the Middle East by monthly active users in the six months ended June 30, 2026, with a 9.9% market share.
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