OPay, a leading fintech company in Nigeria, has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange (NGX), setting the stage for local investors to gain access to the fintech company after its planned primary listing on the New York Stock Exchange (NYSE).

The company disclosed the approvals in a Form F-1 registration statement filed with the U.S. Securities and Exchange Commission on Oct. 9, 2026. The proposed Nigerian listing remains subject to market conditions and compliance with local laws and regulatory requirements.

The disclosure confirms an earlier exclusive report that OPay was preparing to list its shares in Nigeria, potentially widening access to a digital payments business that has built a substantial presence in one of Africa’s largest economies.

Nigerian listing faces regulatory hurdles

OPay said the proposed listing would be governed by Nigeria’s Investments and Securities Act of 2025, the Securities and Exchange Commission’s rules and regulations, as amended, and the NGX Rulebook. The company did not disclose a timetable for the listing or indicate when trading might begin.

The approval marks a step toward a Nigerian listing, not a guarantee of an immediate market debut. Investors will need to wait for further details on the regulatory process and the arrangements governing how OPay securities would trade across the two exchanges.

OPay also warned that shares traded in Nigeria might not be interchangeable with its American depositary shares on the NYSE unless cross-market transfer arrangements are established. That could limit investors’ ability to move holdings between exchanges, split liquidity across markets and create price differences or greater volatility.

Profits surge as payments grow

The prospectus shows that OPay’s net income rose to $90.9 million in the six months ended June 30, from $21.7 million a year earlier. Revenue more than doubled to $467.1 million from $197.5 million, reflecting increased activity across its payments network and other financial services.

Founded in 2018 by Chinese billionaire Yahui Zhou, OPay offers mobile money services, digital wallets, debit cards, loans and savings products, including OWealth. The company is licensed by the Central Bank of Nigeria, with deposits insured by the Nigeria Deposit Insurance Corp. Its growth has made it a significant player in Nigeria’s digital financial services market.

The company has also expanded beyond Nigeria, with operations spanning markets including Pakistan, Egypt and Indonesia. Its services target consumers and merchants increasingly using smartphone-based payments and transfers, although the prospectus figures alone do not establish how much of the revenue growth came from each market or product line.

Investors eye access to OPay

SoftBank Group, an early investor in OPay, holds a 6.6% equity stake ahead of the proposed public offering, according to the prospectus. OPay previously reached a $2 billion valuation after raising $400 million in a 2021 funding round, underscoring investor interest in its payments business.

Standard Bank has backed Nigeria-focused OPay with $185 million, while Citigroup and Deutsche Bank are supporting its planned NYSE listing. A secondary listing in Nigeria could broaden the company’s investor base, but the prospectus’ warning on cross-market transfers highlights a key consideration: access to the shares may not necessarily mean seamless trading between the two exchanges.