OPay transactions jump 115% to $358 billion ahead of US IPO 

OPay, a leading fintech company in Nigeria, processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded a year earlier, as the fintech expanded its payments, lending and digital financial services ahead of a potential U.S. listing. 

The figures, contained in an investment document for the planned initial public offering (IPO), show that transaction growth was matched by a sharp rise in users and lending activity. 

OPay’s monthly active users increased 57% to 39.3 million in 2025 from 25.1 million in 2024. Daily active users in the fourth quarter rose 50% to 22.7 million, giving the company a daily-to-monthly active user ratio of 57.8%.

Lending and revenue rise 

The stronger user activity also helped drive OPay’s lending business. New loans originated jumped 285% to $938.3 million in 2025 from $243.9 million a year earlier, while quarterly unique borrowers in Nigeria increased 119% to 4.6 million. 

Revenue rose 161% to $536.3 million from $205.7 million in 2024. OPay also returned to operating profitability, reporting operating income of $107.1 million after a $35.1 million loss a year earlier. EBITDA rose to $113.1 million from a loss of $33.6 million. 

The company said reported net loss attributable to ordinary shareholders differs from its operating results because of noncash accretion on redeemable convertible preferred shares. Those shares are expected to convert into ordinary shares if OPay completes a qualifying IPO.

Nigeria remains core market 

Nigeria accounted for 88.1% of OPay’s revenue in 2025, underscoring the importance of its home market. Indonesia contributed 9.9%, Egypt 1.6% and other markets 0.4%. 

OPay operates in Nigeria, Indonesia, Egypt and Pakistan, offering payments, savings, credit and other financial services through its mobile platform. In Nigeria, the company operates under licenses as a Mobile Money Operator and Microfinance Bank. 

The company said its platform recorded a first-attempt transaction success rate of more than 99% in the fourth quarter of 2025. About 70% of its Nigerian wallet monthly active users were using more than five products as of March 2026, with 96% retaining activity the following month. 

OPay is targeting a valuation of about $4 billion in a potential U.S. IPO, with Citigroup, Deutsche Bank and JPMorgan Chase appointed to manage the offering. It reported the planned listing in May, with the deal expected later this year. 

The proposed U.S. listing has also prompted questions from Nigerian investors over why a company generating most of its revenue in Nigeria would choose an overseas exchange. 

That debate gained attention after Temi Popoola, chief executive officer of Nigerian Exchange Limited, urged President Bola Ahmed Tinubu to support policies encouraging major companies, particularly fast-growing fintech firms, to list domestically.

OPay sets bigger ambitions 

OPay is also setting longer-term targets. In July, the company said it aims to serve 1 billion users, support 10 million merchants and create 1 million jobs across its markets by 2031. 

Elizabeth Wang, OPay’s chief commercial officer, said the company’s strategy goes beyond payments, with technology being used to widen access to financial services and support businesses and consumers. 

Founded in Nigeria in 2018, OPay provides mobile money, digital wallets, debit cards, loans and savings products, including OWealth. It is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation. 

In June, OPay opened a new office in Kaduna as it continued expanding access to digital financial services across Nigeria.