Nigeria generated almost nine-tenths of OPay’s revenue in the first half of 2026, highlighting the fintech’s dependence on its largest market as it pursues a multibillion-dollar valuation and deeper relationships with financial institutions across Africa.

The company reported $467 million in revenue for the six months, up from $197 million a year earlier, while net income reached $90 million. Nigeria contributed $417.6 million, accounting for 89.5% of the total.

That concentration provides an important context for OPay’s attempt to access international capital markets. Its planned $304 million US share offering has now been abandoned, leaving its proposed $4 billion valuation and a related investment from South Africa’s Standard Bank Group without a confirmed timetable.

A $304 million fundraising plan falls through

OPay’s proposed New York listing was designed to raise approximately $304 million through the sale of 16 million American depositary shares. The company and its underwriters had settled on $19 per share, the lowest point of the proposed $9-to-$21 price range.

The offering was terminated before trading commenced, meaning OPay did not complete the sale or receive the expected proceeds. The withdrawal followed an inquiry involving an unidentified foreign jurisdiction. OPay told US regulators that the jurisdiction was immaterial to its business operations and said it expected the matter to be resolved without affecting its services in Nigeria or other markets.

Although the company did not identify the jurisdiction, information from people familiar with the matter has linked the inquiry to Chinese regulators. Neither the specific subject of the inquiry nor its precise connection to the listing has been publicly established.

Standard Bank’s African strategy faces a delay

The abandoned offering also affects a proposed investment by Standard Bank Group, which had planned to complete its investment alongside or shortly after OPay’s public listing. The arrangement was subject to the successful completion of the offering and the necessary regulatory approvals.

Beyond the investment itself, both businesses had identified opportunities to explore cooperation in payments and digital financial services across African markets. Without a completed IPO, the timing of the proposed investment remains uncertain. This leaves a potential cross-border financial services relationship awaiting further clarity.

Chinese regulatory uncertainty remains unresolved

OPay had addressed potential Chinese regulatory requirements in its IPO prospectus before the withdrawal. The company’s legal advisers believed it did not need to file with China’s securities regulator because it generated no revenue in mainland China in 2025 and maintained its business operations and assets outside the country.

However, the prospectus acknowledged uncertainty over whether Chinese approvals could become necessary for a US listing under future interpretations of the country’s rules. That disclosure does not establish that the reported inquiry concerned the IPO or that US authorities halted the offering.

OPay has not announced a replacement timetable for its proposed US listing, leaving investors without a confirmed date for the company’s next attempt to access the American capital market.