Amanze Chinonye
Nigerian fintech OPay recorded a sharp increase in earnings in the first half of 2026, with revenue climbing to $467.1 million as the digital payments provider moves towards a proposed listing on the New York Stock Exchange.
Revenue for the six months ended June 30 rose from $197.5 million in the same period last year, while net income increased to $90.9 million from $21.7 million, according to the company’s preliminary U.S. IPO filing.
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The proposed offering comes as rising bond yields and elevated interest rates weigh on investor appetite for new listings, prompting some companies to delay their flotation plans.
OPay provides digital payments, money transfers and lending services to consumers and merchants in Nigeria, Indonesia, Egypt and Pakistan. Its platform enables users to make payments and access financial services through mobile devices.
Nigeria accounted for $417.6 million, or about 89.5%, of OPay’s revenue in the first half, underscoring the company’s dependence on its largest market despite its operations elsewhere.
Founded by Chinese billionaire Yahui Zhou, OPay raised $400 million in 2021 at a valuation of $2 billion. Zhou also founded Beijing Kunlun Tech, a Chinese gaming company that previously owned dating app Grindr.
SoftBank entities held a 6.6% stake in OPay before the proposed offering, according to the filing. Stanbic Africa Holdings Limited has agreed to invest up to $200 million in a concurrent private placement linked to the IPO, subject to the transaction’s completion and regulatory approvals.
OPay has applied to list its American depositary shares on the New York Stock Exchange under the symbol OPAY. Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation are among the underwriters for the offering.
The company also plans to pursue a secondary listing on the Nigerian Exchange after completing the U.S. listing, subject to market conditions and regulatory requirements.
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The proposed IPO comes as fintech investment across Africa targets a young population with unmet demand for financial services and growing adoption of digital payments. However, OPay’s concentration of revenue in Nigeria leaves its performance closely tied to economic conditions and regulatory developments in that market.
The preliminary filing does not specify the final offer price or the number of shares to be sold, leaving the size and valuation of the proposed IPO undetermined.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
