OPay Plans Nigerian Exchange Listing Alongside Proposed US IPO

Nigerian-focused fintech OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX), adding a local market to its plans for an initial public offering (IPO) in the United States.

The company disclosed the decision in a registration statement filed with the US Securities and Exchange Commission (SEC) on 9 October 2026. OPay plans to list American Depositary Shares on the New York Stock Exchange (NYSE) under the proposed ticker symbol OPAY, with the Nigerian listing expected to follow if the US listing proceeds. Neither listing has been completed.

Nigerian listing remains subject to approvals

OPay said the proposed NGX listing would depend on market conditions, compliance with Nigerian securities regulations and the receipt of the required regulatory and exchange approvals.

The company has not disclosed the number of shares it intends to list on the Nigerian Exchange or when trading could begin.

It has also warned that shares traded in Nigeria may not be directly interchangeable with its US-listed American Depositary Shares unless arrangements are established to facilitate transfers between the two markets.

Without such arrangements, the securities could trade at different prices, and investors may face restrictions when transferring holdings between markets. OPay also cautioned that a secondary listing would not guarantee an active trading market or improved liquidity.

OPay’s growth puts fintech business under investor scrutiny

The proposed listings come as OPay expands its payments business and prepares to open its financial performance to public-market investors.

According to figures reported from its registration documents, OPay generated gross transaction value of $358 billion in 2025, up from $166.2 billion in 2024. Its monthly active users increased by 57% to 39.3 million in 2025, while daily active users reached 22.7 million in the fourth quarter.

A Nigerian listing could give local investors a route to participate in the company’s growth, subject to the final listing structure and applicable requirements. It would also put OPay among the fintech businesses seeking access to both international capital and domestic investors.

However, the proposed Nigerian listing remains a plan rather than a completed transaction. Investors will need to watch for further disclosures on the US offering, the Nigerian listing structure, regulatory approvals and the arrangements governing shares traded across the two exchanges.