Nigerian fintech leader OPay is preparing for a potential U.S. IPO before the end of 2026, aiming for a valuation of about $4 billion. Backed by SoftBank, the company has reportedly enlisted Citigroup, Deutsche Bank, and JPMorgan Chase to manage the listing.

The move reflects OPay’s rapid growth since its 2018 launch, where it pivoted from logistics into financial services following Lagos’ okada ban.

Today, the platform serves over 30 million users and processes billions of dollars in monthly transactions across Nigeria.

The IPO also carries significant implications for Opera, which retains a stake in OPay and stands to convert its paper valuation gains into cash. OPay’s strong financials, including over $600 million in annual revenue, make it attractive to global investors, but listing publicly introduces new pressures.

Once on the market, the company will face scrutiny over profitability metrics such as revenue per user and margin growth. This shift could influence strategic decisions, particularly around monetization.

For everyday users, the biggest concern is whether OPay will maintain its low-cost transaction model. The platform gained dominance by offering minimal or zero transfer fees, but early user feedback suggests subtle increases may already be emerging.

In a competitive space alongside rivals like PalmPay, Moniepoint, and Kuda Bank, any aggressive fee hikes could risk customer loss. As OPay moves toward public listing, balancing investor expectations with user trust will likely define its next phase.