OPay Wants to Go Public in the US. Could Nigerians Buy Its Shares Too?

If you use OPay to transfer money, pay bills or receive payments, you may soon have another reason to pay attention to the company: the possibility of owning shares in the business.

OPay has filed for an initial public offering (IPO) in the United States, raising the possibility that investors could buy a stake in the payment company they already use.

The companyfiled its registration statement on October 9, 2026, proposing to list on the New York Stock Exchange (NYSE) under the ticker symbol OPAY.

Its board and shareholders have also approved plans to pursue a secondary listing on the Nigerian Exchange (NGX) after the US listing.

Nigerians may be able to buy OPay shares through a brokerage that supports US-listed securities, but access to the IPO itself is not guaranteed. The proposed Nigerian listing could provide another route if it goes ahead.

How Could Nigerians Buy the Shares?

OPay'sfiling with the US Securities and Exchange Commission proposes an offering of American depositary shares (ADSs). These represent shares in a foreign company and can be traded on a US stock exchange.

Investors using platforms such as Bamboo would need to check whether OPay's security is supported and whether they qualify to participate in the offering. Buying shares after the listing is a separate matter from securing an IPO allocation.

The proposed NGX listing could give investors access through Nigeria's domestic stock market, but OPay has not announced a date. It has also warned that US-listed ADSs and any Nigerian-listed ordinary shares may not be directly transferable between markets without suitable arrangements, and so their prices could differ.

A Growing Business With Heavy Lending Exposure

OPay'srevenue rose from $205.7 million in 2024 to $536.3 million in 2025. Over the same period, it moved from a $50.8 million net loss to $72.5 million in consolidated net income.

Growth continued in the first half of 2026, when revenue reached $467.1 million, up from $197.5 million a year earlier. Net income increased from $21.7 million to $90.9 million. These six-month figures are unaudited.

Nigeria accounted for 89.5 per cent of OPay's first-half 2026 revenue. The company reported 50.1 million monthly active users as of July 31, 2026, and its revenue breakdown shows that lending is central to its business.

Loan financing generated $236.1 million in the first half of 2026, while transaction-based services contributed $130.6 million. Other revenue came from loan facilitation services, interest on short-term investments and other sources.

The scale of lending makes credit performance an important factor for investors to examine alongside revenue growth. OPay's consolidated profit also needs to be distinguished from the $17 million loss attributable to ordinary shareholders in 2025, which reflects adjustments relating to preferred shares.

What the US Listing Could Fund

OPay says it may use the proceeds for technology, distribution, new products, market expansion, acquisitions and other corporate purposes. It has not yet disclosed the number of ADSs it plans to offer, the price or the amount it hopes to raise.

The filing also describes a separateprivate placement involving Stanbic Africa Holdings, a member of South Africa's Standard Bank Group. Stanbic has agreed to purchase OPay ordinary shares, subject to completion of the offering and regulatory approvals.

The purchase-price formula is capped at US$200 million; this is not a guarantee that the full amount will be invested.