The OPay Eyes NGX Listing is the latest development attracting attention around Nigeria’s fintech and capital markets, as reports indicate the company is preparing for a potential listing on the Nigerian Exchange.
The reported move comes as OPay also prepares for a potential US initial public offering (IPO) that could value the company at about $4 billion. However, several important details about the proposed Nigerian listing remain unknown.
There is no confirmed listing date, offer size, valuation or percentage of shares that OPay plans to make available to investors. OPay has also not publicly confirmed the reported NGX plan.
That means Nigerians cannot buy OPay shares on the NGX yet, but if the listing happens, it could become a significant moment for Nigeria’s technology and capital markets.
OPay Eyes NGX Listing: What We Know So Far
According to a report by Nairametrics, people familiar with the matter say OPay is expected to formally announce plans to list its shares on the Nigerian Exchange. The report said the company is also preparing for a potential US IPO targeting a valuation of about $4 billion.
The reported NGX listing has since been covered by other Nigerian and African technology publications, including Techpoint Africa, which described the development as one of the major stories currently being watched in Nigeria’s technology sector. What remains unclear is how the two potential listings would work.
OPay could potentially pursue the Nigerian listing alongside its US IPO, or the NGX listing could happen separately. There is currently no public confirmation that the company will pursue a dual listing.
The lack of confirmed details is important because a company being reported as planning a listing is not the same as having completed the regulatory and exchange processes required to become publicly traded.
For now, OPay’s proposed NGX listing should be treated as a developing story. For now, the OPay Eyes NGX Listing remains a developing story that could become one of the most closely watched fintech developments on the Nigerian Exchange if the company confirms the plan.
Why Is OPay Considering a Nigerian Listing?
The potential listing comes at a time when Nigeria’s capital market is trying to attract more large companies and deepen local investor participation. The development also comes amid broader changes in Nigeria’s fintech and financial-services landscape, including developments around cryptocurrency regulation and stablecoins.
Earlier in August, NGX Group CEO Temi Popoola called for measures that would encourage major companies generating substantial revenue in Nigeria to list locally. OPay and PalmPay were among the fintech companies mentioned in the discussion around overseas listings.
The argument is straightforward: if a company builds a large part of its business in Nigeria, Nigerian investors should have an opportunity to participate in its growth. That issue has become increasingly important as African technology companies mature.
For years, startups have relied heavily on private venture capital to grow. But when these companies eventually reach the stage where they can access public markets, founders and investors have to decide where that listing should happen.
For OPay, the decision could have implications beyond the company itself.
A successful NGX listing could demonstrate that Nigeria’s capital market can accommodate a major technology company with a large consumer base and significant transaction volumes.
It could also encourage other mature African fintech companies to consider local exchanges instead of looking exclusively to overseas markets.
OPay’s $4 Billion US IPO Explained
The proposed Nigerian listing is particularly interesting because OPay is also reportedly preparing for a US IPO. Nairametrics reported that OPay is working with Citigroup, Deutsche Bank and JPMorgan Chase on the proposed US listing, which could target a valuation of approximately $4 billion.
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That potential valuation would be significant compared with OPay’s previous private-market fundraising, but a US IPO and an NGX listing are not necessarily the same thing. The OPay Eyes NGX Listing is therefore worth watching separately from the proposed US offering.
Why the US IPO matters
A US listing could give OPay access to a much larger pool of international investors and potentially provide greater visibility for the company.
It could also establish a public-market valuation that international investors can use to assess the fintech’s growth prospects.
Why an NGX listing is different
An NGX listing would give Nigerian investors the opportunity to own shares in a company whose business is deeply connected to the Nigerian market.
It would also give the local exchange another major technology company and potentially increase the visibility of fintech businesses within Nigeria’s capital market.
The Nigerian Exchange has been working to strengthen market infrastructure and investor participation. Nigeria is also scheduled to return to FTSE Russell’s Frontier Market classification from September 21, 2026, following improvements in market accessibility and infrastructure.
Could OPay list in both markets?
Possibly, but that has not been confirmed. Current reporting says it remains unclear whether the proposed NGX listing would happen at the same time as the US IPO or later as part of a dual-listing structure.
Until OPay or the relevant market authorities provide more information, it would be premature to describe a dual listing as a confirmed plan.
What Does the OPay NGX Listing Mean for Nigerian Investors?
If the OPay Eyes NGX Listing goes ahead, one of the biggest changes would be that Nigerian investors could potentially gain direct exposure to OPay through the local stock market. That could matter because OPay has grown into a major player in Nigeria’s digital financial-services market.
The company’s own website describes OPay as a financial-services platform offering payments, transfers, savings, loans and other services, with tens of millions of users, agents and merchants in Nigeria.
For investors, however, the attraction would not simply be OPay’s popularity. They would need to examine the company’s revenue, profitability, growth rate, valuation, competitive position and risks before deciding whether the shares were worth buying.
If the company eventually provides a prospectus or offer document, those details should become much clearer. A local listing could also have a wider effect on Nigeria’s technology ecosystem.
It could:
- Give domestic investors exposure to a major Nigerian fintech.
- Increase the technology sector’s presence on the NGX.
- Encourage more mature startups to consider local public markets.
- Give Nigerian pension funds and institutional investors another technology investment opportunity.
- Strengthen the connection between Nigeria’s startup ecosystem and its capital market.
But none of those benefits are guaranteed.
The eventual performance of OPay’s shares would depend on the company’s financial results, valuation, investor demand and broader market conditions.
How Big Is OPay’s Business in Nigeria?
The scale of OPay’s business helps explain why its potential listing has attracted so much attention. According to an investment document previously seen by Nairametrics, OPay processed $358 billion in gross transaction value in 2025, up from $166.2 billion in 2024.
Its revenue reportedly increased by 161% to $536.3 million in 2025.
The company also recorded operating income of $107.1 million, compared with an operating loss of $35.1 million in 2024. Nigeria accounted for 88.1% of OPay’s revenue in 2025, according to the same reporting.
That figure is particularly relevant to the local-listing discussion. It shows how closely OPay’s financial performance is tied to the Nigerian market.
The company has also built a broad financial-services ecosystem around payments and transfers. Its official website says OPay provides services including transfers, bill payments, debit cards and savings products.
The combination of scale, revenue growth and Nigerian market exposure is what makes a potential public listing more significant than an ordinary startup fundraising round. That scale also helps explain why the OPay Eyes NGX Listing could attract significant attention from local investors. The development also comes as African fintech companies explore opportunities to enter public markets, including the Airtel Money IPO.
Can You Buy OPay Shares Right Now?
The reported NGX listing has not yet provided a confirmed listing date, offer price, offer size or percentage of shares that would be available to investors. So if you see someone claiming that Nigerians can currently buy OPay shares on the NGX, that claim should be treated cautiously.
There is also no confirmed OPay stock price because the company is not currently trading as a listed equity on the Nigerian Exchange. If OPay eventually launches a public offering, investors would need to follow the official offer documentation and the relevant announcements from the company, regulators and the Nigerian Exchange.
At that point, investors would be able to determine how to participate and what the minimum investment requirements would be. For anyone following the OPay Eyes NGX Listing, the key point is that the company has not yet become a publicly traded stock on the NGX.
What Should Investors Watch Next?
The next stage of the OPay Eyes NGX Listing story will be more important than the initial report.
Investors should watch for several developments.
1. OPay’s official announcement
The company is reportedly expected to provide more information about the proposed NGX listing.
2. The listing structure
It will be important to know whether OPay intends to list in Nigeria and the US at the same time or pursue the markets separately.
3. The valuation
The reported US IPO target is around $4 billion, but that does not automatically mean the NGX offering would use the same valuation.
4. The number of shares being offered
Investors will need to know how much of the company will actually be available to the public.
5. The offer price
The eventual offer price will be critical in determining whether investors consider the valuation attractive.
6. Regulatory and NGX approvals
A potential listing still has to go through the relevant regulatory and exchange processes before investors can trade the shares.
What OPay’s Potential Listing Could Mean for Nigeria’s Tech Market
OPay’s reported NGX plans are bigger than the question of whether Nigerians will eventually be able to buy OPay shares. They raise a broader question about where Africa’s technology companies should go when they become large enough to enter public markets.
Nigeria has produced several major technology and fintech companies, but many of the sector’s biggest businesses have historically relied on private investment rather than local public markets.
An OPay listing could help change that. If the company successfully lists on the NGX and attracts strong investor demand, other technology companies could view the Nigerian exchange as a more viable destination for future listings.
It could also give local investors a larger role in the wealth created by Nigeria’s technology sector, but the reverse is also possible.
If the listing struggles because of valuation concerns, limited liquidity or weak investor demand, it could make international exchanges look more attractive to other African technology companies.
That makes OPay’s potential listing an important test for both the fintech and capital-market sectors. The OPay Eyes NGX Listing could ultimately determine whether more major Nigerian fintech companies consider the NGX when they are ready to enter the public market.
Conclusion
For now, the OPay Eyes NGX Listing remains a developing story. The company is reportedly preparing for a Nigerian listing while also pursuing a potential US IPO, but the details needed for investors to make a decision, including the listing date, valuation, offer size and share price, have not been announced.
The most important thing for potential investors is therefore to separate the reported plan from a completed public offering. OPay is not currently a publicly traded NGX company, and Nigerians cannot yet buy OPay shares through the Nigerian Exchange.
If the company formally announces the listing, the story will move from speculation to a much more detailed investor question: at what valuation will OPay ask the public to buy into its growth? That is likely to be the part investors will be watching most closely.
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