OPay Records $358bn Transactions as It Moves Closer to US Listing

Fintech company OPay recorded a gross transaction value (GTV) of $358 billion in 2025, more than double the $166.2 billion recorded in 2024, as the company prepares for a potential listing on the New York Stock Exchange.

According to an investment document related to OPay’s planned Initial Public Offering (IPO), the company’s transaction value increased by 115% during the year, alongside significant growth in its user base and lending business.

OPay’s monthly active users rose by 57%, from 25.1 million in 2024 to 39.3 million in 2025. Daily active users in the fourth quarter also increased by 50% to 22.7 million.

The company’s lending business recorded even stronger growth. New loans originated increased by 285%, from $243.9 million in 2024 to $938.3 million in 2025, while the number of quarterly unique borrowers in Nigeria rose by 119% to 4.6 million.

Revenue and Profitability Surge

OPay’s strong transaction growth was reflected in its financial performance. Total revenue increased by 161%, rising from $205.7 million in 2024 to $536.3 million in 2025.

The company also returned to profitability, with operating income improving from a $35.1 million loss in 2024 to a $107.1 million profit in 2025. EBITDA similarly moved from a $33.6 million loss to a $113.1 million profit.

Nigeria Remains OPay’s Largest Market

Nigeria remained OPay’s dominant market, accounting for 88.1% of the company’s revenue in 2025. Indonesia contributed 9.9%, Egypt 1.6%, while other markets accounted for 0.4%.

OPay currently operates across Nigeria, Indonesia, Egypt and Pakistan, providing digital financial services including payments, savings and credit through its mobile platform.

The company said its strong position in Nigeria is supported by its licences as a Mobile Money Operator and Microfinance Bank. Its platform also recorded a first-attempt transaction success rate of more than 99% in the fourth quarter of 2025.

OPay Targets $4 Billion Valuation

OPay is reportedly planning a US IPO that could value the company at approximately $4 billion. Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to manage the proposed offering.

The planned listing has, however, attracted criticism from some Nigerian investors who question why OPay would choose the US market when Nigeria generates the overwhelming majority of its revenue.

The company has also set an ambitious long-term target of reaching one billion users, supporting 10 million merchants and creating one million jobs across its markets.

OPay says its broader strategy is focused on using technology to expand access to financial services and increase participation in the digital economy.

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