OPay Posts $358B GTV and $536M Revenue as NYSE IPO Approaches
OPay processed $358 billion in gross transaction value in FY2025 while revenue surged 161% to $536.3 million, with the company swinging to profitability. The Nigerian-founded fintech is advancing toward a reported $4 billion NYSE IPO that would be Africa's largest fintech public listing to date.
OPay IPO: Nigeria built it, New York will price it
88.1% of OPay's revenue comes from Nigeria. The company that wants a $4 billion New York valuation is, in every meaningful sense, a Nigerian business.
So when the Nigerian Exchange's own CEO asks why a fintech making most of its money from Nigerian users is listing abroad, that's not protectionism. It's a fair question about where value gets captured — and by whom.
The numbers in OPay's IPO document are genuinely impressive. But the listing venue tells you something uncomfortable: the ecosystem that produced a $358 billion transaction platform won't get to own a piece of it on its own exchange.
3 sources
- OPay Processes $358 Billion as It Builds Momentum Ahead of $4 Billion US IPO · innovation-village.com · T2
- OPay swings to profit in FY2025 as revenue surges 161% to $536.3 million · nairametrics.com · T2
- OPay transactions more than double to $358 billion as IPO nears · nairametrics.com · T2