OPay revenue jumps to $467.1 million ahead of planned US listing
Key Facts
Digital payments company OPay plans to list shares in the United States, following a rise in revenue to $467.1 million in the first half of 2026 from $197.5 million in the same period of 2025. The company attributed the increase mainly to growth in lending finance services and transaction-based services, according to its filing with the U.S. Securities and Exchange Commission. It filed to list depositary receipts representing its ordinary shares on the New York Stock Exchange under the ticker OPAY. Completion of the offering remains subject to the registration statement becoming effective and final exchange approval for the listing. Reuters reported on October 23 that the company is targeting proceeds of up to $366 million, while Renaissance Capital cited an estimated market value of $4.2 billion at the midpoint of the proposed range.
Net income also improved, reaching $90.9 million in the first half of 2026, compared with $21.7 million a year earlier, according to the company’s filing. For the full year, revenue rose to $536.3 million in 2025 from $205.7 million in 2024. Over that period, the company moved from a net loss of $50.8 million to net income of $72.5 million. The comparison places first-half results within a growth trajectory that began before 2026, with the company turning profitable in 2025. Lending and transaction services were the two drivers to which the filing attributed most of the latest revenue increase.
Lending finance was the largest reported driver, with revenue rising to $236.1 million in the first half of 2026 from $88.1 million in the same period. Under its self-operated model in Nigeria, new loans granted increased to $927.6 million from $305.1 million. The company said its provision for expected credit losses rose in parallel to $118.4 million, compared with $38.1 million a year earlier, attributing the increase mainly to growth in new loans. The development highlights the effect of credit expansion on revenue, alongside the higher provision reported by the company during the same period. Revenue from transaction-based services increased 86.9% to $130.6 million from $69.9 million.
OPay processed about 90.1 billion transactions with a total value of $558 billion in the twelve months ended June 30, 2026. Transaction value also rose 143% in the first half compared with the same period a year earlier. The company said it had 50.1 million monthly active users and 26.8 million daily active users as of July 31, 2026. Monthly active users numbered 16.6 million in the first quarter of 2024, and the company said the figure had tripled since then. These figures provide operating indicators of the platform’s expanding use alongside revenue growth.
However, activity and revenue are heavily concentrated in Nigeria, which generated 89.5% of first-half 2026 revenue. Indonesia contributed 8.9% and Egypt 1.1% over the same period, according to the filing. The company also operates in Pakistan, according to the earlier draft, but the available revenue breakdown figures name Nigeria, Indonesia and Egypt. OPay said in its filing that most of the group’s operations are conducted in Nigeria and that its business, results, financial condition and prospects are “highly affected by economic, political and social developments” there. This concentration makes the performance of the Nigerian market a key factor in assessing results, despite the company’s presence in other markets.
The company plans to use the net proceeds from the offering and concurrent private placement for general corporate purposes, including funding growth initiatives, investing in technology, distribution and new solutions, and expanding into markets, as well as potentially pursuing acquisitions or strategic investments. The filing said SoftBank entities owned 6.6% of the shares before the offering. Renaissance Capital also said existing and new investors intend to buy $270 million of depositary receipts in the offering, and a Standard Bank subsidiary plans a concurrent private placement of up to $200 million. The offering is expected to be priced during the week of October 26, 2026, according to Renaissance Capital. The company has received approval from its board and shareholders to pursue a secondary listing on the Nigerian Exchange after completing its primary listing in New York, subject to market conditions, requirements and regulatory approvals.