OPay Limited has experienced a remarkable surge in its financial operations, processing a colossal gross transaction value (GTV) of $358 billion in the fiscal year 2025. This figure represents a staggering increase of more than double the $166.2 billion recorded in the preceding year, 2024. This exponential growth underscores the fintech giant’s aggressive expansion within its payments sector, a strategic move that aligns with its preparations for a potential Initial Public Offering (IPO) on the New York Stock Exchange.
Information gleaned from an investment document pertaining to the company’s prospective IPO, which was reviewed by Nairametrics, reveals that this impressive 115% leap in transaction value was not an isolated achievement. It was intrinsically linked to a concurrent, substantial augmentation of OPay’s user base and a significant scaling up of its lending activities. The document details that the fintech’s monthly active users saw a robust increase of 57%, growing from 25.1 million in 2024 to 39.3 million in 2025. Furthermore, daily active users demonstrated equally strong momentum, with a 50% rise to 22.7 million during the fourth quarter of 2025. This sustained engagement resulted in OPay achieving a daily active user to monthly active user ratio of 57.8% in Q4 2025, indicating a highly engaged and active user community.
The impressive growth in transaction volume was mirrored by a considerable expansion in OPay’s credit and lending services. The volume of new loans originated experienced an extraordinary surge of 285%, escalating from $243.9 million in 2024 to an impressive $938.3 million in 2025. Concurrently, the number of unique borrowers utilizing the platform on a quarterly basis within Nigeria saw a substantial increase of 119%, reaching 4.6 million individuals. This amplified transaction activity translated directly into OPay’s financial outcomes, with total revenue demonstrating an impressive 161% growth, climbing from $205.7 million in 2024 to $536.3 million in 2025.
Significantly, OPay also achieved a turnaround in its profitability during 2025. The company transitioned from an operating loss of $35.1 million in 2024 to a healthy operating profit of $107.1 million in 2025. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also swung positively, moving from a deficit of $33.6 million to a profit of $113.1 million. The investment document further clarified that the reported net loss attributable to ordinary shareholders might differ from the company’s operational profitability due to non-cash adjustments related to redeemable convertible preferred shares. These preferred shares are anticipated to be converted into ordinary shares upon the successful completion of a qualified IPO.
Nigeria continues to be the cornerstone of OPay’s operations, contributing a dominant 88.1% to the company’s revenue in 2025. This is followed by Indonesia, which accounted for 9.9% of revenue, Egypt with 1.6%, and other international markets making up the remaining 0.4%. OPay’s operational footprint extends across Nigeria, Indonesia, Egypt, and Pakistan, where it positions itself as a comprehensive digital financial platform. Its offerings encompass payments, savings, credit facilities, and various lifestyle services, all accessible through a user-friendly, mobile-first application.
The company’s strong standing in Nigeria is buttressed by its possession of crucial licenses, including those of a Mobile Money Operator and a Microfinance Bank. In testament to its operational efficiency, OPay’s platform achieved a first-attempt transaction success rate exceeding 99% in the fourth quarter of 2025. Further insights from the company’s promotional materials indicate that as of March 2026, approximately 70% of OPay’s monthly active wallet users in Nigeria were actively engaging with more than five distinct product use cases. This high level of engagement is complemented by an exceptional retention rate of 96% among this cohort in the subsequent month.
OPay, recognized as one of Africa’s prominent ‘unicorns’ (privately held startup companies valued at over $1 billion), is actively pursuing a US IPO with an ambitious valuation target of approximately $4 billion. To facilitate this significant undertaking, the company has appointed leading financial institutions, namely Citigroup, Deutsche Bank, and JPMorgan Chase, to manage the offering. This strategic move was initially reported by Bloomberg in May and is anticipated to materialize later in the current year.
However, the planned US IPO has not been without its critics, particularly among Nigerian investors. Many have raised questions regarding the company’s decision to list in the United States, given that its primary revenue streams originate from Nigeria. In a move that acknowledged these sentiments, the Chief Executive Officer of the Nigerian Exchange Limited (NGX), Temi Popoola, recently appealed to President Bola Ahmed Tinubu to champion policies that would encourage major corporations operating within Nigeria, especially high-growth fintech entities, to consider listing on the domestic stock exchange.
Building on its market successes, OPay announced in July an ambitious long-term objective to reach one billion users globally. This target is coupled with plans to support ten million merchants and foster the creation of one million jobs across its various operating markets. Elizabeth Wang, Chief Commercial Officer of OPay, elaborated on the company’s long-term vision, stating that its strategy extends beyond merely operating a payment platform. The core focus, she emphasized, is on leveraging technology to broaden access to financial services and to promote greater participation in the burgeoning digital economy. Ms. Wang further articulated that OPay was founded with the explicit mission of advancing financial inclusion through technological innovation, thereby cultivating a platform that generates economic opportunities for individuals, businesses, and entire communities.
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