Opay Considers Secondary NGX Listing Following US IPO

Opay Digital Services Ltd is weighing the possibility of a secondary stock listing on the Nigerian Exchange. The financial technology company, backed heavily by SoftBank Group, is currently preparing for an initial public offering in the United States. While the main public listing will likely happen in New York, corporate leadership is actively evaluating options to list shares locally in Africa. This dual listing structure would allow local retail and institutional investors to directly participate in the financial upside of the business.

The company originally launched its services intending to capture the unbanked population across West Africa. Today, Opay serves roughly 50 million active users in Nigeria alone. It rapidly became one of the most dominant financial applications in the country, processing daily transfers, bill payments, and merchant settlements. A listing on the local exchange would inject massive capital into the Nigerian stock market and set a fresh precedent for other technology firms operating in the region.

Financial Performance and Market Valuation

Behind closed doors, the payments firm is targeting a massive valuation of roughly $4B for its United States public offering. Global financial institutions including Citigroup, Deutsche Bank, and JPMorgan Chase are currently advising the company on the sale. These heavy institutional partnerships indicate the sheer scale of the upcoming financial event.

The push for public investment comes on the heels of staggering financial expansion. During 2025, the application processed $358B in gross transaction value, representing a 115 percent jump from the previous year. Revenue numbers climbed sharply, hitting $536.3M. More importantly, the company successfully reached profitability, recording an operating income of $107.1M and reversing prior financial losses. If you want to compare how other financial startups are securing large valuations before going public, you can read our recent coverage detailing how DeepSeek is preparing for a massive 2027 public listing.

Pressure From Local Authorities

The idea of a local stock offering matches up perfectly with recent advocacy from Nigerian financial regulators. Temi Popoola, the Chief Executive Officer of the NGX Group, has publicly urged the national government to encourage massive companies generating their main revenue in Nigeria to list their shares on the domestic exchange. The logic is simple: if a company makes most of its money from Nigerian citizens, those citizens should have the opportunity to buy shares and share in the corporate wealth.

Currently, the local stock exchange is heavily weighted toward traditional banking, cement manufacturing, and telecommunications. Adding a massive technology unicorn like Opay would completely alter the makeup of the market. It would provide domestic pension funds and retail buyers with direct exposure to the rapidly expanding digital payment sector.

Paving the Way for Other Tech Firms

A successful secondary listing by Opay could trigger a wave of similar financial moves. Nigeria currently houses several private financial technology unicorns, including Flutterwave and Moniepoint. If Opay proves that a dual listing structure works properly, other large competitors might choose to follow the exact same path. You can see how other regional players are securing massive private capital by reviewing how Flutterwave reached its three billion dollar valuation.

Although the exact timing and structure of the Nigerian listing remain unconfirmed, the financial markets are watching the situation closely. Industry watchers suspect the initial prospectus filed in the United States will establish the baseline valuation, which will then determine the pricing for any shares offered domestically. Regardless of the final structure, bridging international capital with local retail investment could reshape how technology companies approach public markets across the entire African continent.

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