OPay clears $358bn transactions, targets $4bn US IPO
Fintech's operating profit hits $107.1 million as user base grows to 39.3 million
Nigerian fintech giant OPay processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded the previous year, as the company prepares for a potential $4 billion initial public offering (IPO) in the United States.
The 115 per cent growth in transaction value came alongside a sharp rise in revenue, which jumped 161 per cent to $536.3 million.
The company also swung to an operating profit of $107.1 million, reversing a $35.1 million loss recorded in 2024. Earnings before interest, tax, depreciation and amortisation (EBITDA) followed a similar trajectory, turning a $33.6 million loss into a $113.1 million profit.
Nigeria remained OPay’s dominant market, accounting for 88.1 per cent of total revenue, followed by Indonesia at 9.9 per cent, Egypt at 1.6 per cent, and other markets making up the remaining 0.4 per cent.
The company’s user base also expanded significantly. Monthly active users rose 57 per cent to 39.3 million, while daily active users in the fourth quarter climbed 50 per cent to 22.7 million, putting the daily-to-monthly active user ratio at 57.8 per cent.
OPay’s lending business recorded the sharpest growth among its segments. New loans originated surged 285 per cent to $938.3 million, up from $243.9 million in 2024, while unique borrowers in Nigeria rose 119 per cent to 4.6 million.
On the IPO front, OPay is targeting a listing in the United States at a valuation of approximately $4 billion, with Citigroup, Deutsche Bank and JPMorgan Chase serving as bookrunners.
The offering, expected later in 2026, was first reported by Bloomberg in May. The planned US listing has drawn criticism from some Nigerian investors questioning why the company would bypass the Nigerian Exchange (NGX).
NGX Chief Executive Officer, Temi Popoola, has recently called for policies that would require major fintechs operating in Nigeria to list locally.
Beyond its financial results, OPay reported a transaction success rate of over 99 per cent in the fourth quarter of 2025.
As of March 2026, about 70 per cent of the company’s Nigerian wallet monthly active users engaged with five or more product use cases, with a 96 per cent retention rate into the following month for this group.
The company currently holds a Mobile Money Operator licence and a Microfinance Bank licence in Nigeria.
OPay has set a long-term target of reaching one billion users, 10 million merchants, and creating one million jobs across its markets of operation.
