Nigerian fintech company OPay is planning to list its shares on the Nigerian Exchange.
Sources familiar with the development told Nairametrics that OPay is expected to formally announce plans for the Nigerian Exchange listing soon. The potential listing could become one of the most significant technology offerings in the history of Nigeria’s capital market.
The development comes as OPay reportedly targets a valuation of about $4 billion for a separate potential US Initial Publuc Offering. It is not yet clear whether the Nigerian listing would take place alongside the US offering or subsequently under a dual-listing arrangement.
A Nigerian listing would allow domestic investors to participate directly in OPay’s growth and could provide the company with access to additional local capital. It would also represent a major test of the Nigerian Exchange’s ability to attract high-growth technology companies that have traditionally looked to overseas markets for public listings.
OPay has grown rapidly in Nigeria’s digital financial services market, building a large user base around payments, transfers and other financial services. Its expansion has made the company one of the most prominent fintech businesses operating in the country.
The proposed listing comes as activity on the Nigerian Exchange has strengthened significantly. Domestic transactions reached a record $7.9 billion in July, accounting for almost 90% of total market activity, according to data from the exchange.
Nigeria is also set to regain Frontier Market status under global index provider FTSE Russell from September 21. The reclassification could improve the visibility of Nigerian equities among international investors and potentially support greater capital inflows into the market.
For OPay, a local listing could strengthen its connection with the Nigerian market while giving retail and institutional investors an opportunity to benefit from its growth. It could also encourage other Nigerian technology companies to consider domestic listings rather than pursuing public offerings exclusively in foreign markets.
The potential transaction would nevertheless face regulatory and valuation considerations, particularly given the difference between Nigeria’s capital market and the deeper pools of institutional capital available in the United States.
No details have yet been disclosed on the size, timing or structure of the proposed NGX offering.
If completed, OPay’s listing would mark an important milestone for Nigeria’s technology sector and could establish a precedent for other major African fintech companies considering public-market fundraising.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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