Fintech Targets Nigerian Investors With Proposed NGX Listing

Financial technology company OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX), following its proposed initial public offering (IPO) in the United States.

The plan, disclosed in a registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026, provides for OPay to list its American Depositary Shares (ADSs) on the New York Stock Exchange (NYSE) under the proposed ticker symbol OPAY.

However, the US offering is yet to be completed, with the proposed listing subject to regulatory approvals and other requirements. The company has not announced a confirmed trading date or final offer price.

The proposed NGX listing would follow the US offering and would require compliance with Nigerian Securities and Exchange Commission regulations, NGX rules and other applicable requirements.

The development could give Nigerian investors access to a fintech business with significant exposure to the domestic market, while providing OPay with a potential route to broaden its shareholder base beyond international investors.

Figures contained in the company’s filing highlight Nigeria’s importance to its operations. The country accounted for approximately 89.5 per cent of OPay’s revenue in the first half of 2026, reflecting its heavy reliance on the Nigerian market.

The firm reported revenue of $467.06 million during the period, representing a 136.5 per cent increase from the corresponding period of 2025. Net profit also rose to $90.87 million from $21.71 million recorded in the first half of last year.

The proposed listings could therefore place the company’s financial performance under greater scrutiny from investors, particularly as its earnings are largely tied to developments in Nigeria’s digital payments and financial services market.

Meanwhile, for local investors, a listing on the NGX could provide an alternative to accessing the company’s securities through foreign markets. It could also add another digital financial services company to Nigeria’s capital market, although the extent of investor participation would depend on the eventual listing structure, valuation and trading conditions.

However, OPay disclosed that shares traded on the NGX might not be directly exchangeable for its NYSE-listed ADSs unless appropriate arrangements are established. This could restrict transfers between the two markets and result in differences in share prices and trading liquidity.

Consequently, the proposed Nigerian listing remains subject to further regulatory and procedural steps. Board and shareholder approval represents an important step towards the plan but does not constitute final approval from Nigerian regulators or confirm when trading will commence on the NGX.