OPay has filed to list on the New York Stock Exchange under the ticker "OPAY". Its filing shows revenue more than doubled to $467.1 million in the first half of 2026, and net income rose from $21.7 million to $90.9 million.
Where the money comes from:
The surprise in the filing is what OPay earns from. Loans, not payments, are now its biggest business.
Lending: $236.1 million, about half of all revenue, up 168%.
Payments and transactions: $130.6 million.
Interest on short-term investments: $50.6 million, earned on the cash customers keep in their wallets.
Loan facilitation and other: $49.8 million.
Nigeria brings in 89.5% of revenue. OPay had 50.1 million monthly active users at the end of July.
The lending machine:
OPay lent $927.6 million in new loans in the first half, three times the $305.1 million a year earlier. Loans and interest owed to it rose to $324.9 million at the end of June, from $196.1 million in December.
That growth comes at a cost. OPay set aside $118.4 million for expected credit losses in the half, up 210% and equal to about a quarter of its revenue. Loans more than 90 days overdue were 4.3% of the book at the end of June, down from 4.8% a year earlier.
The bigger picture:
This is a very different company from the one that raised $400 million at a $2 billion valuation in 2021. It made a $72.5 million profit in 2025 after losing $50.8 million in 2024, and earlier reports put its IPO valuation at about $4 billion.
The deal has heavyweight backing. Citigroup, Deutsche Bank, Standard Bank and CICC are underwriting it, and Standard Bank's Stanbic Africa Holdings has agreed to invest up to $200 million alongside, capped at 4.99% of the company. SoftBank entities hold 6.6%. Pricing is expected in mid-November, with a secondary listing on the Nigerian Exchange to follow.
The filing also carries a warning for local investors: shares bought in Lagos may not be exchangeable for the New York shares, which could limit trading and let the two prices drift apart.
What it means for you:
If you invest, a Lagos listing would give Nigerians a rare way to own a stake in one of the country's largest fintechs on a local exchange. The numbers to watch sit behind the headline growth: how much OPay sets aside for bad loans, and whether profit keeps growing faster than those provisions.