Fintech company, OPay, processed gross transaction value of $358 billion in 2025, more than double the $166.2 billion recorded in 2024, highlighting the rapid expansion of the fintech’s payments business as it prepares for a potential listing on the New York Stock Exchange.
According to an investment document on the company’s planned Initial Public Offering seen by Nairametrics, the 115 per cent growth in transaction value, the amount sent and received on the fintech platform, was accompanied by a sharp increase in its user base and lending activities.
The fintech’s monthly active users rose 57 per cent from 25.1 million in 2024 to 39.3 million in 2025, while daily active users in the fourth quarter increased 50 per cent to 22.7 million.
This gave OPay a daily active user to monthly active user ratio of 57.8% in Q4 2025.
The transaction growth also coincided with a significant expansion in OPay’s lending business. New loans originated rose 285% from $243.9 million in 2024 to $938.3 million in 2025, while the number of quarterly unique borrowers in Nigeria increased 119% to 4.6 million.
The surge in transaction activity was reflected in OPay’s financial performance, with total revenue rising 161% from $205.7 million in 2024 to $536.3 million in 2025.
The company also returned to profitability during the year. Operating income moved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025, while EBITDA swung from a $33.6 million loss to a $113.1 million profit.
The investment document noted that the reported net loss attributable to ordinary shareholders differs from the company’s operating profitability because of non cash accretion on redeemable convertible preferred shares, which are expected to convert to ordinary shares upon a qualified IPO.
Nigeria accounted for 88.1% of OPay’s revenue in 2025, followed by Indonesia with 9.9%, Egypt with 1.6% and other markets with 0.4%.
OPay operates across Nigeria, Indonesia, Egypt and Pakistan and describes itself as a digital financial platform combining payments, savings, credit and lifestyle services through a mobile first application.
The company said its position in Nigeria is supported by its licences as a Mobile Money Operator and Microfinance Bank, while its platform recorded a first-attempt transaction success rate of more than 99% in Q4 2025.
The teaser also said approximately 70% of OPay’s Nigerian wallet monthly active users were using more than five product use cases as of March 2026, with 96% retention next month among this group.
OPay, which is one of Africa’s unicorns, is planning a US IPO targeting a valuation of approximately $4 billion, with Citigroup, Deutsche Bank, and JPMorgan Chase appointed to manage the offering.
The deal was first reported by Bloomberg in May and is expected to take place later this year.
Meanwhile, the planned US IPO has also drawn criticisms from Nigerian investors, with many querying why the company has chosen the US to list when it is making most of its money from Nigeria.
In what came as an official recognition of the Nigerian sentiment, the Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola, last week urged President Bola Ahmed Tinubu to support policies that would require major companies operating in Nigeria, particularly high-growth fintech firms, to list on the domestic stock exchange.
Consolidating on its gains in the market, OPay in July announced a long-term target of reaching one billion users, supporting 10 million merchants and creating one million jobs across its markets.
According to Elizabeth Wang, Chief Commercial Officer of OPay, the company’s long-term strategy extends beyond operating a payment platform, with a focus on using technology to expand access to financial services and support wider participation in the digital economy.
She said the company was established to promote financial inclusion through technology while building a platform that can create economic opportunities for individuals, businesses and communities.
