Opay Digital Services Ltd. is considering a secondary listing on Nigeria’s stock exchange or NGX after an initial public offering (IPO) in the US, Bloomberg reported, citing people with knowledge of the matter.
Opay, the Nigeria-focused financial-technology company, is expected to unveil its prospectus for the IPO in New York soon, two of the people said, asking not to be identified because the information is still private.
Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. are working with the company on the sale.
Representatives of Opay and the Nigerian Stock Exchange declined to comment.
The listing will provide local investors with an opportunity to own a stake in a company that does most of its business in Nigeria, Africa’s most-populous nation.
Opay serves as many as 50 million users. The company has become a key beneficiary of Nigeria’s rapidly growing population and shift toward mobile payments and digital banking.
Besides Opay, Nigeria has produced a large number of fintech unicorns — startups with a valuation that exceeds a $1 billion — in recent years, such as Flutterwave, Interswitch and Moniepoint.
African mobile-payment companies including Airtel Africa Plc’s mobile-money business and PalmPay Ltd. are also seeking to raise funds through planned initial public offerings.
Mobile-money operators in sub-Saharan Africa handled $1.4 trillion of transactions in 2025, according to the GSM Association. That’s 66% of global activity. McKinsey & Co. estimates that revenue at African fintechs may reach $47 billion by 2028.
Nigeria’s NGX All Share Index has risen 70% this year in dollar terms, making it the world’s best performer.
Opay turned profitable last year as transaction values more than doubled to $358 billion, according to a company document seen by MoneyCentral.
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