OPay Digital Services Limited, the SoftBank-backed payments platform, has tapped Citigroup, Deutsche Bank, and JPMorgan Chase to lead its upcoming initial public offering (IPO) in the United States.
Targeting a valuation of approximately $4 billion, the listing marks a significant valuation step up for the platform and highlights the rapid growth of the African fintech ecosystem.
A target valuation of $4 billion (₦5.8 trillion) surpasses the market capitalizations of Nigeria’s largest traditional banks, including Zenith Bank (₦5.26 trillion) and Guaranty Trust Holding Company (₦5.08 trillion), underscoring fintechs’ disruption of Nigeria’s legacy banks amid a boom in digital lenders.
It would also be 4 times the valuation of Access Holdings (₦1.359 trillion), Nigeria’s largest lender by assets, with banking operations in 24 countries, who has just been ordered by the Central Bank of Nigeria (CBN) to sell stakes in foreign units over capital concerns from its rapid expansion.
OPAY, with over 40 million users, could sell shares later this year, the people said, requesting anonymity as talks are private. Representatives for the parties declined to comment.
Fintech Tops Banks
The impending public market debut highlights a shift in the valuation landscape between digital payments providers and traditional tier-one commercial banks in Nigeria who are struggling to grow profits.
Zenith Bank Plc, Nigeria’s largest lender by market capitalization, recorded a flat performance in the first quarter of 2026, with profit after tax settling at ₦314 billion, compared to ₦311.83 billion in the corresponding period of 2025.
Guaranty Trust Holding Company (GTCO), a bellwether for the Nigerian banking sector, reported a 15.4% decline in Profit After Tax (PAT) for the first quarter of 2026.
Opay, founded by Chinese billionaire Yahui Zhou, last raised $400 million in 2021 at $2 billion from SoftBank Vision Fund, Sequoia Capital and others.
The company brought on board James Perry, a former Citigroup managing director, as CFO in late 2025 to manage US regulatory compliance and financial reporting requirements.
Africa Fintech Surge
Nigeria’s fintech scene—home to unicorns like Flutterwave, Moniepoint and Interswitch—thrives on fixing bank glitches, outages and fraud. Rising demand for mobile financial services is also prompting Airtel Africa Plc to plan spinning off its mobile money unit.
Industry Implications and Strategic Context
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Market Consolidation: A recent CBN directive that limits Point-of-Sale agents to work with a single financial institution has consolidated OPay’s dominance in the domestic payments space, creating an operational moat against network fragmentation.
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Broader Fintech Momentum: The OPay listing serves as a bellwether for other African fintech unicorns, such as Flutterwave, Moniepoint, and Interswitch, which are exploring global public markets. According to McKinsey & Co., African fintech companies could generate $47 billion in revenue by 2028.
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Previous Funding: The company raised $400 million in August 2021 at a $2 billion valuation. Opera Limited, an early investor holding a 9.5% stake, valued its position at $294.6 million in recent regulatory filings, signaling that the IPO is a continuation of the platform’s sustained growth.
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