African digital financial services platform OPay has secured formal approval from its board of directors and shareholders to pursue a secondary listing on the Nigerian Exchange Limited (NGX).
This would come after the completion of its planned Initial Public Offering (IPO) on the New York Stock Exchange (NYSE).
The cross-border dual listing strategy was disclosed in OPay’s Form F-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 9, 2026.
While the U.S. primary offering provides access to global institutional capital at an estimated valuation targeting $4.0 billion, the secondary listing on the NGX provides domestic retail and pension fund investors with direct equity exposure to Nigeria’s largest digital payments processor.
OPay Eyes Up to $500 Million in New York Listing
OPay plans to raise about $500 million with its private placement and an initial public offering in New York, Bloomberg reported citing people familiar with the matter.
The total includes $200 million from a parallel private placement with Standard Bank Group Ltd.
The Nigeria-focused financial-technology company signed two agreements with Standard Bank Group Ltd. that include a stake sale through the private placement and the lender’s Africa head, Lungisa Fuzile, serving on the board of directors, according to the prospectus filed Friday.
The final size of the placement hinges on currency fluctuations as does the size of Standard’s holding, which won’t exceed 4.99%.
OPay and Standard Bank plan to work on services including merchant acquisition, distribution of wealth products and foreign exchange, according to a non-binding memorandum between the parties.
OPay’s revenue more than doubled to $806 million in the year through June, with the bulk coming from Nigeria, Africa’s most populous nation. It also operates in Egypt, Pakistan and Indonesia.
OPay is emerging as one of Africa’s most valuable fintech companies and a dominant player in Nigeria’s fast-growing digital payments sector, with more than 50 million active users monthly.
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