Fintech company OPay processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded in 2024, as it prepares for a possible listing on the New York Stock Exchange.
According to an IPO investment document seen by Nairametrics, the 115% growth in transaction value was accompanied by rise in users and lending.
Monthly active users rose 57% from 25.1 million in 2024 to 39.3 million in 2025, while daily active users in Q4 rose 50% to 22.7 million. This gave a daily-to-monthly ratio of 57.8% in Q4 2025.
New loans originated rose 285% from $243.9 million in 2024 to $938.3 million in 2025, while quarterly unique borrowers in Nigeria rose 119% to 4.6 million.
The surge reflected in financial performance. Total revenue rose 161% from $205.7 million in 2024 to $536.3 million in 2025.
Operating income moved from a $35.1 million loss in 2024 to $107.1 million profit in 2025, while EBITDA moved from a $33.6 million loss to $113.1 million profit.
The document said net loss attributable to ordinary shareholders differs from operating profit because of non-cash accretion on redeemable convertible preferred shares, which will convert to ordinary shares upon qualified IPO.
Nigeria accounted for 88.1% of OPay’s revenue in 2025, followed by Indonesia with 9.9%, Egypt with 1.6% and others with 0.4%.
OPay operates in Nigeria, Indonesia, Egypt and Pakistan as a digital platform for payments, savings, credit and lifestyle services via mobile app. In Nigeria, it is licensed as a Mobile Money Operator and Microfinance Bank and recorded over 99% first-attempt transaction success rate in Q4 2025.
About 70% of Nigerian wallet monthly active users used more than five product use cases as of March 2026, with 96% retention next month among that group.
IPO Plan And Debate Over Listing Abroad
OPay, an African unicorn, plans a US IPO targeting about $4 billion valuation, with Citigroup, Deutsche Bank and JPMorgan Chase as managers. The plan was first reported by Bloomberg in May and expected later this year, according to Bloomberg.
The plan has drawn criticism from Nigerian investors who query why the firm chooses US listing while earning most money from Nigeria.
Nigerian Exchange Limited CEO Temi Popoola last week asked President Bola Tinubu to support policies requiring major companies operating in Nigeria, especially fintechs, to list locally.
