OPay has secured board and shareholder approval to pursue a listing on the Nigerian Exchange Limited (NGX) following its planned initial public offering (IPO) on the
New York Stock Exchange (NYSE), potentially giving Nigerian investors an opportunity to own shares in the fintech company.
The development was disclosed in OPay’s registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026.
The company is seeking to list its American Depositary Shares under the proposed ticker symbol OPAY in the United States, with a secondary listing in Nigeria expected to follow if the necessary conditions are met.
The proposed NGX listing could widen access to OPay’s ownership for local investors, particularly as the company continues to expand its digital financial services across Nigeria.
However, the plan remains subject to market conditions, regulatory approvals and compliance with the relevant Nigerian capital market rules.
According to the filing, OPay has warned that shares traded on the NGX may not initially be interchangeable with its American Depositary Shares on the NYSE.
Without arrangements allowing investors to transfer their holdings between the two markets, the securities could trade at different prices and experience separate levels of liquidity.
American Depositary Shares are securities that represent shares in a foreign company and allow investors to trade their interests through a United States stock exchange.
The proposed structure would enable OPay to access international capital markets while exploring opportunities for Nigerian investors to participate through the domestic exchange.
The move also comes as the NGX seeks to attract more technology companies and businesses with significant operations in Nigeria.
A successful OPay listing could broaden the exchange’s exposure to the fintech sector and create another avenue for investors to participate in the country’s growing digital economy.
OPay’s financial performance has strengthened its position ahead of the proposed U.S. offering.
The company reported revenue of $467.1 million in the first half of 2026, more than double the $197.5 million recorded in the corresponding period of 2025.
Net income also increased to $90.9 million from $21.7 million, according to reported IPO figures.
Nigeria accounted for 89.5 per cent of the company’s revenue during the first half of 2026, highlighting the importance of the domestic market to its business.
Despite the approvals, OPay has not confirmed when its Nigerian listing will take place or how many shares may become available to local investors.
The effectiveness of the proposed arrangement will depend on the completion of its U.S. listing and the fulfilment of Nigerian regulatory and operational requirements.
The planned secondary listing could mark a significant development for Nigeria’s capital market by connecting domestic investors with a major digital payments business.
However, the eventual benefits will depend on the listing structure, share availability and the level of trading activity on the exchange.
Source: The Guardian Nigeria and OPay’s SEC registration statement.
