OPay files for New York listing: what it means for you

Mobile money company OPay has filed to list its shares on the New York Stock Exchange under the ticker “OPAY”. It submitted a registration statement on Form F-1 to the US Securities and Exchange Commission (SEC) on Friday, 9 October 2026, according to the filing and reports by Peoples Gazette and Nairametrics.

Millions of Nigerians use OPay for transfers, payments and savings, and the filing gives the public its first detailed look at the company’s finances. It also says the company plans a second listing on the Nigerian Exchange (NGX) in Lagos after its New York debut.

What has OPay filed?

An F-1 is the registration statement a foreign company files with the SEC before selling shares to the public in the United States. OPay’s is a preliminary document: it does not yet say how many shares will be sold or at what price, Peoples Gazette and Technext reported.

Investors in New York would buy American depositary shares (ADSs), which represent ordinary shares in OPay Limited. The parent company is incorporated in the Cayman Islands and has its head office in Singapore, the filing shows. Its lead underwriters are Citigroup, Deutsche Bank, Standard Bank and CICC.

The company describes itself in the filing this way: “OPay is a digital financial platform built for the challenges of emerging markets.”

How big is OPay?

OPay had 50.1 million monthly active users and 26.8 million daily active users as of 31 July 2026, according to the filing.

Its revenue rose to $536.3 million in 2025 from $205.7 million in 2024, and it made a net profit of $72.5 million in 2025. In the first six months of 2026, revenue was $467.1 million, up from $197.5 million a year earlier, and net profit was $90.9 million.

Nigeria is by far its biggest market. It provided 88.1% of revenue in 2025 and 89.5% in the first half of 2026, the filing shows. “We processed 90.1 billion transactions, representing US$558 billion GTV for the 12 months ending June 30, 2026,” the company said, referring to gross transaction value.

Lending is growing fast. New loans rose to $938.3 million in 2025 from $243.9 million in 2024, Nairametrics reported.

Who is backing the listing?

Stanbic Africa Holdings, part of South Africa’s Standard Bank Group, has agreed to buy OPay shares in a private placement alongside the offering. The filing caps the investment at the lowest of $200 million, the dollar value of 0.98% of Standard Bank Group’s qualifying regulatory capital, or 4.99% of OPay’s shares after the offering.

The deal depends on the offering going ahead and on regulatory approvals. Stanbic has agreed not to sell the shares for 12 months after the prospectus date, subject to exceptions, the filing says.

Can Nigerians buy OPay shares?

Not on the NGX yet. OPay said its board and shareholders have approved a secondary listing on the Nigerian Exchange after the New York listing. That would depend on market conditions and on Nigerian rules, including the Investments and Securities Act 2025, the rules of the Securities and Exchange Commission of Nigeria and the NGX Rulebook, Nairametrics reported.

The company warned that shares traded on the NGX may not be interchangeable with its New York ADSs unless cross-market arrangements are put in place. That could split trading between the two markets and lead to different prices, according to Nairametrics.

Anyone thinking of buying should also note this line from the filing: “We do not expect to pay dividends in the foreseeable future.” GistMatrix does not give investment advice. Read the final prospectus and speak to a licensed adviser before making any decision.

What does it mean for OPay users?

The filing is about who owns the company, not about customer accounts. But a listed company has to publish regular financial reports, which would give customers, regulators and investors a clearer view of OPay’s health.

The filing lists the risks OPay faces, including competition, cybersecurity, changing regulation and exposure to exchange rates and interest rates, Technext reported. “We expect competition to intensify as more players enter the fintech and microfinance banking space in our markets,” the company said.

OPay said it plans to use the money it raises for general corporate purposes, including technology, distribution, new products and expansion into new markets, as well as possible acquisitions.

What happens next

The SEC will review the filing. OPay must then set a price range and the number of shares on offer before the shares can start trading in New York. The preliminary filing gives no date. The NGX listing would come only after the New York listing, and the company said it is subject to market conditions.