NIGERIA · MARKETS
Key Facts
- The country Nigeria is West Africa’s most populous country and its largest economy, with more than 200 million people.
- What happened OPay, a payments company that launched in Nigeria in 2018, began trading on the New York Stock Exchange on Friday 30 October 2026.
- The money It sold 16 million shares at US$19 each to raise US$304 million, and says its market value tops US$4 billion.
- The business OPay reports 50.1 million monthly users, and Nigeria supplied 89.5% of its revenue in the first half of 2026.
- Why it matters US investors can now buy a direct stake in Nigeria’s shift from cash to phone payments.
- Still open The sale closes on Monday 2 November 2026, and a second listing in Lagos still needs approvals.
The OPay NYSE listing began on Friday 30 October 2026 in New York, where the Nigerian-built payments company says it raised US$304 million. OPay sold 16 million American Depositary Shares at US$19 each and says its market value tops US$4 billion.
For US readers, this listing offers a direct stake in a company whose customers live in Nigeria, Egypt, Pakistan and Indonesia. It also tests whether American investors will pay up for African growth while the company still carries heavy credit losses.
What Happened on Friday
The OPay NYSE listing opened Friday 30 October 2026 on the New York Stock Exchange under the ticker OPAY, the company says. The US market regulator, the Securities and Exchange Commission (SEC), declared the sale effective on 29 October, and it closes Monday 2 November.
Each share offered is an American Depositary Share, a certificate traded in US dollars that stands for 10 ordinary shares. The price of US$19 sat at the bottom of the US$19 to US$21 range that OPay set in its filing.
What OPay Does
The company launched in Nigeria in 2018 and runs a phone app where people store money, send transfers, pay bills and borrow. It also sells payment services to shops and holds a microfinance bank licence in Nigeria that it obtained in 2022.
The company works in Nigeria, Egypt, Pakistan and Indonesia, and says it serves 50.1 million monthly users as of 31 July 2026. Its leaders say about 40 million Nigerian adults still sit outside the formal financial system.
The Numbers Behind the Listing
OPay’s filing with the SEC shows revenue of US$536.3 million in 2025, up from US$205.7 million in 2024. In the first six months of 2026 revenue reached US$467.1 million, against US$197.5 million a year earlier.
Nigeria brought in US$417.6 million of that first-half revenue, or 89.5%, while Indonesia added 8.9%. The company reports net income of US$61.0 million for ordinary shareholders in the first half of 2026.
Who Backed the Offering
The lead banks on the sale are Citigroup, the US bank, Deutsche Bank, Standard Bank of South Africa and China International Capital Corporation. Standard Bank’s parent, Standard Bank Group, has also agreed to a separate private purchase of up to US$200 million of new shares.
Existing investors, including SBVA, the former SoftBank Ventures Asia fund, signalled interest in buying part of the offering. Those expressions of interest were not binding commitments when the company filed its prospectus.
Risks Investors Weigh
OPay set aside US$118.4 million for expected loan losses in the first half of 2026, up from US$38.1 million a year earlier. Lending to small borrowers is profitable when repayments arrive, but losses rise quickly when they do not.
Nearly nine-tenths of revenue comes from Nigeria, so inflation and the naira matter, as our report on Nigerian business growth at a four-year high shows. The company also says it is applying for more licences in Egypt, where it currently offers only merchant payments.
A Second Listing in Lagos
OPay says its board and shareholders approved a second listing on the Nigerian Exchange, the stock market in Lagos, after the New York listing. That step still needs good markets and approval from Nigerian regulators.
A Lagos listing would let Nigerian savers buy the same shares in their own country. The company has not given a date for it.
What It Means for US Readers
After the OPay NYSE listing, American investors can buy OPAY through ordinary brokerage accounts, which opens a door to Nigeria’s phone-payments boom. They should read the prospectus on the SEC website, because the shares can swing sharply in the first weeks of trading.
The OPay NYSE listing also shows Wall Street is willing to back African consumer technology after several quiet years for such deals. US banks such as Citigroup earn fees on the sale, so the deal connects American finance directly to Nigerian households.
What Is Not Known
The company has not said how it reached its US$4 billion value in the OPay NYSE listing. The share price after the first trading days is also unknown, so early buyers may see gains or losses.
It is not yet clear whether Standard Bank will buy the full US$200 million in its private placement. The timing of the Lagos listing is also open.
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
What is OPay?
OPay is a digital payments and banking app that launched in Nigeria in 2018. It also operates in Egypt, Pakistan and Indonesia.
How much did the OPay NYSE listing raise?
The company says it sold 16 million shares at US$19 each, raising US$304 million. It says its market value is above US$4 billion.
When did OPay start trading in New York?
The OPay NYSE listing began trading on Friday 30 October 2026 under the ticker OPAY. The sale is due to close on Monday 2 November.
Can US investors buy OPay shares?
Yes, the shares trade on the New York Stock Exchange and can be bought through ordinary brokerage accounts. Investors should read the prospectus first.
Will the OPay NYSE listing be followed by one in Lagos?
The company plans a second listing on the Nigerian Exchange after the New York listing. It still needs market conditions and regulatory approvals.
Sources: OPAY Ltd, registration statement (Form F-1/A), US Securities and Exchange Commission, 23 October 2026; OPAY Ltd, filing list including the notice of effectiveness of 29 October 2026, US Securities and Exchange Commission, 29 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief