Nigeria Pushes For OPay, PalmPay To List Locally As Overseas IPOs Loom
Weeks after the head of the Nigeria Exchange Group (NGX) namechecked some of Nigeria’s biggest fintechs eyeing IPOs elsewhere while nudging them to also consider local listings, one of Nigeria’s largest fintech companies, OPay, is reportedly weighing listing its shares on the Nigerian Exchange, a move that could give local investors a stake in a business that generates nearly 90% of its revenue from the country.
The proposed local listing comes as OPay also prepares for a potential initial public offering in the United States that could value the SoftBank-backed company at about USD 4 B. It remains unclear whether the Nigerian listing would happen alongside the US IPO or later under a dual-listing structure. OPay has not disclosed the timing, size or valuation of the proposed share sale.
The development follows a push by Nigerian Exchange Group Chief Executive Officer Temi Popoola, who in early August urged President Bola Tinubu to support measures encouraging major companies generating substantial revenue in Nigeria to list locally. Popoola specifically cited OPay and PalmPay as fintech companies considering overseas listings and argued that Nigerian investors should have the opportunity to participate in the wealth being created by such businesses.
“While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country,” Popoola was quoted as saying following the meeting with the president.
Despite launching a dedicated Technology Board in 2022 to attract high-growth tech companies, the NGX has not recorded a single tech IPO to date. A report by TLP Advisory found that more than half of surveyed startups lacked clarity on the listing process, while currency mismatches and concerns over market liquidity have deterred founders from going public locally.
OPay’s financial performance strengthens its case for a public listing. The company processed USD 358 B in gross transaction value in 2025, more than double the USD 166.2 B recorded a year earlier. Revenue surged 161% to USD 536.3 M, while operating income turned positive at USD 107.1 M, per Nairametrics, compared with a USD 35.1 M loss in 2024. Nigeria accounted for 88.1% of that revenue.
Nigeria has produced several large fintech companies with substantial transaction volumes and international backing, but most remain privately held. The absence of major fintech listings has left domestic investors with limited ways to gain direct exposure to the sector. An OPay listing could establish a pathway for other large Nigerian technology companies to tap local capital markets as they scale.
PalmPay, another fintech named by Popoola, is exploring a potential Hong Kong IPO that could value it at more than USD 1 B, Bloomberg reported. The company, backed by Transsion and MediaTek, is seeking about USD 200 M in funding ahead of the listing. Like OPay, PalmPay has built substantial operations in Nigeria but is looking abroad for public capital.
Analysts say a dual-listing framework could provide a compromise, allowing companies to access international capital while giving Nigerian investors a stake. But structural barriers remain. A significant share of Nigeria’s startups raise capital in dollars but earn revenue in naira, creating a currency mismatch that discourages local listings.
A Nigerian listing could provide OPay and others with access to the investors in the market where most of its business is generated, while maintaining its ambitions for international capital through a US offering. It could also test whether Nigeria’s stock market can finally attract the high-growth technology businesses that have long preferred deeper pools of capital overseas.
Feature Image Credits: Kora
