OPay eyes $4B valuation in US stock market listing with Citi, Deutsche Bank, and JPMorgan

Nigeria-focused payments giant OPay, backed by SoftBank, is planning a US IPO and has enlisted three major Wall Street banks to lead the effort.

OPay Digital Services is planning to go public and has hired Citigroup, Deutsche Bank, and JPMorgan Chase to help with the listing, according to Bloomberg. The company hopes to be valued at approximately $4 billion. OPay may offer shares for sale later this year, but the exact timing has not been announced. OPay has not made any official statement about this.

The move marks a major step for one of Africa’s fastest-growing fintech companies. Since launching in Nigeria in 2018, the payments giant has built a massive user base through mobile money, bill payments, transfers, and agent banking services.

Its growth has been driven largely by an extensive agent network that brings financial services to underserved and unbanked populations, especially in areas with limited access to traditional banking.

The platform has also expanded into other services, including savings, lending, and merchant tools, positioning itself as an all-in-one financial app for millions of users across Nigeria.

OPay’s IPO drive marks a new phase for Africa’s fintech expansion

OPay’s IPO plans highlight a broader shift as African fintech companies begin to look beyond private funding and toward global capital markets.

In 2021, SoftBank led a $400 million funding round in OPay, valuing the company at $2 billion. A potential $4 billion valuation at listing would mark significant growth and reflect increasing investor confidence in digital financial services across the continent.

The company’s rise has come at a time when fintech adoption in Nigeria and other African markets is accelerating, driven by high mobile phone penetration and a large unbanked population. The company’s model, combining digital payments with a strong offline agent presence, has made it one of the most accessible financial platforms in the country.

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If successful, the IPO would place OPay among a small group of African-founded fintech firms seeking listings on international exchanges. It would also signal that global investors are paying closer attention to Africa’s digital economy, particularly in financial services.

However, market conditions and regulatory requirements could still influence the final timing and structure of the listing. For now, the company’s reported plans suggest that Africa’s fintech sector is entering a new phase, one where scale, profitability, and global visibility are becoming just as important as rapid growth.