OPay Prepares for Potential US IPO With Backing From Global Investment Banks

OPay Digital Services, one of Nigeria’s leading fintech companies, is reportedly taking steps toward a potential initial public offering (IPO) as it works with some of the world’s biggest investment banks.

According to reports, OPay is collaborating with Citigroup, Deutsche Bank, and JPMorgan Chase as part of preparations for a possible public listing. Sources familiar with the development revealed that the Nigeria-focused payments platform is considering listing in the United States, with a target valuation of approximately $4 billion.

While discussions are said to be ongoing, the exact timing and size of the proposed IPO have not yet been finalised. Reports suggest the company could move ahead with the offering later this year, depending on market conditions and internal strategic decisions.

Backed by SoftBank Group Corp., OPay has grown into one of Africa’s fastest-rising fintech companies, building a strong customer base in Nigeria through digital payment solutions, money transfers, merchant services, and mobile financial products.

The platform has become a major player in Nigeria’s expanding cashless economy, serving millions of users and businesses seeking convenient alternatives to traditional banking systems.

OPay’s rapid expansion reflects the growing strength of Africa’s digital finance sector, which has continued attracting global investor interest in recent years. Despite widespread attention around the IPO plans, OPay and the banks involved have not publicly commented on the reports.

The move places OPay among a growing list of African fintech companies exploring public listings as they seek access to larger pools of international capital. Another major African fintech company, Flutterwave, is also reportedly pursuing IPO ambitions as part of its long-term growth strategy.

Flutterwave has remained one of the continent’s most prominent technology firms and continues to attract investor interest globally.

Reports earlier indicated that President Bola Ahmed Tinubu approved a $75 million investment in Flutterwave, a development believed to support the company’s expansion and potential IPO plans.

If OPay successfully lists in the United States, it would represent a significant milestone for both the company and Nigeria’s technology ecosystem. A successful public debut could further strengthen confidence in African startups and position Nigeria as a leading hub for financial technology innovation on the continent.

The potential IPO also comes at a time when demand for digital financial services continues to rise across Africa, driven by mobile adoption, financial inclusion efforts, and increasing consumer preference for digital transactions.