OPay Limited, the Nigerian-focused fintech, has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX), potentially opening its ownership to more domestic investors.
This is coming on the heels of a proposed $4 billion initial public offering (IPO) in the United States.
The approval, disclosed in the company’s registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026, provides a formal pathway for the fintech to access Nigeria’s capital market after its planned primary listing on the New York Stock Exchange (NYSE).
The company said the proposed Nigerian listing would depend on market conditions, regulatory approvals and compliance with applicable Nigerian securities laws and NGX requirements.
“We have obtained the approval of our board and shareholders to pursue a secondary listing on the Nigerian Exchange Limited (NGX) following the completion of our primary listing on the NYSE,” OPay stated in the filing.
However, the approval does not mean the Nigerian listing has been completed or that trading will begin immediately.
OPay’s proposed US offering also remains subject to regulatory and exchange approvals, with the preliminary prospectus yet to specify the offer price, number of securities to be sold and expected proceeds.
The development marks a significant step towards giving Nigerian investors an opportunity to participate directly in the growth of a fintech whose operations are heavily concentrated in the country, even as it seeks access to international capital through the US market.
OPay’s proposed NGX listing comes amid growing interest in bringing major Nigerian-focused technology companies to the domestic stock market, particularly as some prepare to raise capital internationally.
In August, Temi Popoola, chief executive, Nigerian Exchange, urged the government to encourage major businesses generating substantial revenues in Nigeria to list locally, citing fintech companies including OPay and PalmPay.
The argument is that domestic investors should have an opportunity to participate in the financial value created by companies serving millions of Nigerians, rather than being excluded when those businesses seek public-market funding abroad.
For OPay, the proposed secondary listing could create an additional avenue for Nigerian investors to acquire exposure to its business through the local exchange, subject to the structure of the offering and the securities made available.
It could also expand the range of technology-related investment opportunities on the NGX, where access to rapidly growing private fintech companies has traditionally been limited.
However, the scale of that opportunity will depend on the number of shares available to domestic investors, the eventual pricing, the listing timetable and the level of trading activity after admission.
OPay has not disclosed the proposed size of the Nigerian offering or the percentage of its shares it intends to make available on the NGX.
The company’s filing also cautions that even if the secondary listing proceeds, there is no guarantee that it will generate an active trading market or achieve the anticipated expansion of its investor base and improvement in liquidity.
The planned Nigerian listing follows OPay’s proposed US IPO, which has been reported to target a valuation of approximately $4 billion.
The fintech has appointed Citigroup, Deutsche Bank and JPMorgan Chase to manage the US offering, according to information surrounding its registration statement.
Its proposed NYSE listing under the ticker symbol OPAY would mark a major step in its evolution from a digital payments business into a broader financial services provider.
