OPay Limited processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded a year earlier, as the Nigerian fintech improves its growth ahead of a potential US initial public offering (IPO).
The represent a 115 percent increase in transaction value between 2024 and 2025. The growth was accompanied by a significant expansion in OPay’s customer base and lending operations.
OPay’s monthly active users rose 57 percent to 39.3 million in 2025, from 25.1 million in 2024.
Daily active users also increased 50 percent to 22.7 million in the fourth quarter of 2025, giving the platform a daily-to-monthly active user ratio of 57.8 percent.
The fintech’s lending business recorded even stronger growth. New loans originated increased 285 percent, from $243.9 million in 2024 to $938.3 million in 2025, while quarterly unique borrowers in Nigeria rose 119 percent to 4.6 million.
The surge in transaction activity translated into stronger financial performance, with OPay’s total revenue rising 161 percent to $536.3 million in 2025 from $205.7 million in 2024.
The company also returned to operating profitability during the year. Operating income improved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025, while EBITDA moved from a $33.6 million loss to a $113.1 million profit.
OPay’s reported net loss attributable to ordinary shareholders differs from its operating profitability because of non-cash accretion associated with redeemable convertible preferred shares.
Those shares are expected to convert into ordinary shares if the company completes a qualifying IPO.
Despite OPay’s international operations, Nigeria remains overwhelmingly its largest market.
Nigeria accounted for 88.1 percent of the company’s revenue in 2025, while Indonesia contributed 9.9 percent, Egypt 1.6 percent and other markets 0.4 percent.
OPay operates across Nigeria, Indonesia, Egypt and Pakistan, offering payments, savings, credit and other financial services through its mobile-first platform. In Nigeria, the company operates under Mobile Money Operator and Microfinance Bank licences.
The company also reported a first-attempt transaction success rate of more than 99 percent in Nigeria in the fourth quarter of 2025.
The performance comes as OPay prepares for a potential listing in the United States, with the fintech reportedly targeting a valuation of about $4 billion.
Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to work on the proposed offering, which could take place later in 2026.
The proposed listing would represent a major step up from OPay’s 2021 funding round, when it raised $400 million at a $2 billion valuation.
Opera, an early investor in OPay, subsequently valued its stake at an implied company valuation of roughly $3.1 billion in a regulatory filing.
However, the planned US listing has generated debate among Nigerian investors and market participants because Nigeria accounts for the overwhelming majority of OPay’s revenue.
The debate comes amid growing calls for successful Nigerian technology companies to consider domestic listings.
Temi Popoola, chief executive of Nigerian Exchange Limited, recently urged President Bola Ahmed Tinubu to support policies encouraging major companies operating in Nigeria, particularly high-growth fintechs, to list on the domestic exchange.
Beyond the IPO, OPay is positioning itself for further expansion across its markets. In July, the company announced a long-term ambition to reach one billion users, support 10 million merchants and create one million jobs.
The company’s latest transaction and financial figures suggest that its strategy is moving beyond payments into a broader financial services ecosystem, with lending and multiple product offerings becoming important drivers of user engagement and revenue.
With transaction volumes, users, lending and revenue all recording substantial growth, OPay enters the potential public-market process from a stronger operating position.
The key test for investors, however, will be whether the company can sustain this growth while reducing its dependence on the Nigerian market and translating rapid transaction expansion into durable shareholder returns.