May 02, 2026 – SoftBank’s Nigerian payments giant hires Wall Street’s top banks. It now serves 50 million users and processes $12B in monthly revenue. Here’s what the numbers reveal.
In Summary
Wall Street is in. OPay hired Citi, Deutsche Bank, and JPMorgan to underwrite a US IPO targeting a $4 billion valuation.
Valuation has doubled. The target is a 100% premium over the $2B set in the 2021 Series C led by SoftBank Vision Fund 2.
Scale is real. OPay serves over 50 million users and processes roughly $12 billion monthly in transactions.
Leadership is IPO-ready. Ex-Citigroup MD James Perry was appointed CFO, a clear signal of imminent capital markets activity.
Regulatory winds are favourable. A CBN directive restricting POS agents to one institution strengthens OPay’s dominant network position.
Historic landmark. A successful listing would be the largest technology IPO ever from Nigeria and a bellwether for African fintech.
Nigeria’s dominant payments platform is heading for Wall Street. OPay has hired Citigroup, Deutsche Bank and JPMorgan Chase to lead a US initial public offering. The deal targets a valuation of roughly $4 billion. That figure would double its 2021 fundraising valuation. The listing could happen before the end of 2026.
It would rank as Nigeria’s largest technology IPO. It would also be a defining moment for African fintech. The continent’s startup funding has slowed sharply since 2022. A successful listing would reopen the exit pipeline for the sector.
From Ride-Hailing App to Payments Giant
OPay was founded in 2018 by Chinese entrepreneur James Yahui Zhou. Zhou also founded Kunlun Tech and the Opera browser group. Opera initially incubated OPay on its platform. The company started as a super app. It offered ride-hailing, food delivery, and e-commerce. OPay then pivoted sharply into digital payments. That pivot proved transformative.
Today, OPay describes itself as a leading digital banking platform in emerging markets. It serves over 50 million users in Nigeria. It processes approximately $12 billion in monthly transaction volume as of mid-2025.
“OPay quadrupled its user base in 2023 alone. Revenue grew over 60% on a constant currency basis during that same period.”
— WeeTracker, citing Opera securities filings
The 2023 growth spike had a clear catalyst. Nigeria’s central bank launched a controversial banknote redesign. The reform triggered acute cash shortages nationwide. Millions of Nigerians shifted rapidly to digital payment apps. OPay was the largest beneficiary of that structural shift.
SoftBank’s First African Bet Pays Off
In August 2021, SoftBank’s Vision Fund 2 led a $400 million Series C round. It was SoftBank’s very first investment on the African continent. Sequoia Capital China also participated. OPay has raised $570 million total across three rounds.
Opera, the Norwegian browser group, holds a 9.5% stake in OPay. A recent Opera Securities filing valued that stake at $294.6 million. That implies a total OPay valuation of $3.1 billion at the end of 2025. Opera also assigned an 85% probability to an IPO within two years. Its OPay stake now represents 26% of Opera’s total equity.
OPay’s Business Model: How It Makes Money
Transaction fees drive roughly 70% of OPay’s revenue. The company offers free or zero-fee transfers up to a daily threshold. It then charges a small fee, typically ₦10 to ₦50, on larger transfers. Additional revenue comes from its POS agent network, OWealth savings accounts, lending products, and utility bill payments. OPay posted its first monthly profit in 2024.
A New Management Team Built for Public Markets
OPay made key leadership changes in late 2025. The company appointed former Opera CEO Lars Boilesen as co-CEO. It also named James Perry, a former Citigroup managing director, as chief financial officer.
Perry spent over 25 years at Citigroup. He executed mergers, acquisitions, and capital market deals for tech companies. His appointment is a classic pre-listening move. Founder James Yahui Zhou remains as executive chairman.
Regulatory Tailwinds Strengthening OPay’s Moat
Nigeria’s Central Bank (CBN) issued a pivotal directive effective April 1, 2026. It restricts POS agents to working with only one financial institution. This consolidation strongly benefits larger, established platforms. OPay holds Nigeria’s largest POS agent network. It is best placed to absorb agents from smaller rivals.
OPay also opened a new operations hub in Jos, Nigeria, in March 2026. The move strengthens its nationwide agent network. It expands access to financial services in underserved regions.
Key Risks to Watch
Opera flagged in its own filing that OPay’s fair value “is highly uncertain.” Despite this, Wall Street’s biggest underwriters are now engaged. The machinery of a landmark IPO is clearly in motion.
