OPay records $358bn transactions in 2025

OPay doubled transaction volume to $358bn in 2025 as it prepares for a US IPO.

OPay processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded in 2024, as the fintech strengthened its operations ahead of a potential US IPO. Monthly active users rose 57% to 39.3 million, while daily active users increased 50% to 22.7 million in the fourth quarter.

New loans originated surged 285% to $938.3 million, with quarterly unique borrowers in Nigeria rising 119% to 4.6 million. Revenue jumped 161% to $536.3 million, while operating income turned positive at $107.1 million from a $35.1 million loss in 2024. Nigeria accounted for 88.1% of OPay’s revenue. The fintech is reportedly targeting a $4 billion valuation for a possible US listing later in 2026, with Citigroup, Deutsche Bank and JPMorgan advising on the offering.

The numbers are staggering. OPay has become a financial behemoth in just a few years. Its dominance in Nigeria is complete. The potential US IPO could be one of the biggest by an African fintech, but it also raises questions about Nigeria’s ability to retain its homegrown champions.

This echoes the 2022 fintech funding boom, which saw several Nigerian startups attract international attention. The mechanism then was different, but the result was the same: a growing recognition of Nigeria’s tech ecosystem.

The winners: OPay, which has achieved remarkable growth; and Nigerian consumers, who benefit from its services. The losers: traditional banks, which face competition; and the Nigerian government, which must ensure that OPay’s success benefits the broader economy.

Bottom Line: OPay has become a financial giant. The question is whether Nigeria can keep its champion at home or watch it list abroad.