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OPay, the Lagos-based fintech firm controlled by Chinese billionaire Zhou Yahui, more than doubled its revenue in the first half of 2026 as lending overtook payments as its top source of income, according to a filing ahead of a planned New York listing likely set for next month. The company has applied to trade under the ticker OPAY, with a potential Nigerian secondary listing to follow.
The filing lays out a business growing rapidly after jumping 137% to $467 million in revenue in the first half of 2026 while net income rocketed by over 300% to $91 million.
OPay launched in Nigeria as a payments company in 2018 backed by Chinese investors and later funded by venture investors led by Softbank. OPay hadn’t disclosed an IPO price range or a listing date as Semafor was going to press but based on the normal sequence of filings and roadshows, investors will be expecting pricing to be revealed in mid-November. Previous reports have put the initial valuation estimates around $4 billion.
The fintech firm also outlined plans for a secondary listing on the Nigeria Stock Exchange after the NYSE debut to give local investors an opportunity to buy into a business that drives nearly nine-tenths of its revenue from Nigeria. But the F-1 filing warned investors that shares traded in Lagos may not be exchangeable for the New York-listed American depositary shares, potentially limiting liquidity and allowing prices to diverge.
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A key part of the IPO is a broader strategic relationship with Standard Bank Group, Africa’s largest lender by assets. Its subsidiary, Stanbic Africa Holdings, has agreed to invest up to $200 million, subject to a formula that caps its stake at 4.99% of OPay after the offering. Standard Bank’s Africa head Lungisa Fuzile is expected to join OPay’s board following the IPO.
The two companies have also signed a non-binding memorandum of understanding to explore partnerships spanning payments, merchant acquisition, lending, remittances and the distribution of selected banking and financial products. OPay suggested in the filings that it will use Standard Bank’s infrastructure, regulatory expertise and presence to expand across Africa.
Step Back
OPay took off in 2019 in Nigeria with ambitions to be a super app that offered various features, including motorcycle taxi bookings, food deliveries, and quick loans. But it narrowed its focus to financial services in recent years and raised $570 million in venture funds between 2018 and 2021.
A handful of African tech companies have successfully listed in the US, notably e-commerce platform Jumia and telecom towers provider IHS but have had mixed performances. An OPay listing in the US would be the first by a fintech company with a mostly Nigerian customer base.