Fintech giant OPay recorded a gross transaction value (GTV) of $358 billion in 2025, more than twice the $166.2 billion recorded in 2024, as the company continues to expand its payments, lending and other digital financial services.
The figures were contained in an investment document relating to OPay’s planned Initial Public Offering (IPO) in the United States.
OPay’s transaction value increased by 115 per cent during the year, while its customer base also recorded significant growth. Monthly active users rose from 25.1 million in 2024 to 39.3 million in 2025, representing a 57 per cent increase.
The company’s daily active users in the fourth quarter of 2025 also increased by 50 per cent to 22.7 million, giving it a daily-to-monthly active user ratio of 57.8 per cent.
OPay’s lending business recorded even stronger growth. New loans originated increased by 285 per cent, rising from $243.9 million in 2024 to $938.3 million in 2025.
The number of unique quarterly borrowers in Nigeria also climbed by 119 per cent to 4.6 million.
The strong growth in transactions and lending contributed to a major improvement in OPay’s financial performance. Total revenue increased by 161 per cent, from $205.7 million in 2024 to $536.3 million in 2025.
The fintech also returned to operating profitability, with operating income moving from a $35.1 million loss in 2024 to a $107.1 million profit in 2025.
Similarly, EBITDA improved from a $33.6 million loss to a $113.1 million profit during the period.
Nigeria remained OPay’s dominant market, accounting for 88.1 per cent of the company’s total revenue in 2025. Indonesia contributed 9.9 per cent, Egypt 1.6 per cent, while other markets accounted for 0.4 per cent.
OPay currently operates in 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. Its platform also recorded a first-attempt transaction success rate of more than 99 per cent in the fourth quarter of 2025.
The investment document further stated that about 70 per cent of OPay’s Nigerian wallet monthly active users were using more than five product features as of March 2026, with 96 per cent of those users returning the following month.
OPay, one of Africa’s unicorns, is reportedly preparing for a US IPO that could value the company at about $4 billion. Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to manage the proposed offering.
The planned listing, which was first reported by Bloomberg in May, is expected to take place later this year.
However, the proposed US listing has generated debate among Nigerian investors, with some questioning why OPay would choose the US market despite Nigeria accounting for the overwhelming majority of its revenue.
The debate gained further attention after the Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola, urged President Bola Ahmed Tinubu to support policies encouraging major companies operating in Nigeria, particularly high-growth fintech firms, to list on the domestic stock exchange.
Meanwhile, OPay has set an ambitious long-term target of reaching one billion users, supporting 10 million merchants and creating one million jobs across its markets.
The company’s Chief Commercial Officer, Elizabeth Wang, said OPay’s long-term strategy goes beyond payments, with the fintech seeking to use technology to expand access to financial services and create economic opportunities for individuals, businesses and communities.
