OPay reports $72M profit in 2025 ahead of IPO plans

The Numbers Behind the Turnaround

The audited statements, part of an investment document for the IPO, show OPay’s revenue surged 161 percent to reach $536.25 million in 2025. That growth underpinned the company’s shift to profitability across the board.

• Operating income moved from a $35.1 million deficit in 2024 to a $107.1 million profit in 2025
• Non-GAAP EBITDA came in at $113.2 million, reversing a $33.6 million loss the prior year
• Operating cash flow nearly tripled to $152.2 million
• OPay ended 2025 with $274.3 million in cash, a 162 percent increase

Together, these figures point to a broad improvement in the company’s financial health rather than a one-off accounting shift, which matters as OPay positions itself for public market investors after years of rapid expansion.

Users and Loans Both Climbed

Customer activity grew alongside the financial rebound. Monthly active users increased by 57 percent to reach 39.3 million, while gross transaction value hit $358 billion, up 115 percent from the year before.

OPay also pushed further into lending, originating $938.3 million in new loans, a 285 percent jump. The number of quarterly unique borrowers in Nigeria more than doubled to 4.6 million people. Together, these metrics show OPay moving well beyond basic payment processing into a broader suite of digital financial services, a shift that’s central to how it’s sustaining growth.

Wall Street Banks Join the IPO Push

Reports from May 2026 indicated OPay is preparing for a United States listing, with the fintech provider targeting a valuation of four billion dollars. Global financial institutions JPMorgan, Citi, and Deutsche Bank are all participating in preparations for the offering, a sign the process has moved well past early planning stages.

Nigeria Still Drives Everything

Nigeria remains OPay’s primary business engine. The West African nation generated 88.1 percent of total revenue in 2025. By March 2026, roughly 70 percent of Nigerian monthly active wallet users were engaging with more than five products within the OPay ecosystem, a level of engagement that underscores just how embedded the platform has become in its home market.

The IPO’s success will ultimately hinge on whether investors believe OPay can keep this growth going, especially given how concentrated it still is in a single market.