Opay Targets $4 Billion IPO with Major Banks' Support

Opay, a Nigerian fintech company, is preparing for a $4 billion initial public offering (IPO) and has enlisted Citigroup, Deutsche Bank, and JPMorgan as advisors. The company aims to capitalize on its extensive customer base and transaction volume to attract global investors, as reported by Bloomberg.

Opay, which has 30 million registered users and operates 500,000 agents nationwide, is focusing on financial services after restructuring its business model due to regulatory restrictions on motorcycle transport in Lagos State in 2020. The company’s last public valuation was approximately $2 billion following a $400 million Series C funding round led by SoftBank Vision Fund 2 in 2021.

This IPO marks a significant leap for Opay, which has adapted to Nigeria's aggressive cashless policies and the growing demand for digital financial services. The Central Bank of Nigeria has reported a sharp increase in electronic payment transactions, indicating a shift towards fintech solutions over traditional banking.