OPay Plans $4 Billion Public Listing in New York

OPay, a payments company built on Nigerian consumers and transactions, is reportedly preparing for a public listing in New York, potentially valuing the company at around $4 billion. This move follows reports that OPay has engaged Citigroup, Deutsche Bank, and JPMorgan to facilitate the listing before the end of the year.

A dual listing on the Nigerian Exchange is suggested as a commercial strategy, allowing Nigerian customers to become shareholders and enhancing domestic ownership. OPay's user base consists of tens of millions of Nigerians, including traders, artisans, and small businesses.

The Nigerian capital market has evolved, with increased domestic institutional capital and a shift to T+1 settlement, aligning with international standards. A Lagos listing would provide access to naira-denominated demand and broaden institutional interest, complementing the deeper capital pools available in New York.