OPay Secures 57.4% of Nigeria's Digital Loan Market Share

OPay estimates that it accounted for 57.4% of the total value of digital loans disbursed in Nigeria in 2025, according to a registration statement filed with the U.S. Securities and Exchange Commission ahead of its proposed initial public offering.

This figure was derived from OPay's internal lending records and the estimated total value of digital loans in Nigeria, as provided by Frost & Sullivan. OPay's Okash lending platform ranked first among digital lending applications in Nigeria in the first half of 2026, with active users reported to be approximately 1.6 to 6.6 times those of its closest competitors.

The filing also indicated that OPay accounted for about 66.1% of monthly active users across financial applications in Nigeria during the same period. OPay is recognized as Nigeria's largest processor of digital payments and transfers by gross transaction value.

The company identifies traditional banks and other fintech companies as its main competitors, citing various limitations and challenges within the digital lending market.