Fintech company OPay processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded in 2024, as the company prepares for a potential listing on the New York Stock Exchange.
According to an investment document, the 115% increase in transaction value was accompanied by strong growth in users and lending activities.
OPay’s monthly active users rose by 57%, from 25.1 million in 2024 to 39.3 million in 2025, while daily active users in the fourth quarter increased by 50% to 22.7 million.
The company’s lending business also expanded significantly, with new loans originating rising 285% from $243.9 million in 2024 to $938.3 million in 2025. Quarterly unique borrowers in Nigeria increased by 119% to 4.6 million.
The growth translated into stronger financial performance. OPay’s revenue increased 161%, from $205.7 million in 2024 to $536.3 million in 2025, while operating income moved from a $35.1 million loss to a $107.1 million profit. EBITDA also improved from a $33.6 million loss to a $113.1 million profit.
Nigeria remained OPay’s largest market, accounting for 88.1% of its 2025 revenue. Indonesia contributed 9.9%, Egypt 1.6%, while other markets accounted for 0.4%.
OPay operates in Nigeria, Indonesia, Egypt and Pakistan, offering payments, savings, credit and other financial services through its mobile application.
The company is reportedly targeting a valuation of about $4 billion in its proposed US IPO, with Citigroup, Deutsche Bank and JPMorgan Chase appointed to manage the offering. The listing, first reported by Bloomberg in May, is expected to take place later this year.
The proposed US listing has, however, attracted criticism from some Nigerian investors who question why OPay is seeking a foreign listing despite generating most of its revenue from Nigeria.
The Chief Executive Officer of Nigerian Exchange Limited, Temi Popoola, recently urged President Bola Tinubu to support policies encouraging major companies operating in Nigeria, particularly high-growth fintech firms, to list on the domestic exchange.
In July, OPay also announced a long-term ambition to reach one billion users, support 10 million merchants and create one million jobs across its markets.