By Daily Touch Insights Editorial Team
Editorial Team
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BUSINESS & FINTECH — OPay is entering a potentially defining stage of its growth story after the Nigerian fintech more than doubled the value of transactions processed through its platform to $358 billion in 2025.
The surge comes as OPay prepares for a potential listing on the New York Stock Exchange, giving investors a fresh look at the scale of the business before a possible US initial public offering.
According to an investment document related to the planned IPO, OPay processed $358 billion in gross transaction value in 2025, up 115% from $166.2 billion in 2024.
A Massive Increase in Transaction Activity
OPay's gross transaction value measures the amount of money sent and received across its platform.
The increase from $166.2 billion to $358 billion represents one of the clearest signs of the fintech's expanding scale.
However, transaction value should not be confused with revenue.
OPay does not keep $358 billion as income. The figure represents the total value flowing through the platform, while the company's actual revenue comes from the fees and financial services associated with its business.
Users Are Growing Alongside Transactions
The transaction boom was accompanied by significant growth in OPay's customer base.
Monthly active users increased 57%, rising from 25.1 million in 2024 to 39.3 million in 2025.
Daily active users also increased substantially.
During the fourth quarter of 2025, OPay recorded 22.7 million daily active users, a 50% increase from the previous year.
The company reported a daily-to-monthly active user ratio of 57.8% during the quarter, indicating that a large proportion of its monthly users were using the platform frequently.
OPay Is Becoming More Than a Payments App
Payments remain at the centre of OPay's business, but the company has increasingly expanded into other financial services.
Its platform combines payments with savings, credit and other digital financial products.
This broader strategy matters because payments can provide the customer relationship while additional financial products create opportunities to generate more revenue from the same users.
OPay's growth in lending provides a clear example of that strategy.
Lending Explodes
New loans originated by OPay increased 285%, rising from $243.9 million in 2024 to $938.3 million in 2025.
The number of unique borrowers in Nigeria also increased 119% to 4.6 million.
The figures show how aggressively OPay expanded its lending business alongside its payments operations.
But rapid lending growth also creates additional responsibilities, particularly around credit risk, responsible lending and the ability of customers to repay loans.
Revenue Climbs 161%
The expansion in payments and lending translated into a major increase in OPay's reported revenue.
Total revenue rose from $205.7 million in 2024 to $536.3 million in 2025, representing growth of 161%.
The company also moved from an operating loss to operating profitability during the year.
Operating income improved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025, while EBITDA moved from a $33.6 million loss to a $113.1 million profit.
Profitability Could Matter More Than Transaction Volume
For potential public-market investors, the $358 billion transaction figure is impressive, but it is not necessarily the most important number.
Investors will ultimately want to know whether OPay can convert its enormous transaction activity into sustainable revenue and profits.
The 2025 financial results provide an encouraging signal because revenue grew rapidly while the company's operating performance improved significantly.
The challenge will be maintaining that growth without allowing costs, credit losses or regulatory requirements to rise at an even faster rate.
Nigeria Remains the Core Market
Despite OPay's international operations, Nigeria remains overwhelmingly important to the company.
Nigeria accounted for 88.1% of OPay's revenue in 2025.
Indonesia contributed 9.9%, Egypt accounted for 1.6%, while other markets represented the remaining 0.4%.
That concentration creates both an advantage and a risk.
Nigeria provides OPay with a huge and rapidly digitising financial market, but it also means that the company's performance remains heavily exposed to developments in one country.
The IPO Could Put OPay Under a Microscope
OPay is reportedly preparing for a potential US IPO that could value the company at around $4 billion.
Earlier reports indicated that Citigroup, Deutsche Bank and JPMorgan were selected to work on the planned offering.
If the listing proceeds, public-market investors will have the opportunity to examine OPay's growth, profitability, customer numbers, lending portfolio and regulatory position in much greater detail.
The company's rapid expansion therefore arrives at an important moment.
Why the $4 Billion Valuation Matters
A potential $4 billion valuation would place OPay among the most valuable fintech companies to emerge from Africa.
But a public valuation is ultimately determined by what investors are willing to pay for the company's future earnings, not simply by how much money flows through its platform.
That means OPay will need to convince investors that its extraordinary growth can continue while becoming a consistently profitable financial institution.
OPay's Biggest Advantage
One of OPay's strongest advantages is the frequency with which customers interact with financial services.
Payments can bring customers onto the platform repeatedly, creating opportunities to introduce additional services such as savings and credit.
If OPay can maintain high customer engagement while expanding its financial products responsibly, the platform could become significantly more valuable than a traditional payments business.
But Growth Creates New Risks
Rapid expansion is not automatically a sign of a strong business.
OPay's growth in lending, for example, means the company must manage credit risk carefully.
Its heavy dependence on Nigeria also means economic, regulatory or currency developments in the country can have a major effect on its results.
And as OPay grows, maintaining transaction reliability, fraud prevention, cybersecurity and regulatory compliance becomes increasingly important.
The Real Test Is Sustainable Growth
OPay's 2025 numbers demonstrate that the company can grow quickly.
The harder question is whether it can maintain that growth while improving the quality of its earnings.
For public investors, sustainable profitability will ultimately matter more than impressive transaction headlines.
The next phase of OPay's story will therefore be about proving that its scale can translate into durable shareholder value.
Our Perspective
The most interesting part of OPay's latest numbers is not simply the $358 billion transaction figure.
It is the combination of transaction growth, user growth, lending expansion and a return to operating profitability.
That combination suggests OPay is evolving from a payments-focused fintech into a broader digital financial platform.
But the company should not be judged solely by its impressive growth rate.
The real question for investors is whether OPay can turn its enormous Nigerian user base and transaction volume into long-term, profitable and defensible financial infrastructure.
Conclusion
OPay processed $358 billion in gross transaction value in 2025, more than twice the $166.2 billion recorded a year earlier.
At the same time, monthly active users climbed to 39.3 million, daily users reached 22.7 million in the fourth quarter, lending expanded sharply and revenue rose to $536.3 million.
The numbers provide a strong growth story as OPay approaches a potential US IPO.
However, the company's future valuation will depend on more than transaction volume. Investors will be watching profitability, credit quality, regulation, customer retention and the ability to expand beyond its heavily Nigeria-focused revenue base.
OPay has already demonstrated that it can build enormous transaction scale. Its next challenge is proving that scale can become lasting financial strength.
